ICICI Lombard First Quarter Results : PAT grows by 50% ; Premium Income rises by 20% to Rs 7,688 crores
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* Gross Direct Premium Income (GDPI) of the Company stood at Rs. 76.88 billion in Q1 FY2025 compared to Rs.63.87 billion in Q1 FY2024, a growth of 20.4%, which was higher than the industry growth of 13.3%. Excluding crop and mass health, GDPI growth of the Company was at 19.7%, which was higher than the industry growth of 14.8% in Q1 FY2025.
* Combined ratio stood at 102.3% for Q1 FY2025 compared to 103.8% for Q1 FY2024.
* Profit before tax (PBT) grew by 48.8% to Rs.7.74 billion in Q1 FY2025 as against Rs.5.20 billion in Q1 FY2024.
* Capital gains were at Rs.2.84 billion in Q1 FY2025 as against Rs.1.23 billion in Q1 FY2024.
* Consequently, Profit after tax (PAT) grew by 48.7% to Rs.5.80 billion in Q1 FY2025 as against Rs. 3.90 billion in Q1 FY2024.
* Return on Average Equity (ROAE) was 19.1% in Q1 FY2025 compared to 14.7% in Q1 FY2024.
* Solvency ratio was 2.56x as at June 30, 2024 as against 2.62x as at March 31, 2024 which was higher than the minimum regulatory requirement of 1.50x.
Operating Performance Review :
(Rs. billion)
Ratios :
Notes:
Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses – Commission on Reinsurance)/ Net Written Premium
Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business
Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)
Net Worth = Share Capital + Reserves & Surplus
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