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.
BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
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
Click on the attachment to read the full report:
More Research Reports On ICICI Lombard's Q3 FY23 Results Review
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.