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ICICI Lombard General Insurance Company Limited announces Q2 FY 2019-20 results

Posted On: 2019-10-19 00:09:16

PERFORMANCE FOR THE HALF YEAR ENDED SEPTEMBER 30, 2019

Gross Direct Premium Income (GDPI) of the Company stood at Rs. 64.40 billion in H1 FY2020 compared to Rs. 73.05 billion in H1 FY2019, a de-growth of 11.8%. Excluding crop segment, GDPI of the Company increased to Rs. 63.86 billion in H1 FY2020 compared to Rs. 54.95 billion in H1 FY2019, registering a growth of 16.2%. This was higher than the industry growth (excluding crop segment) of 14.4%.

- GDPI of the Company stood at Rs. 29.53 billion in Q2 FY2020 compared to Rs. 35.30 billion in Q2 FY2019, a de-growth of 16.4%. Excluding crop segment, GDPI of the Company increased to Rs. 28.98 billion in Q2 FY2020 compared to Rs. 25.30 billion in Q2 FY2019, registering growth of 14.5%. The industry growth (excluding crop segment) for Q2 FY2020 was 15.4%.

Combined ratio stood at 101.5% in H1 FY2020 compared to 100.1% in H1 FY2019 primarily on account of long-term motor policies and losses from catastrophic events in various states (estimated to be Rs. 0.61 billion). Excluding the impact of catastrophes, the combined ratio was 100.1% in H1 FY2020 as against 99.5% in H1 FY2019.

- Combined ratio stood at 102.6% in Q2 FY2020 compared to 101.1% in Q2 FY2019. Excluding the impact of catastrophes, the combined ratio was 100.6% in Q2 FY2020 as against 99.9% in Q2 FY2019.

Profit before tax (PBT) grew by 4.9% to Rs. 9.36 billion in H1 FY2020 from Rs. 8.92 billion in H1 FY2019 whereas PBT grew by 2.7% to Rs. 4.61 billion in Q2 FY2020 compared to Rs. 4.49 billion in Q2 FY2019. Further, PBT for H1 and Q2 of the previous year had the benefit of one off reinsurance recovery of Rs. 0.58 billion. Excluding the one off impact, PBT grew by 12.2% in H1 FY2020 and 17.9% in Q2 FY2020.

- Capital gains was lower at Rs. 2.07 billion in H1 FY2020 compared to Rs. 3.21 billion in H1 FY2019. Capital gains was lower at Rs. 0.69 billion in Q2 FY2020 compared to Rs. 1.25 billion in Q2 FY2019.

Consequently, Profit after tax (PAT) grew by 6.1% to Rs. 6.18 billion in H1 FY2020 as against Rs. 5.82 billion in H1 FY2019 whereas PAT grew by 5.0% to Rs. 3.08 billion in Q2 FY2020 from Rs. 2.93 billion in Q2 FY2019. Further, PAT for H1 and Q2 of the previous year had the benefit of one off reinsurance recovery of Rs. 0.58 billion. Excluding the one off impact, PAT grew by 13.4% in H1 FY2020 and 20.6% in Q2 FY2020.

The Board of Directors of the Company has declared interim dividend of Rs. 3.50 per share for H1 FY2020.

Return on Average Equity (ROAE) was 22.3% in H1 FY2020 compared to 24.4% in H1 FY2019 while ROAE was 22.0% in Q2 FY2020 compared to 23.9% in Q2 FY2019.

Solvency ratio was 2.26x at September 30, 2019 as against 2.20x at June 30, 2019 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.24x at March 31, 2019.

Shares of ICICI Lombard General Insurance Company Ltd was last trading in BSE at Rs.1243.85 as compared to the previous close of Rs. 1244.2. The total number of shares traded during the day was 41742 in over 2970 trades.

The stock hit an intraday high of Rs. 1264.85 and intraday low of 1231. The net turnover during the day was Rs. 51999915.


Source: Equity Bulls

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