The shares of leading general insurance companies gained up to 7 percent after the company announced an increase in net profit and revenue by 13 percent and 22 percent respectively.
With a market capitalization of Rs 72,090.14 crore, the shares of ICICI Lombard General Insurance Company Ltd were trading at Rs 1,464.40 per share, increasing around 6.53 percent as compared to the previous closing price of Rs 1,374.65 apiece.
Looking into the company’s Performance, ICICI Lombard General Insurance Company Ltd’s revenue decreased by 1.4 percent on a quarter-on-quarter basis from Rs. 5,251 crores in Q2FY24 to Rs. 5,175 crores in Q3 FY24. Further, revenue increased by 13 percent year on year from Rs. 4,559 crores in Q3FY23 to Rs.5,175 crores in Q3FY24.
ICICI Lombard General Insurance Company Ltd’s net profit decreased by 25 percent on a quarter-on-quarter basis from Rs. 577 crores in Q2FY24 to Rs.431 crores in Q3FY24. Further, net profit increased by 22 percent year on year from Rs. 353 crores in Q3FY23 to Rs.431 crores in Q3FY24.
In Q2 FY2024, the combined ratio 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, combined ratios were 102.8 percent and 104.3 percent, respectively. So far, the corporation has invested Rs 8.81 billion in IT infrastructure (Gross Asset).
The company’s latest ownership structure shows that the promoters control 48.00 percent, retail shareholders own 11.11 percent, and foreign institutional investors own 22.37 percent.
In the most recent financial year, ICICI Lombard General Insurance Company Ltd had 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 a well-known private sector insurer in India. It distributes a wide range of goods and risk management solutions through many channels.
Written by:- Abhishek Singh
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