ICICI Lombard General Insurance Q2 Results FY2023, PAT at Rs. 4.47 billion

On 18th October 2022,  ICICI Lombard General Insurance announced its second quarter results for the period ending 30th September 2022. 

Q2FY23 Performance updates:

- Gross Direct Premium Income (GDPI) of the Company was at Rs. 105.55 billion in H1 FY2023 as against Rs. 86.13 billion in H1 FY2022, a growth of 22.6%. This growth was higher than the industry growth of 15.3%.  GDPI of the Company was at Rs. 51.85 billion in Q2 FY2023 as against Rs. 44.24 billion in Q2 FY2022, a growth of 17.2%. This growth was higher than the industry growth of 10.0%. 
- Profit before tax (PBT) grew by 26.1% to Rs. 10.75 billion in H1 FY2023 as against Rs. 8.52 billion in H1 FY2022 whereas PBT grew by 2.7% to Rs. 6.10 billion in Q2 FY2023 as against Rs. 5.94 billion in Q2 FY2022. 
- The capital gains (net of impairment on equity investment assets) of the insurer stood at Rs. 1.43 billion in H1 FY2023 as compared to Rs. 4.71 billion in H1 FY2022. Capital gains (net of impairment on equity investment assets) in Q2 FY2023 was at Rs. 1.11 billion as compared to Rs. 1.44 billion in Q2 FY2022.
-  Profit after tax (PAT) grew by 46.6% to Rs. 9.40 billion in H1 FY2023 as against Rs. 6.41 billion in H1 FY2022 whereas PAT grew by 32.2% to Rs. 5.91 billion in Q2 FY2023 from Rs. 4.47 billion in Q2 FY2022. 
- Return on Average Equity (ROAE) was 19.9% in H1 FY2023 compared to 15.2% in H1 FY2022 while ROAE was 24.5% in Q2 FY2023 compared to 21.0% in Q2 FY2022. 

Business Highlights:

- Combined ratio stood at 104.6% in H1 FY2023 compared to 114.3% in H1 FY2022. Excluding the impact of cyclone and flood losses of Rs. 0.28 billion, the combined ratio was 104.2% in H1 FY2023 as against 113.0% in H1 FY2022 excluding the impact of cyclone and flood losses of Rs. 0.82 billion.  The combined ratio stood at 105.1% in Q2 FY2023 as against 105.3% in Q2 FY2022. Excluding the impact of flood and cyclone losses of Rs. 0.28 billion, the combined ratio was 104.3% in Q2 FY2023 as against 103.7% in Q2 FY2022 excluding the impact of cyclone and flood losses of Rs. 0.50 billion
- In total 12.8 million Policies were sourced and 96.8% of policies were issued electronically in H1FY2023 (97.3% in FY2022)
- 1.3 million Claims honored, 79.9% Motor OD Claims honored through Instaspect in September 2022
- ICICI Lombard General Insurance becomes the First large insurer to move all core applications to the Cloud
- 61.2% of group cashless claims were approved through AI in September 2022 (59.3% in March 2022) and 82.9% STP of the motor break-in from Self Inspection app in September 2022 (84.6% in March 2022) 

The Board of Directors of the company has declared an interim dividend of Rs. 4.50 per share for H1 FY2023. 

The ICICI Lombard General Insurance share price dropped by 0.73%