The company’s combined ratio has improved to 102.2 per cent in Q4 FY2024 as against 104.2 per cent in Q4 FY2023
Rakesh Jha, executive director, ICICI Bank has been appointed as the non-executive chairman of the company, with effect from June 30, 2024, after retirement of Lalita D Gupte
Mumbai:
ICICI Lombard General Insurance, the second largest general insurer in the country, has grown its net profit (PAT) by almost 19 per cent year-on-year (Y-O-Y) to Rs 520 crore in Q4 FY2024 from Rs 437 crore in Q4 FY2023.
For the fiscal year 2023-24, the company reported an 11 per cent increase y-o-y in the profit after tax at Rs 1,919 crore, up from Rs 1,729 crore in the year-ago period.
Rakesh Jha, executive director ICICI Bank has been appointed as the non-executive chairman of the company with effect from June 30, 2024 or date of IRDAI approval, whichever is later after Lalita D Gupte’s retirement.
The gross domestic premium of the company was at Rs 6073 crore in Q4 FY2024 as against Rs 4977 crore in Q4 FY2023, showing a y-o-y growth of 22 per cent. For FY24, the insurer’s gross premium has gone up by 18 per cent y-o-y to Rs 25,594 crore. It has current a market share of 8.55 per cent.
The company’s board of directors, which met in Mumbai today to finalise the results, has proposed final dividend of Rs 6 per share for FY2024. The overall dividend for FY2024 including proposed final dividend is Rs 11.00 per share.
The company’s combined ratio has improved to 102.2 per cent in Q4 FY2024 as against 104.2 per cent in Q4 FY2023.
Excluding the impact of catastrophic losses of Rs 137 crore in FY2024, the combined ratio was 102.5 per cent in FY2024.
The insurer had an underwriting losses of Rs 231 crore in the quarter ended in March 31,2024 as against an underwriting losses of Rs 250 crore in the corresponding previous quarter.
Incurred claim ratio(ICR)of the company was 68.6 per cent in the reporting quarter as compared to 74.2 per cent in the Q4FY23.
The insurer has seen its expenses of management (EoM) rising from 31.4 per cent in Q4FY23 to 32.8 per cent in Q4FY24.
Investment income of the company on a quarterly basis, investment income was at Rs 930 crore in Q4 FY2024 as against Rs 817 crore in Q4 FY2023.
In FY 24, investment income of the insurer was at Rs 3526 crore as against Rs 2977 crore in FY2023.
“The Q4 numbers on the combined ratio was at 102.2 per cent . The overall commentary in terms of tailwinds available, sectoral reform which are being initiated by the regulator, we see a play and we do see that we can have overall 50 basis improvement further to what we said we will achieve as a team by Q4 of next year. But again, we will keep revisiting and absolutely we’ll keep communicating, but we do see green shoots and that an improvement can come in overall for us as an entity,” said Sanjiv Mantri, MD & CEO, ICICI Lombard General Insurance.
At 39 per cent, Motor is the largest portfolio of ICICI General Insurance followed by Health(29 per cent and Fire(14 per cent),Crop(4 per cent Marine(3 per cent) during FY 23-24.
The company has made underwriting profit in all portfolios including Crop except Health(Retail and Group) and Motor in Q4FY 24.
The insurer’s 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.
The insurer has issued 3.62 crore policies, out of which 99.3 per cent were issued electronically(96.7 per cent in FY2023) and has settled 29 lakh claims during FY 24. It covered lives of 2.47 crore people during the year..
The company has informed that Preeti Reddy, former CEO of MRB/Kantar, has been inducted as an independent director of ICICI Lombard General Insurance.
Gopal Balachandran will be ceased to be the chief risk officer of the company with effect April 17 and would only continue to be chief financial officer of the company.
Steve Dsouza has been appointed as chief risk officer, a key management person under the IRDAI Regulations from April 18, He will be ceased to be chief information security officer with effect from the close of business hours on April 17, 2024.
Very poor service in four wheeler insurance..
Very bed response..
Claim they took one month.
And multiple times inspection under zero dep insurance…
After one and half month they suddenly denied that your insurance is not acceptable.
Without any reason..
Preetam malakar
Indore mp