ICICI Lombard General Insurance Company has posted 3% growth in the net profit to Rs 239.14 crore in the quarter ended December 2018 (Q3FY2019). PBT increased 12% to Rs 360.67 crore in Q3FY2019. PBT for Q3FY2019 includes upfront expensing of acquisition cost relative to the growth of 25.9% in GDPI whereas the full benefit of earned premium will be realized over the policy period. ROAE was 19.0% in Q3 FY2019 compared to 21.9% in Q3 FY2018 on account of upfront expensing of acquisition cost. The Gross Direct Premium (GDPI) of the Company increased 26% to Rs 3699 crore in Q3FY2019 compared to Rs 2937 crore in Q3FY2018, as against industry growth rate of 13.6%. The GDPI increased 16.7% to Rs 11003 crore in 9MFY2019 from Rs 9431 crore in 9MFY2018 against the industry growth of 13.1%. The company has continued to register an across the board increased growth in most corporate lines Fire, Engineering, Marine, Liability and Group Health. In addition, this quarter, the company also registered robust growth in the Motor segment which aided overall GDPI growth in the current quarter. The net premium income of the company has increased 21% to Rs 2110.97 crore in Q3FY2019. The combined ratio improved to 95.9% in Q3FY2019 from 96% in Q3 FY2018. Investment assets rose to Rs 20445 crore end December 2018, as compared to Rs 19272 crore end September 2018. Investment leverage (net of borrowings) was 3.92x end December 2018 as compared to 3.77x end September 2018. Investment income increased to Rs 387 crore in Q3FY2019 as compared to Rs 350 crore in Q3FY2018. Capital gains declined to Rs 49 crore in Q3 FY2019 compared to Rs82 crore in Q3 FY2018. Solvency ratio was 2.12x end December 2018 as against 2.10x end September 2018 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.05x end March 2018. Book value of the company stood at Rs 112.1 per share end December 2018. YTD Yearly Financial Performance The net profit of the company improved 26% to Rs 821.53 crore in 9MFY2019. PBT jumped 37.8% to Rs 1253 crore in 9M FY2019 compared to Rs 909 crore in 9MFY2018. Gross Direct Premium Income (GDPI) of the Company increased 16.7% to Rs 11003 crore in 9MFY2019 compared to Rs 9431 crore in 9MFY2018, as against industry growth of 13.1%. Combined ratio improved to 98.7% in 9M FY2019 from 100.4% in 9M FY2018. Investment income increased to Rs 1341 crore for 9MFY2019 from Rs 1176 crore for 9MFY2018. Capital Gains were lower at Rs 370 crore in 9MFY2019 compared to Rs 404 crore for 9MFY2018. Return on Average Equity (ROAE) was 22.7% in 9M FY2019 compared to 21.5% in 9M FY2018. Statement of Revenue Accounts: ICICI Lombard General Insurance Company | 1812 (3) | 1712 (3) | Var % | 1812 (9) | 1712 (9) | Var % | 1803 (12) | 1703 (12) | Var % | | 1. Premiums earned (net) | 2110.97 | 1750.51 | 21 | 6177.88 | 5095.09 | 21 | 6911.73 | 6163.60 | 12 | | 2. Profit / Loss on sale/ redemption of investments | 301.93 | 263.41 | 15 | 1022.53 | 885.43 | 15 | 1126.75 | 1001.23 | 13 | | 3. Others - | 3.49 | 5.85 | -40 | 32.10 | 19.18 | 67 | 27.86 | 44.67 | -38 | | 4. Interest, Dividend & Rent Gross | 0.00 | 0.00 | - | 0.00 | 0.00 | - | 0.00 | 0.00 | - | | Total (A) | 2416.39 | 2019.77 | 20 | 7232.51 | 5999.70 | 21 | 8066.34 | 7209.50 | 12 | | | | | | | | | | | | 1. Claims Incurred (net) | 1528.86 | 1268.33 | 21 | 4733.46 | 3887.99 | 22 | 5314.72 | 4954.33 | 7 | | 2. Commission (net) | 92.11 | -48.24 | PL | 159.75 | -269.23 | PL | -283.95 | -434.13 | -35 | | 3. Operating expenses related to insurance business | 518.59 | 510.23 | 2 | 1404.62 | 1697.58 | -17 | 2111.86 | 1982.04 | 7 | | 4. Premium deficiency | 0.00 | 0.00 | - | 0.00 | 0.00 | - | 0.00 | 0.00 | - | | Total Expenses (B) | 2139.56 | 1730.32 | 24 | 6297.83 | 5316.34 | 18 | 7142.63 | 6502.24 | 10 | | | | | | | | | | | | Operating Profit/ Loss C=(A -B) | 276.83 | 289.45 | -4 | 934.68 | 683.36 | 37 | 923.71 | 707.26 | 31 | | APPROPRIATIONS | | | | | | | | | | | Transfer to Shareholders' Account | 0.00 | 0.00 | - | 0.00 | 0.00 | - | 0.00 | 0.00 | - | | Transfer to Catastrophe Reserve | 0.00 | 0.00 | - | 0.00 | 0.00 | - | 0.00 | 0.00 | - | | Transfer to Other Reserves | 276.83 | 289.45 | -4 | 934.68 | 683.36 | 37 | 923.71 | 707.26 | 31 |
Statement of Profit & Loss Account: ICICI Lombard General Insurance Company | 1809 (3) | 1709 (3) | Var % | 1809 (6) | 1709 (6) | Var % | 1803 (12) | 1703 (12) | Var % | | 1. Operating profit/(loss) | 276.83 | 289.45 | -4 | 934.68 | 683.36 | 37 | 923.71 | 707.26 | 31 | | (a) Fire Insurance | 24.87 | 34.37 | -28 | 52.82 | 89.00 | -41 | 132.79 | 99.68 | 33 | | (b) Marine Insurance | 5.46 | 9.56 | -43 | -33.63 | 5.53 | PL | 46.92 | -9.67 | LP | | (c) Health | 108.16 | 133.17 | -19 | 252.13 | 401.11 | -37 | 502.77 | 313.47 | 60 | | (d) Crop | -26.74 | 18.85 | PL | -40.96 | 44.77 | PL | -63.64 | 186.48 | PL | | (e) Motor | 129.07 | 47.79 | 170 | 628.68 | 87.73 | 617 | 275.68 | 195.08 | 41 | | (f) Miscellaneous Insurance | 36.02 | 45.71 | -21 | 75.65 | 55.22 | 37 | 29.19 | -77.78 | LP | | | | | | | | | | | | 2. Income from investments | 95.07 | 97.07 | -2 | 349.36 | 323.79 | 8 | 405.89 | 309.22 | 31 | | 3. Other income | 11.12 | 8.06 | - | 11.14 | 8.08 | 38 | 8.15 | 2.01 | 305 | | Total (A) | 383.02 | 394.58 | -3 | 1295.18 | 1015.23 | 28 | 1337.75 | 1018.49 | 31 | | | | | | | | | | | | 4. Provisions (Other than taxation) | 2.06 | 55.43 | -96 | -15.78 | 59.24 | -127 | 67.91 | 9.98 | 580 | | 5. Other expenses | 20.29 | 16.80 | 21 | 58.04 | 46.93 | 24 | 73.60 | 98.41 | -25 | | | | | | | | | | | | Total (B) | 22.35 | 72.23 | -69 | 42.26 | 106.17 | -60 | 141.51 | 108.39 | 31 | | | | | | | | | | | | Profit before tax (A-B) | 360.67 | 322.35 | 12 | 1252.92 | 909.06 | 38 | 1196.24 | 910.10 | 31 | | Provision for taxation | 121.53 | 90.59 | 34 | 431.39 | 259.15 | 66 | 334.46 | 208.22 | 61 | | Profit after tax | 239.14 | 231.76 | 3 | 821.53 | 649.91 | 26 | 861.78 | 701.88 | 23 | | EPS (Rs) * | 21.07 | 20.42 | | 24.12 | 19.08 | | 18.98 | 15.46 | | * on current equity of Rs 454.06 crore of face value of Rs 10 each,
PL: Profit to Loss, LP: Loss to Profit
Figures in crore, Source: Capitaline Database |
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