ICICI Lombard - Mixed Q3; Sustained Growth Trigger For Re-Rating: ICICI Direct
ICICI Lombard General Insurance Company posted a steady set of numbers as gross premium grew 17.0% YoY, 5.6% QoQ to Rs 5493 crore.
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ICICI Direct Report
ICICI Lombard General Insurance Company Ltd. posted a steady set of numbers as gross premium grew 17.0% YoY, 5.6% QoQ to Rs 5493 crore. Post erosion in market share earlier, the same has remained steady with 20 basis points improvement in Q3 FY23 to 8.6%.
Net premium increased 13.9% YoY to Rs 4163 crore. Investment income was at Rs 580 crore, up ~9% YoY.
Among products, motor segment registered 10% YoY growth and within health segment, retail and group grew 12% and 38% YoY, respectively.
ICICI Lombard's total expenses grew 14.1% YoY, 2.4% QoQ (opex up 15.8% YoY, 16.6% QoQ due to higher sales promotion expenses). Commission declined 14% YoY to Rs 174.4 crore while claims grew 15.7% YoY to Rs 2666.
Claims ratio declined sequentially by 250 bps to 70.3% while on a yearly basis it increased ~76 bps.
Combined ratio has declined 70 bps QoQ at 104.4% and posted an underwriting loss of Rs 293.5 crore. However, with addition of other income the company had operating profit of Rs 276.5 crore
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