Q1 2025 ICICI Lombard General Insurance Company Ltd Earnings Call Transcript
Key Points
- ICICI Lombard General Insurance Co Ltd (NSE:ICICIGI) reported a 20.4% growth in gross direct premium income (GDPI) for Q1 FY25, outperforming the industry growth of 13.3%.
- The company's motor segment registered a robust growth of 26.3% in Q1 FY25, significantly higher than the industry growth of 12%.
- The health segment grew by 28.5% in Q1 FY25, outpacing the industry growth of 16.6%.
- ICICI Lombard General Insurance Co Ltd (NSE:ICICIGI) maintained a balanced portfolio in the motor segment, with private car, two-wheeler, and commercial vehicle mix at 51.5%, 26%, and 22.5% respectively.
- The company's investment income rose to INR11.28 billion in Q1 FY25 from INR8.44 billion in Q1 FY24, driven by higher capital gains.
- The combined ratio for Q1 FY25 was 102.3%, indicating that the company is still facing challenges in achieving optimal operational efficiency.
- The health segment's retail business grew at a lower-than-expected rate of 12.6% in Q1 FY25 compared to the industry growth of 19%.
- The commercial line of business experienced pricing pressure in the fire segment due to the discontinuance of IIB rates.
- The company's solvency ratio decreased to 2.56 times as of June 30, 2024, from 2.62 times as of March 31, 2024.
- Global geopolitical tensions and uneven distribution of domestic monsoon were highlighted as key risks to ongoing growth momentum.
Good evening, ladies and gentlemen. A very warm welcome to ICICI Lombard General Insurance Company Limited's Q1 FY25 earnings conference call.
From the senior management we have with us today, Sanjeev Mantri, MD and CEO of the company; Mr. Gopal Balachandran, CFO; Mr. Alok Agarwal, Executive Director; Mr. Girish Nayak, Chief, Technology and Health Underwriting and Claims; Mr. Sandeep Goradia, Chief, Corporate Solutions Group; Mr. Anand Singhi, Chief, Retail and Government Business; and Mr. Gaurav Arora, Chief, Underwriting and Claims Underwriting and Claims Property and Casualty.
Please note that any statements, comments are made in today's call that may look like forward-looking statements are based on information presently available to the management and do not constitute an indication of any future performance as future involve risks and uncertainties, which could cause results to differ materially from the current views being expressed.
(Operator Instructions) I now hand the conference over to Mr. Sanjeev Mantri, MD and CEO, ICICI Lombard General Insurance Company Limited.
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