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* Gross Direct Premium Income (GDPI) of the Company stood at ? 124.72 billion in H1 FY2024 compared to ? 105.55 billion in H1 FY2023, a growth of 18.2%, which was higher than the industry growth of 14.9%. o GDPI of the Company was at ? 60.86 billion in Q2 FY2024 as against ? 51.85 billion in Q2 FY2023, growth of 17.4%. This growth was higher than industry growth of 12.5%.

* Combined ratio stood at 103.7% for H1 FY2024 compared to 104.6% for H1 FY2023. Excluding the impact of CAT losses of ? 0.83 billion in H1 FY2024 and 0.28 billion in H1 FY2023, the combined ratio was 102.7% and 104.2% respectively. o Combined ratio stood at 103.9% in Q2 FY2024 as against 105.1% in Q2 FY2023. Excluding the impact of CAT losses of ? 0.48 billion in Q2 FY2024 and ? 0.28 billion in Q2 FY2023, the combined ratio was 102.8% and 104.3%.

* Profit before tax (PBT) grew by 19.4% to ? 12.84 billion in H1 FY2024 as against ? 10.75 billion in H1 FY2023 whereas PBT grew by 25.3% to ? 7.64 billion in Q2 FY2024 as against ? 6.10 billion in Q2 FY2023.

* Consequently, Profit after tax (PAT) grew by 3.0% to ? 9.68 billion in H1 FY2024 as against ? 9.40 billion in H1 FY2023. PAT de grew by 2.2% to ? 5.77 billion in Q2 FY2024 from ? 5.91 billion in Q2 FY2023. Excluding one time impact of reversal of tax provision in Q2 FY2023, PAT grew by 19.2% in H1 FY2024 and 24.8% in Q2 FY2024.

* Return on Average Equity (ROAE) was 18.0% in H1 FY2024 compared to 19.9% in H1 FY2023 while ROAE was 21.1% in Q2 FY2024 compared to 24.5% in Q2 FY2023.

* Solvency ratio was 2.59x at September 30, 2023 as against 2.53x at June 30, 2023 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.51x at March 31, 2023.

* The Board of Directors of the company has declared interim dividend of ? 5.00 per share for H1 FY2024 as against ? 4.50 for H1 FY2023.

Operating Performance Review

*Excluding the reversal of tax provision in Q2 2023, PAT grew by 19.2% in H1 FY2024 and 24.8% in Q2 FY2024.

Ratios

Excluding the impact of CAT losses CoR was 102.8% for Q2 FY2024 and 102.7% for H1 FY2024 whereas excluding the impact of CAT losses, CoR was 104.3% in Q2 FY2023 and 104.2% in H1FY2023.

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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