ICICI Lombard l Q1 FY25 Performance l PAT grows by 50% ; Premium Income rises by 20% to Rs. 7,688 crores

ICICI Lombard First Quarter Results: PAT grows by 50% ; Premium Income rises
by 20% to Rs. 7,688 crores

PERFORMANCE FOR THE QUARTER ENDED JUNE 30, 2024
 Gross Direct Premium Income (GDPI) of the Company stood at ₹ 76.88 billion in
Q1 FY2025 compared to ₹ 63.87 billion in Q1 FY2024, a growth of 20.4%, which
was higher than the industry growth of 13.3%. Excluding crop and mass health,
GDPI growth of the Company was at 19.7%, which was higher than the industry
growth of 14.8% in Q1 FY2025.
 Combined ratio stood at 102.3% for Q1 FY2025 compared to 103.8% for Q1
FY2024.
 Profit before tax (PBT) grew by 48.8% to ₹ 7.74 billion in Q1 FY2025 as against ₹
5.20 billion in Q1 FY2024.
o Capital gains were at ₹ 2.84 billion in Q1 FY2025 as against ₹ 1.23 billion in
Q1 FY2024.
 Consequently, Profit after tax (PAT) grew by 48.7% to ₹ 5.80 billion in Q1
FY2025 as against ₹ 3.90 billion in Q1 FY2024.
 Return on Average Equity (ROAE) was 19.1% in Q1 FY2025 compared to 14.7%
in Q1 FY2024.
 Solvency ratio was 2.56x as at June 30, 2024 as against 2.62x as at March 31,
2024 which was higher than the minimum regulatory requirement of 1.50x.

Operating Performance Review :

(₹ billion)
Financial Indicators Q1 FY2024 Q1 FY2025 Growth % FY2024
GDPI 63.87 76.88 20.4% 247.76
PBT 5.20 7.74 48.8% 25.55
PAT 3.90 5.80 48.7% 19.19

Ratios :
Financial Indicators Q1 FY2024 Q1 FY2025 FY2024
ROAE (%) – Annualised 14.7% 19.1% 17.2%
Combined ratio (%)* 103.8% 102.3% 103.3%
* CoR revised for Q12024  FY2024 basis IRDAI master circular dated May 17, 2024.

Notes:
Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management
Expenses – Commission on Reinsurance)/ Net Written Premium
Management Expenses = Commission Paid Direct + Commission Paid on
Reinsurance inward + Operating expenses related to insurance business
Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth +
Closing Net Worth)/2)
Net Worth = Share Capital + Reserves & Surplus