ICICI Lombard’s management is confident of bringing its combined ratio to 102% by FY25.
The company’s net profit rose by 40% year-on-year to ₹437 crore. Earnings growth received a boost from higher investment income.
MUMBAI, 24 APRIL, 2023 (GPN): The ICICI Lombard IPO, which opens on Friday 28th APRIL, will see a fresh issue of shares at a price band of Rs651-661 apiece. ICICI Bank and Fairfax Financial Holdings will sell about 86.24 million shares in the offering.
ICICI Bank-backed general insurance arm, ICICI Lombard on Tuesday last week beats estimates in terms of profitability for the fourth quarter of FY23. The company posted a net profit of ₹436.96 crore in Q4FY23, rising by 39.82% compared to a profit of ₹312.51 crore in the same quarter a year ago. However, the company’s net premium earned in Q4FY23 witnessed a mixed performance with an upside of over 12% YoY but down by 1.7% sequentially. The general insurer has also declared a dividend.
In December 2022 quarter, the company posted a PAT of ₹352.53 crore.
The company posted premium earned (net) of ₹3,726.03 crore in Q4FY23 compared to ₹3,317.78 crore in Q4FY22 and ₹3,792.05 crore in Q3FY23.
The company’s gross direct premium income (GDPI) came in at ₹49.77 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%.
Further, the company’s board has proposed final dividend of ₹ 5.50 per share for FY2023. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.for a respective fiscal year. In FY23, the company’s overall dividend including proposed final dividend stood at ₹10 per share.
ICICI Lombard’s 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 FY2022.
Additionally, the company’s 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 2.46x as at March 31, 2022.
For full year FY23, the company posted a PAT of ₹1,729 crore up by 36% from ₹1,271 crore in FY22. GDPI stood at ₹21,025 crore in FY23 versus ₹17,977 crore in FY22, registering a growth of 17% YoY which was higher than the industry growth of 16.4%.
The 3rd Edition of ICICI Lombard Corporate India RISK INDEX 2022 will be released tomorrow Tuesday 25th April 2023 in Mumbai.
ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 53036.60 Crore) operating in Financial Services sector.
ICICI Lombard General Insurance Company key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance.
The company’s top management includes Mrs.Lalita D Gupte, Mr.Murali Sivaraman, Mr.Sandeep Batra, Mr.Ashvin Parekh, Mr.Suresh Kumar, Mr.Uday Chitale, Mr.Ved Prakash Chaturvedi, Mr.Sanjeev Mantri, Mr.Alok Kumar Agarwal, Mr.Bhargav Dasgupta, Mr.Rakesh Jha. Company has Chaturvedi & Co. as its auditors. As on 31-03-2023, the company has a total of 49 Crore shares outstanding.
Promoters/ FII Holdings
Promoters held 48.02 per cent stake in the company as of 31-Mar-2023, while FIIs owned 22.85 per cent, DIIs 17.23 per cent.Ends
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