ICICI Lombard General Insurance Company (ICICIGI) Q4 16/17 earnings summary

Executive summary

• FY2017 GDPI reached ₹107.25bn, up 32.6% YoY; PAT rose 38.3% to ₹7.02bn, with ROE at 20.3%.

• Serviced 17.73m policies and settled over 2.2m claims; 99.4% of health claims and 92.2% of motor own-damage claims were settled within 30 days.

Financial highlights

• Gross written premium was ₹109.60bn vs ₹82.96bn; earned premium was ₹61.64bn vs ₹48.22bn in FY2016.

• PBT increased to ₹9.10bn from ₹7.08bn; PAT was ₹7.02bn vs ₹5.07bn, and basic EPS was ₹15.66 vs ₹11.35.

• Net operating profit in fire and miscellaneous insurance was ₹6.17bn vs ₹4.02bn; marine reported a ₹96.7m operating loss vs a ₹336.1m loss.

• Investment income was ₹12.83bn in the FY2017 highlights; total investment return was 14.44% and realised return was 9.93%.

Outlook and guidance

• Management signalled continued business growth and higher customer-service standards, supported by technology adoption and a positive view of India’s economic and general-insurance prospects.

• Industry growth opportunities were linked to rising insurance needs, government-backed crop and travel schemes, and expansion of risk-management solutions; no quantified FY2018 financial guidance was stated.