{"id":160344,"date":"2024-04-17T13:39:46","date_gmt":"2024-04-17T17:39:46","guid":{"rendered":"https:\/\/44.250.171.167\/?p=160344"},"modified":"2024-04-17T13:39:47","modified_gmt":"2024-04-17T17:39:47","slug":"icici-lombard-general-insurance-company-limited-q4-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-company-limited-q4-fy24-earnings-conference-call-insights\/","title":{"rendered":"ICICI Lombard General Insurance Company Limited Q4 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from ICICI Lombard General Insurance Company Limited (ICICIGI) Q4 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Auto Industry Trends<\/strong>\n<ul>\n<li>Private car sales robust at 4.2 million units, aided by improved supply and sustained demand.<\/li>\n<li>Shift in customer preference towards SUVs, contributing 49% of private car sales.<\/li>\n<li>Two-wheeler sales grew 25% in Q4 FY2024 to 4.5 million units, surpassing FY2020 levels.<\/li>\n<li>Commercial vehicle sales at 1.7 million units, driven by infrastructure and core sectors.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Health Insurance<\/strong>\n<ul>\n<li>Remained the largest product segment for the industry.<\/li>\n<li>Group health business primarily drove growth in number of lives covered.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Industry Performance<\/strong>\n<ul>\n<li>General insurance industry GDI growth of 12.8% for FY2024, 14.8% excluding crop and mass health.<\/li>\n<li>Industry combined ratio improved to 112.2% for 9M FY2024 from 116.2% in 9M FY2023.<\/li>\n<li>Motor combined ratio improved to 118.2% for 9M FY2024 from 121.9% in 9M FY2023.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Regulatory Changes<\/strong>\n<ul>\n<li>Denotification of tariffs, allowing insurers to design products based on underwriting policies.<\/li>\n<li>Revised compliance and measurement of rural, social sector, and motor third-party obligations.<\/li>\n<li>BIMA SUGAM digital public infrastructure for insurance democratization.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Strategic Partnership<\/strong>\n<ul>\n<li>Announced strategic tie-up with PolicyBazaar.<\/li>\n<li>Aimed at leveraging strengths of both institutions to create superior customer value proposition.<\/li>\n<\/ul>\n<\/li>\n<li><strong>FY2024 Financial Performance<\/strong>\n<ul>\n<li>Gross direct premium income (GDPI) grew 17.8% to INR247.76 billion, higher than industry growth of 12.8%.<\/li>\n<li>GDPI growth excluding crop and mass health at 17.1%, higher than industry growth of 14.8%.<\/li>\n<li>Q4 FY2024 GDPI growth of 22%, higher than industry growth of 9.5%.<\/li>\n<li>Motor segment GDPI grew 12.3% to INR96.34 billion in FY2024.<\/li>\n<li>Health segment GDPI grew 29.1% to INR61.71 billion in FY2024.<\/li>\n<li>Profit before tax grew 21% to INR25.55 billion in FY2024.<\/li>\n<li>Profit after tax grew 11% to INR19.19 billion in FY2024.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Future Focus Areas<\/strong>\n<ul>\n<li>Leverage multi-product, multi-distribution strategy through effective data utilization, digital advancement, and new product launches.<\/li>\n<li>Focus on scaling up profit pool while continuing to grow as OneIL OneTeam.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Outlook<\/strong>\n<ul>\n<li>Health segment expected to drive majority of growth in FY2025 and FY2026.<\/li>\n<li>Growth in health segment likely to moderate from over 25-30% levels witnessed previously.<\/li>\n<li>Regulatory reforms, government&#8217;s infrastructure push, and job creation to aid growth opportunities across segments.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Motor TP Reserving<\/strong>\n<ul>\n<li>Higher reserve releases observed in accident years 2018-2020 from motor TP segment&#8217;s reserving triangles.<\/li>\n<li>Reserving philosophy remains unchanged; loss experience guided to be in 65-70% range for motor TP.<\/li>\n<li>Risk selection to be driven by lack of motor TP pricing increase so far.<\/li>\n<li>Aim to maintain the TP loss ratio in the range of 65-70% on a full-year basis.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Combined Ratio Outlook<\/strong>\n<ul>\n<li>Q4 FY2024 combined ratio at 102.2%, targeting further 50 bps improvement to 101.5% for FY2025.<\/li>\n<li>Factoring in increased frequency of catastrophic events while providing combined ratio guidance.<\/li>\n<li>Exceptional catastrophic event impact in FY2024 higher than factored.<\/li>\n<li>Directionally aiming to reduce the combined ratio over time.<\/li>\n<li>Optimistic based on early signs of improvement in the market&#8217;s combined ratio, particularly in the motor segment.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Motor Third-Party (TP) Regulations<\/strong>\n<ul>\n<li>New regulations seem more stringent than the previous regime.<\/li>\n<li>Company is confident of fulfilling the obligations under the new norms.<\/li>\n<li>As a multi-line, well-distributed franchise, the company believes it can achieve the regulator&#8217;s objectives.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Synergies from Integration<\/strong>\n<ul>\n<li>Excited about potential synergies from the integration of businesses.<\/li>\n<li>Expects benefits in terms of top-line growth and cost control.<\/li>\n<li>Overall performance and efficiency will be reflected in the quarterly results.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Health Loss Ratios<\/strong>\n<ul>\n<li>Group Health Insurance (GHI) loss ratio for Q4 FY23: 93.2%, and for Q4 FY24: 88.1%.<\/li>\n<li>Full-year GHI loss ratio for FY23: 95.2%, and for FY24: 93.7%.<\/li>\n<li>Retail health indemnity loss ratio for Q4 FY23: 61%, and for Q4 FY24: 64.6%.<\/li>\n<li>Full-year retail health indemnity loss ratio for FY23: 64.1%, and for FY24: 65.4%.<\/li>\n<li>Comfortable operating in the 65-70% range for retail health loss ratios.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capital Utilization<\/strong>\n<ul>\n<li>Operating at significantly higher solvency ratios and improved ROE (17-18%).<\/li>\n<li>Considering better utilization of capital while maintaining a prudent approach.<\/li>\n<li>Growth opportunities and consumption of capital will depend on the transition to risk-based capital regime.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Distribution Channel Investments<\/strong>\n<ul>\n<li>Committed to expanding across multiple distribution channels, including dealerships, agencies, digital, and bank partnerships.<\/li>\n<li>Significant focus on growing the agency channel, particularly for retail health and motor segments.<\/li>\n<li>Digital channel contribution currently at 6-7% of overall revenues, with strong year-over-year growth.<\/li>\n<li>Continuous investments planned across all channels, with digital expected to gain maximum traction.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from ICICI Lombard General Insurance Company Limited (ICICIGI) Q4 FY24 Earnings Concall Auto Industry Trends Private car sales robust at 4.2 million units, aided by improved supply and sustained demand. Shift in customer preference towards SUVs, contributing 49% of private car sales. Two-wheeler sales grew 25% in Q4 FY2024 to 4.5 million units, [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,1],"tags":[10169,8265,8233],"class_list":["post-160344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-earnings","tag-finance","tag-insurance-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128577,"url":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-company-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":160344,"position":0},"title":"ICICI Lombard General Insurance Company Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"April 22, 2022","format":false,"excerpt":"https:\/\/youtu.be\/PRs3IUKo6RM Key highlights from ICICI Lombard General Insurance Company Limited (ICICIGI) Q4 FY22 Earnings Concall Q&A Highlights: Shreya Shivani from CLSA asked about TP rate hike and how comfortable is ICICIGI with the kind of hike that the regulator has proposed. Bhargav Dasgupta MD replied that it\u2019s different across different\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":149290,"url":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-company-ltd-q1-fy24-12-rise-in-profits\/","url_meta":{"origin":160344,"position":1},"title":"ICICI Lombard General Insurance Company Ltd Q1 FY24; 12% Rise In Profits","author":"Hardik Bhandare","date":"July 18, 2023","format":false,"excerpt":"ICICI Lombard General Insurance Co. Ltd is one of the leading and established private sector general insurance companies in India. It offers a well-diversified range of products and risk management solutions through multiple distribution channels. Financial Results: ICICI Lombard General Insurance Company Ltd reported Revenues for Q1 FY24 of \u20b94,694.00\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/07\/image-57.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":143780,"url":"https:\/\/alphastreet.com\/india\/icici-lombard-general-insurance-q4-fy23-net-profit-increased-by-40\/","url_meta":{"origin":160344,"position":2},"title":"ICICI Lombard General Insurance Q4 FY23; Net Profit Increased By 40%","author":"Hardik Bhandare","date":"April 18, 2023","format":false,"excerpt":"ICICI Lombard General Insurance Company Limited (NSE: ICICIGI) reported Total Income for Q4 FY23 of \u20b95,255.58 Crore up from \u20b94,636.34 Crore year on year, a growth of 13.3%. 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The net NPA ratio\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":171496,"url":"https:\/\/alphastreet.com\/india\/icicigi-q2-fy26-earnings-results\/","url_meta":{"origin":160344,"position":4},"title":"ICICIGI Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 14, 2025","format":false,"excerpt":"Company Overview ICICI Lombard General Insurance is a leading private sector general insurer in India, offering a diversified product portfolio and risk management solutions through various distribution channels. Q2 FY26 Earnings Results ICICI Lombard reported revenues of \u20b97,735 crore for Q1 FY26, a marginal increase of 0.6% year-on-year (YoY). 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Crude steel production grew 12% and saleable steel production grew 17% in Q2 FY24. Sales volume grew 13% domestically and total sales turnover grew 13% in\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/160344","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=160344"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/160344\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=160344"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=160344"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=160344"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}