ICICI Lombard FY2023 Results: Profit After Tax (PAT) grows at 36% to Rs. 17.29 billion
- Gross Direct Premium Income (GDPI) of the Company stood at ₹ 25 billion in FY2023 compared to ₹ 179.77 billion in FY2022, a growth of 17.0% which was higher than the industry growth of 16.4%.
- GDPI of the Company was at ₹ 77 billion in Q4 FY2023 as against ₹
46.66 billion in Q4 FY2022, a growth of 6.7% as against the industry growth of 16.9%.
- Combined ratio stood at 5% in FY2023 compared to 108.8% in FY2022.
- Combined ratio stood at 104.2% in Q4 FY2023 compared to 2% in Q4 FY2022.
- Profit before tax (PBT) grew by 5% to ₹ 21.13 billion in FY2023 compared to ₹
16.84 billion in FY2022, whereas PBT grew by 39.5% to ₹ 5.73 billion in Q4 FY2023 as against ₹ 4.10 billion in Q4 FY2022.
o Capital gains were at ₹ 4.53 billion in FY2023 compared to ₹ 7.38 billion in FY2022. Capital gains were at ₹ 1.59 billion in Q4 FY2023 as against ₹ 1.36 billion in Q4 FY2022.
- Consequently, Profit after tax (PAT) grew by 36.0% to ₹ 29 billion in FY2023 compared to ₹ 12.71 billion in FY2022. PAT includes reversal of tax provision of ₹
1.28 billion in Q2 FY2023.
o PAT grew by 39.8% to ₹ 4.37 billion in Q4 FY2023 as against ₹ 3.13 billion in Q4 FY2022.
- The Board of Directors of the Company has proposed final dividend of ₹ 50 per share for FY2023. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. The overall dividend for FY2023 including proposed final dividend is ₹ 10.00 per share.
- Return on Average Equity (ROAE) was 17.7% in FY2023 as against 14.7% in FY2022, whereas ROAE was 17.2% in Q4 FY2023 as against 14.0% in Q4
- Solvency ratio was 2.51x as at March 31, 2023 as against 2.45x as at December 31, 2022 which was higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 46x as at March 31, 2022.
perating Performance Review
(₹ billion)
| Financial
Indicators |
Q4 FY2022 | Q4 FY2023 | Growth
% |
FY2022 | FY2023 | Growth
% |
| GDPI | 46.66 | 49.77 | 6.7% | 179.77 | 210.25 | 17.0% |
| PBT | 4.10 | 5.73 | 39.5% | 16.84 | 21.13 | 25.5% |
| PAT | 3.13 | 4.37 | 39.8% | 12.71 | 17.29 | 36.0% |
Ratios
| Financial Indicators | Q4 FY2022 | Q4 FY2023 | FY2022 | FY2023 |
| ROAE (%) – Annualised | 14.0% | 17.2% | 14.7% | 17.7% |
| Combined ratio (%) | 103.2% | 104.2% | 108.8% | 104.5% |
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