ICICI Lombard’s Profit After Tax grows 11% at ₹1919 Crores for FY2024

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ICICI Lombard’s Profit After Tax grows 11% at ₹1919 Crores for FY2024
ICICI Lombard’s Profit After Tax grows 11% at ₹1919 Crores for FY2024
  • Gross Direct Premium Income (GDPI) of the Company stood at ₹ 247.76 billion in
    FY2024 compared to ₹ 210.25 billion in FY2023, a growth of 17.8%, which was
    higher than the industry growth of 12.8%. Excluding crop and mass health, GDPI
    growth of the Company was at 17.1%, which was higher than the industry growth
    of 14.8% in FY2024.

o GDPI of the Company was at ₹ 60.73 billion in Q4 FY2024 as against
₹ 49.77 billion in Q4 FY2023, growth of 22.0%. This growth was higher than
the industry growth of 9.5%. Excluding crop and mass health, GDPI growth
of the Company was at 22.0%, which was higher than the industry growth
of 13.8% in Q4 FY2024.

  • Combined ratio stood at 103.3% for FY2024 compared to 104.5% for FY2023.
    Excluding the impact of CAT losses of ₹ 1.37 billion, the combined ratio was
    102.5% in FY2024.o Combined ratio stood at 102.2% in Q4 FY2024 as against 104.2% in Q4 FY2023.
  • Profit before tax (PBT) grew by 21.0% to ₹ 25.55 billion in FY2024 as against ₹
    21.13 billion in FY2023 whereas PBT grew by 21.9% to ₹ 6.98 billion in Q4 FY2024
    as against ₹ 5.73 billion in Q4 FY2023.

o Capital gains were at ₹ 5.51 billion in FY2024 compared to ₹ 4.53 billion in
FY2023. Capital gains were at ₹ 1.56 billion in Q4 FY2024 as against ₹ 1.59
billion in Q4 FY2023.

 

  • Consequently, Profit after tax (PAT) grew by 11.0% to ₹ 19.19 billion in FY2024 as
    against ₹ 17.29 billion in FY2023. Excluding impact of reversal of tax provision in
    Q2 FY2023, PAT grew by 19.8% in FY2024.
    o PAT grew by 18.9% to ₹ 5.20 billion in Q4 FY2024 from ₹ 4.37 billion in Q4
    FY2023.
  • The Board of Directors of the Company has proposed final dividend of ₹ 6.00 per
    share for FY2024. The payment is subject to the approval of shareholders in the
    ensuing Annual General Meeting of the Company. The overall dividend for FY2024
    including proposed final dividend is ₹ 11.00 per share.
  • Return on Average Equity (ROAE) was 17.2% in FY2024 compared to 17.7% in
    FY2023. ROAE was 17.8% in Q4 FY2024 compared to 17.2% in Q4 FY2023.
  • Solvency ratio was 2.62x at March 31, 2024 as against 2.57x at December 31,
    2023 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio
    was 2.51x at March 31, 2023.