Saturday, 24 October 2020

ICICI Lombard’s performance for half year ended September 30, 2020

 Highlights :

 ·         Gross Direct Premium Income (GDPI) of the Company stood at INR 64.91 billion in H1 FY2021 compared to INR 64.40 billion in H1 FY2020, a growth of 0.8%. Excluding crop segment, GDPI of the Company increased to INR 64.59 billion in H1 FY2021 compared to INR 63.86 billion in H1 FY2020, registering a growth of 1.1%. This was lower than the industry growth (excluding crop segment) of 2.8%. The industry growth has been muted due to Covid-19 pandemic.

 o   GDPI of the Company stood at INR 31.89 billion in Q2 FY2021 compared to INR 29.53 billion in Q2 FY2020, a growth of 8.0%. Excluding crop segment, GDPI of the Company increased to INR 31.86 billion in Q2 FY2021 compared to INR 28.98 billion in Q2 FY2020, registering a growth of 9.9%. This was higher than the industry growth (excluding crop segment) for Q2 FY2021 of 9.2%.

 

·         Combined ratio stood at 99.8% in H1 FY2021 compared to 101.5% in H1 FY2020 despite losses incurred from cyclone and floods. Excluding the impact of cyclone and flood losses of 0.77 billion, the combined ratio was 98.2% in H1 FY2021 as against 100.1% in H1 FY2020 excluding the impact of cyclone and flood losses of ₹ 0.61 billion.

 o   Combined ratio stood at 99.7% in Q2 FY2021 compared to 102.6% in Q2 FY2020. Excluding the impact of flood and cyclone losses of 0.46 billion, the combined ratio was 97.9% in Q2 FY2021 as against 100.7% in Q2 FY2020 excluding the impact of cyclone and flood losses of ₹ 0.45 billion.


·         Profit before tax (PBT) grew by 15.9% to INR 10.86 billion in H1 FY2021 from INR 9.36 billion in H1 FY2020 whereas PBT grew by 20.3% to INR 5.55 billion in Q2 FY2021 compared to INR 4.61 billion in Q2 FY2020.

o   Capital gains were lower at INR 1.84 billion in H1 FY2021 compared to INR 2.07 billion in H1 FY2020. Capital gains were at INR 1.24 billion in Q2 FY2021 compared to INR 0.69 billion in Q2 FY2020.

 ·         Consequently, Profit after tax (PAT) grew by 31.7% to INR 8.14 billion in H1 FY2021 as against INR 6.18 billion in H1 FY2020 whereas PAT grew by 35.0% to INR 4.16 billion in Q2 FY2021 from INR 3.08 billion in Q2 FY2020.

·         Return on Average Equity (ROAE) was 24.9% in H1 FY2021 compared to 22.3% in H1 FY2020 while ROAE was 24.7% in Q2 FY2021 compared to 22.0% in Q2 FY2020.

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