- Gross Direct Premium Income (GDPI) of the Company stood at ₹ 63.87 billion in Q1 FY2024 compared to ₹ 53.70 billion in Q1 FY2023, a growth of 18.9%, which was higher than the industry growth of 17.9%.Excluding crop, GDPI growth of the Company was at 19.2%, which was higher than the industry growth of 17.4% in Q1 FY2024.
- Combined ratio stood at 103.8% for Q1 FY2024 compared to 104.1% forQ1 FY2023.
Excluding the impact of cyclone of ₹ 0.35 billion, the combined ratio was 102.9% for Q1 FY2024.
- Profit before tax (PBT) grew by11.8% to₹5.20billion in Q1FY2024as against₹4.65billion inQ1 FY2023.
- Capital gains was at ₹1.23 billion in Q1 FY2024as against₹0.32 billion in Q1 FY2023.
- Consequently, Profit after tax (PAT) grew by 11.8%to₹3.90billion in Q1 FY2024as against₹3.49 billion inQ1 FY2023.
- Return on Average Equity (ROAE) was 14.7% inQ1 FY2024as against15.0% inQ1 FY2023.
- Solvency ratio was 2.53xas at June30, 2023as against 2.51x as at March31, 2023which was higher than the minimum regulatory requirement of 1.50x.
Operating Performance Review
|Financial Indicators||Q1 FY2023||Q1 FY2024||Growth %||FY2023|
* PAT includes reversal of tax provision of ₹ 1.28 billion in Q22023
|Financial Indicators||Q1 FY2023||Q1 FY2024||FY2023|
|ROAE (%) – Annualised||15.0%||14.7%||17.7%|
|Combined ratio (%)||104.1%||103.8%||104.5%|
Commenting on the Q1 FY2024 performance Bhargav Dasgupta – MD & CEO, ICICI Lombard, said, “Our strong performance in Q1 reflects our unwavering commitment to delivering value to our stakeholders. Despite challenging market conditions, we have managed to achieve robust growth and maintain profitability. This is a testament to the resilience of our business model, the dedication of our team, and the trust placed in us by our customers”