The Gross Direct Premium Income (GDPI) of the ICICI Lombard General Insurance company stood at Rs 24,776 crore in the financial year 2023-24 (FY24) compared to Rs 21,025 crore in FY23, registering a growth of 17.8 per cent, which was higher than the industry growth of 12.8 per cent.
Excluding crop and mass health, the GDPI growth of the company was 17.1 per cent, which was higher than the industry growth of 14.8 per cent in FY24.
GDPI of the company was at Rs 6,073 crore in the quarter ending 31 March 2024 (Q4 FY24) as against Rs 4,977 crore in Q4FY23, a growth of 22 per cent. This growth was higher than the industry growth of 9.5 per cent.
Excluding crop and mass health, the GDPI growth of the company was 22 per cent, which was higher than the industry growth of 13.8 per cent in Q4 FY24.
Profit after tax (PAT) grew by 11.0 per cent to Rs 1,919 crore in FY2024 as against Rs 1,729 crore in FY23.
Excluding the impact of reversal of tax provision in Q2 FY23, PAT grew by 19.8 per cent in FY24. PAT grew by 18.9 per cent to Rs 520 crore in Q4 FY24 from Rs 437 billion in Q4 FY23.
The combined ratio stood at 103.3 per cent for FY24 compared to 104.5 per cent for FY23. Excluding the impact of catastrophe bond (CAT) losses of Rs 137 crore, the combined ratio was 102.5 per cent in FY24.
The combined ratio stood at 102.2 per cent in Q4 FY24 as against 104.2 per cent in Q4 FY23.
“The Board of Directors of the company has proposed a final dividend of Rs 6.00 per share for FY24. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company.
The overall dividend for FY2024 including the proposed final dividend is Rs 11.00 per share,” said Sanjeev Mantri, Managing Director and Chief Executive Officer, ICICI Lombard.
Return on Average Equity (ROAE) was 17.2 per cent in FY24 compared to 17.7 per cent in FY23. ROAE was 17.8 per cent in Q4 FY24 compared to 17.2 per cent in Q4 FY23.
The company has issued over 36.2 million policies, honoured over 2.9 million claims and has a Gross Written Premium (GWP) of Rs 25,594 crore for the year ended 31 March 2024.
“The solvency ratio was 2.62 times in Q4 FY24 as against 2.57 times in Q3 FY24 and higher than the minimum regulatory requirement of 1.50 times. The solvency ratio was 2.51 times in Q4 FY23,” said Gopal Balachandran, chief financial officer (CFO), ICICI Lombard.