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ICICI Lombard First Quarter Results: PAT grows by 50 percent

  • Gross Direct Premium Income (GDPI) of the Company stood at ₹ 76.88 billion in Q1 FY2025 compared to ₹ 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 ₹ 7.74 billion in Q1 FY2025 as against ₹ 5.20 billion in Q1 FY2024.

o   Capital gains were at ₹ 2.84 billion in Q1 FY2025 as against ₹ 1.23 billion in Q1 FY2024.

  • Consequently, Profit after tax (PAT) grew by 48.7% to ₹ 5.80 billion in Q1 FY2025 as against ₹ 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 :       

Financial Indicators Q1 FY2024 Q1 FY2025 Growth % FY2024
GDPI 63.87 76.88 20.4% 247.76
PBT 5.20 7.74 48.8% 25.55
PAT 3.90 5.80 48.7% 19.19

Ratios :

Financial Indicators Q1 FY2024 Q1 FY2025 FY2024
ROAE (%) – Annualised 14.7% 19.1% 17.2%
Combined ratio (%)* 103.8% 102.3% 103.3%

  CoR revised for Q12024 & FY2024 basis IRDAI master circular dated May 17, 2024.

 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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