ICICI Lombard General Insurance Company Ltd IPO – Company Profile, Price, Analysis, Update
Update:
Result Q1 FY 2020-21
ICICI Lombard General Insurance Company Limited – one of the leading private sector non-life insurers in India has announced its results after market hours yesterday, 17 July 2020.
The insurance company’s total income rose nearly 2 per cent to INR 2844.17 Cr in Q1 June 2020 compared with INR 2791.08 Cr in Q1 June 2019.
ICICI Lombard General Insurance Company reported a 28.5 per cent rise in net profit to INR 398.1 Cr in Q1 June 2020 compared with INR 309.81 Cr in Q1 June 2019.
Gross Direct Premium Income (GDPI) of the Company stood at INR 3302 Cr in Q1 FY 2021 compared to INR 3487 Cr in Q1 FY 2020, a de-growth of 5.3 per cent.
Excluding crop segment, Gross Direct Premium Income of the Company declined to INR 3274 Cr in Q1 FY 2021 compared to INR 3488 Cr in Q1 FY 2020, registering a de-growth of 6.2 per cent. The de-growth across the industry was mainly due to the Covid-19 pandemic.
The combined ratio stood at 99.7 per cent in Q1 compared to 100.4 per cent in the year-ago period.
Capital gains were lower by 56.1 per cent at INR 60 Cr in Q1FY21 compared to INR 138 Cr in the year-ago period.
Return on Average Equity (ROAE) was 25.1 per cent in Q1 FY 2021 compared to 23 per cent in Q1 FY 2020.
The solvency ratio was 2.50x on June 30, 2020, as against 2.17x on March 31, 2020, and higher than the minimum regulatory requirement of 1.50x.
Shares of ICICI Lombard General Insurance rose 3.09 per cent at INR 1288.30 on the NSE Friday, 17 July 2020, while the number of shares traded was 738845.
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18 October, 2019
Update: Q2 Result FY 2019-20
ICICI Lombard General Insurance Ltd – the 4th largest non-life insurer in India has posted its Q2 numbers on October 18, 2019, after the market hours.
The Company posted a 5% year-on-year increase in its September quarter (Q2) net profit at INR 307.91 Cr as against a profit of INR 293.10 Cr last year. However, the Q-O-Q profit de-grew by 0.6% (INR 309.81 Cr for the period ended June 2019)
Total Income of the company grew by 6.5% Y-O-Y basis (INR 2738.92 Cr for the period ended 30 September 2019 as against INR 2571.73 CR for the same period last year). The Q-O-Q profit grew by 2.81% (INR 2664.15 CR)
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Gross Direct Premium Income (GDPI) of the Company stood at 64.40 billion in H1 FY 2020 compared to 73.05 billion in H1 FY 2019, a de-growth of 11.8%. Excluding the crop segment, GDPI of the Company increased to 63.86 billion in H1 FY 2020 compared to 54.95 billion in H1 FY 2019, registering a growth of 16.2%. This was higher than the industry growth (excluding crop segment) of 14.4%.
Return on Average Equity (ROAE) was 22.3% in H1 FY 2020 compared to 24.4% in H1 FY 2019 while ROAE was 22.0% in Q2 FY 2020 compared to 23.9% in Q2 FY 2019.
The Solvency ratio was 2.26x at September 30, 2019, as against 2.20x at June 30, 2019, and higher than the minimum regulatory requirement of 1.50x. The Solvency ratio was 2.24x at March 31, 2019.
The board of the company has announced a payment of an interim dividend of INR 3.50 per equity share of the face value of INR 10 each, for the half-year ended on September 30, 2019.
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11 September 2017
ICICI Lombard General Insurance Ltd – one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs 109.60 billion for the year ended March 31, 2017, is planning to raise INR 5700.94 crores via initial public offer (IPO).
ICICI Lombard General Insurance Ltd: Company Profile
Incorporated in the year 2000, ICICI Lombard General Insurance Company Limited founded as a joint venture with ICICI Bank Limited is engaged in providing various general insurance products and services in India.
Working Area
- The Company mainly offers aviation, casualty, engineering, energy, fire, home, hull, health, liability, motor, marine, personal accident, rural, travel, and credit insurance products and services.
- They also provide insurance claims management, reinsurance, and investment management services.
- The Company was the largest private sector non-life insurer in India based on gross direct premium income in fiscal 2017.
- They provide services to individual customers, rural customers, state and central governments or government-owned enterprises, small and medium enterprises, and conglomerates through a range of channels, such as agents, brokers, bancassurance, direct alliances, telesales, and online platforms.
Claims Settlement Ratio
During FY2017, ICICI Lombard has settled 99.4% health insurance claims and 92.2% motor insurance claims (own damage) within 30 days of claim filing.*
Ratings
ICRA (an Associate of Moody’s Investors Service) has assigned iAAA rating indicating highest claims paying ability to ICICI Lombard General Insurance Company Limited. The Rating Indicates A Fundamentally Strong Position.
Company Promoters
ICICI Bank is The Promoter of the Company
IPO Opening / Closing Dates & Listing
IPO Details – Issue Price, Minimum Bid and Other
Financial Performance
Revenues
The Company shows steady revenue growth in recent years. Top-line has been increasing regularly for the last 5 years and jumped from INR 4487.40 crore in FY 2013 to INR 7180.50 crore for the period ended FY 2017.
Profits
Though the company has shown superb growth in revenue, the company has also registered impressive profits in these 5 years. Starting from INR 380.10 crore of profits in FY2013, the company’s earnings improved to INR 622.10 crore for the period ended FY 2017.
CONCLUSION –
Considering company’s valuation and financial parameters, FinBlab recommends NEUTRAL ratings on ICICI Lombard General Insurance IPO for the time being.
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