ICICI Lombard General Insurance Company Q2 Results Revenue Growth to ₹5881.5 Crore

ICICI Lombard General Insurance Company Q2 Results: ICICI Lombard General Insurance Company’s Total Revenue was ₹5881.5 crore, which is a 16.47% increase from ₹5049.7 crore in Q2 2023 and a 9.93% rise from ₹5350.26 crore in Q1 2024. This means ICICI Lombard earned more money this quarter than in the previous one and the same quarter last year. The company’s net income, which is the profit after all expenses, also grew to ₹693.95 crore, up 20.21% from ₹577.27 crore last year and 19.57% from ₹580.37 crore in Q1 2024. This shows that ICICI Lombard is becoming more profitable.

ICICI Lombard General Insurance Company’s selling, general, and administrative (SG&A) expenses decreased slightly by 1.55% from the last quarter, but they increased by 5.81% from the previous year, indicating a focus on managing costs while still growing revenue. 

Here's a simplified summary of ICICI Lombard General Insurance Company's Q2 financial results for 2024:

(Rs. in crores)

Source: Here 

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ICICI Lombard General Insurance Company Q2 Results

ICICI Lombard General Insurance Company has released its audited financial results for the quarter and year-to-date ending September 30, 2024. The results show important figures that reflect the company’s performance. In the last three months, the company collected ₹694,830 lakhs in gross premiums, which is the total amount of money received for insurance policies. After deducting certain costs, the net premiums written came to ₹483,545 lakhs. This indicates how much money the company expects to earn from its insurance operations.

ICICI Lombard General Insurance Company's premium earned, which represents the actual income from these policies, was ₹502,557 lakhs. Additionally, the company earned ₹84,625 lakhs from investments, showing that it is also making money from its financial activities. However, when looking at total income, which combines all earnings, ICICI Lombard reached ₹585,065 lakhs for the quarter.

ICICI Lombard General Insurance Company faced challenges, with underwriting losses of (₹16,091 lakhs), meaning it paid out more in claims than it earned from premiums. The operating profit was ₹66,417 lakhs, and the company reported a profit after tax of ₹91,901 lakhs. This demonstrates that, while ICICI Lombard has solid income, it also needs to manage expenses and losses effectively. The earnings per share (EPS) for basic shares is ₹14.05, indicating the profit attributed to each share of the company.

Here's a simplified summary of the "Statement of Audited Results" for the quarter and year-to-date ending September 30, 2024. 

The financial performance is presented in a clear format, with amounts in lakhs (₹ in lakhs), except for the shares.

ICICI Lombard General Insurance Company Financial Performance

ICICI Lombard General Insurance Company’s market capitalization of ₹99,988 crore, showing its overall value in the market. Currently, each share is priced at ₹2,021, with a high of ₹2,302 and a low of ₹1,332 over a specific period. The price-to-earnings (P/E) ratio is 44.9, indicating how much investors are willing to pay for each unit of earnings. Its book value is ₹275, and it offers a dividend yield of 0.30%. The return on capital employed (ROCE) is 22.5%, and the return on equity (ROE) is 17.0%, showing good profitability.

Here’s a summarized table of the market data you provided:

Quarterly Results 

ICICI Lombard General Insurance Company table data shows financial performance for March, June, and September 2024. In March 2024, the company had sales of ₹5,391 crores and net profit of ₹520 crores, which improved in June to ₹5,601 crores in sales and ₹580 crores in net profit. By September 2024, sales rose further to ₹6,147 crores, and net profit increased to ₹694 crores.

Here’s the table with data for March 2024, June 2024, and September 2024:

(Figures in Rs. Crores)

About ICICI Lombard General Insurance Company 

ICICI Lombard General Insurance Company is one of the largest private insurance companies in India. It was founded in 2001 as a joint venture between ICICI Bank, which holds a 64% stake, and Fairfax Financial Holdings from Canada, which has a 36% stake. The company is based in Mumbai and offers a wide range of insurance products, including health, vehicle, travel, home, and business insurance. ICICI Lombard aims to provide financial security and peace of mind to its customers by protecting them against unexpected events.

In 2023, ICICI Lombard reported a revenue of ₹18,094 crore (about $2.2 billion) and had total assets worth ₹50,848 crore (around $6.1 billion). The company has a strong presence across India with 312 branches and 840 virtual offices, employing around 13,670 people. ICICI Lombard also focuses on technology, allowing customers to buy and renew policies easily through its website and various intermediaries. The company continues to grow and innovate in the insurance sector, providing reliable and comprehensive insurance solutions to millions of people across the country.