ICICI Lombard Q2 PAT rises 7.4% YoY to Rs 446 cr

ICICI Lombard General Insurance Company posted a 7.4% rise in net profit to Rs 446.67 crore on a 32.4% increase in total income to Rs 3,982 crore in Q2 FY22 over Q2 FY21.

As the company merged Bharti Axa General Insurance business with itself, the numbers are not comparable with the previous year's numbers. On the sequential basis, the company posted a 129% increase in net profit on a 0.6% decline in total income in Q2 FY22 over Q2 FY21.

Gross Direct Premium Income (GDPI) of the company stood at Rs 4,424 crore in Q2 FY2022 compared to Rs 3,189 crore in Q2 FY2021, a growth of 38% year on year. The industry growth (excluding crop segment) for Q2 FY2022 was 17.5%.

The combined ratio, which is a measure of the profitability stood at 105.3% in Q2 FY22 as against 99.7% in Q2 FY21. Meanwhile, the company's capital gains grew 16% to Rs 144 crore in Q2 FY22 as against Rs 124 crore in Q2 FY21.

Return on Average Equity (ROAE) was 21% in Q2 FY22 as against to 24.7% in Q2 FY21. Solvency ratio mildly deteriorated to 2.49x as of 30 September 2021 as against 2.61 on 30 June 2021. The ratio was higher than the minimum regulatory requirement of 1.50x.

Meanwhile, the board of directors recommended a final dividend of Rs 4 per equity share. The company has set 1 November 2021 as the record date for the dividend.

Shares of ICICI Lombard General Insurance Company were trading 0.78% higher at Rs 1,518 in early trade.

ICICI Lombard General Insurance Company operates as a non-life insurer. The company offers motor, health, travel, business, personal accident, and home insurance, as well as claim settlements and renewals services. Its parent ICICI Bank holds 48.08% stake in the company as of 30 September 2021.

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