The shares of leading general insurance companies gained up to 0.70 percent after the company announced the acquisition of 0.32 percent shares of Hero Motocorp Ltd.
With a market capitalization of Rs 67,760.50 crore, the shares of ICICI Lombard General Insurance Company Ltd were trading at Rs 1376.45 per share, increasing around 0.31 percent as compared to the previous closing price of Rs 1,372.20 apiece.
According to the exchange filing, ICICI Lombard General Insurance Company Ltd has announced the acquisition of 0.32 percent of Hero Motocorp Ltd’s equity shares for Rs 0.80 billion. The Company is acquiring shares as part of its normal business operations.
Looking at the financials, ICICI Lombard General Insurance Company Ltd’s revenue climbed by 12 percent, from Rs 4,669 crores in Q2FY23 to Rs 5,251 crores in Q2FY24. During the same year, Net Profit fell by 2.3 percent, from Rs 591 crore to Rs 577 crore.
The combined ratio in Q2 FY2024 was 103.9 percent, compared to 105.1 percent in Q2 FY2023. Excluding CAT losses of Rs 0.48 billion in Q2 FY2024 and Rs 0.28 billion in Q2 FY2023, the combined ratios were 102.8 percent and 104.3 percent. The company’s Capex on Technology Infrastructure (Gross Asset) to date is Rs 8.81 billion.
The company’s recent shareholding pattern, The Promoters of the Company own 48.00 percent while Retail shareholders own an 11.11 percent stake in the company and Foreign Institutional Investors own a 22.37 percent stake.
ICICI Lombard General Insurance Company Ltd reported return ratios in the recent financial year with a return on equity (ROE) of 17.6 percent and a return on capital employed (ROCE) of 21.2 percent.
ICICI Lombard General Insurance Co. Ltd is one of India’s leading and most established private sector general insurance businesses. It provides a diverse variety of goods and risk management solutions via numerous distribution channels.
Written by:- Abhishek Singh
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