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ICICI Lombard General Insurance Q1 FY20 PAT up 7.1% YoY

Posted On: 2019-07-19 18:05:47

ICICI Lombard General Insurance Company Ltd has announced the financial results for the period ended June 30, 2019.

- Gross Direct Premium Income (GDPI) of the Company stood at Rs. 34.87 billion in Q1 FY2020 as compared to Rs. 37.74 billion in Q1 FY2019, de-growth of 7.6%. Excluding crop segment, our GDPI increased to Rs. 34.88 billion in Q1 FY2020 as compared to Rs. 29.64 billion in Q1 FY2019, registering a growth of 17.7%. This was higher than the industry growth (excluding crop segment) of 13.6%.

- Combined ratio stood at 100.4% in Q1 FY2020 from 98.8% in Q1 FY2019 primarily on account of long-term motor policies and losses from cyclone Fani.

- Combined ratio was 99.7% in Q1 FY2020 excluding the impact of cyclone Fani of Rs. 0.16 billion.

- Profit before tax (PBT) grew by 7.2% to Rs. 4.75 billion in Q1 FY2020 compared to Rs. 4.43 billion in Q1 FY2019 on account of lower capital gains.

- Capital gains was lower by 29.6% at Rs. 1.38 billion in Q1 FY2020 compared to Rs. 1.96 billion in Q1 FY2019.

- Consequently, profit after tax (PAT) grew by 7.1% to Rs. 3.10 billion in Q1 FY2020 as against Rs. 2.89 billion in Q1 FY2019.

- Return on Average Equity (ROAE) was 23.0% in Q1 FY2020 compared to 24.7% in Q1 FY2019.

- Solvency ratio was 2.20x at June 30, 2019 as against 2.24x at March 31, 2019 and higher than the minimum regulatory requirement of 1.50x.

Shares of ICICI Lombard General Insurance Company Ltd was last trading in BSE at Rs.1070.6 as compared to the previous close of Rs. 1092.25. The total number of shares traded during the day was 28945 in over 2871 trades.

The stock hit an intraday high of Rs. 1160 and intraday low of 1061.85. The net turnover during the day was Rs. 31368807.

Source: Equity Bulls

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