ICICI Lombard General Insurance Company (ICICIGI) Q3 24/25 earnings summary

Executive summary

• Achieved 10.3% GDPI growth for nine months FY25, maintaining market leadership with a 9.0% share and strong profit growth.

• Profit after tax rose 42.9% year-over-year for nine months FY25; Q3 PAT up 67.9%.

• Focused on digital transformation, product innovation, ESG initiatives, and customer experience enhancements.

• Appointment of Mr. Girish Sehgal as Key Management Person effective January 21, 2025.

Financial highlights

• Nine months FY25 GDPI: INR 206.23 billion (up 10.3% YoY); Q3 GDPI: INR 62.14 billion (down 0.3% YoY).

• Profit after tax for nine months: INR 19.99 billion (up 42.9% YoY); Q3 PAT: INR 6,939.5 million.

• Combined ratio for nine months FY25: 102.9% (improved from 103.7% YoY); Q3: 102.7%.

• Return on average equity for nine months: 20.8% (vs. 17.1% YoY); Q3 ROE: 21.5%.

• Solvency ratio at 2.36x as of Dec 31, 2024, above regulatory minimum but down ~30 bps YoY due to regulatory changes.

Outlook and guidance

• Regulatory changes in premium recognition (1/N basis) and commission accounting impact comparability and future quarters.

• Combined ratio guidance remains in the 102-103% range, with a focus on maintaining ROE between 16%-18%.

• Continued focus on digital enablement, product diversification, and expanding distribution in underpenetrated markets.