ICICI Lombard General Insurance Company Ltd

About

ICICI Lombard GIC is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs135.92 billion for the year ended March 31, 2020. The company issued over 26.2 million policies and settled over 1.86 million claims as on March 31, 2020.(Source : Company Website)

  • Market Cap 77,854 Cr.
  • Current Price 1,587
  • High / Low 1,675 / 1,200
  • Stock P/E 63.5
  • Book Value 158
  • Dividend Yield 0.50 %
  • ROCE 26.9 %
  • ROE 21.7 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has delivered good profit growth of 23.75% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 21.33%

Cons

  • Stock is trading at 10.01 times its book value
  • Promoter holding has decreased over last quarter: -3.80%
  • Earnings include an other income of Rs.493.59 Cr.

Peer comparison

Sector: Insurance Industry: Finance & Investments

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Quarterly Results

Figures in Rs. Crores

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,680 2,508 2,621 2,782 2,854 2,893 2,882 2,832 2,995 3,193 3,163 3,404
2,243 2,162 2,312 2,316 2,397 2,525 2,598 2,313 2,453 2,781 3,178 3,213
Operating Profit 436 346 309 466 457 368 284 519 542 413 -15 192
OPM % 16% 14% 12% 17% 16% 13% 10% 18% 18% 13% -0% 6%
Other Income 13 15 37 9 4 22 87 12 12 6 466 10
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 449 361 345 475 461 390 371 531 555 418 450 202
Tax % 35% 34% 34% 35% 33% 25% 24% 25% 25% 25% 23% 25%
Net Profit 293 239 228 310 308 294 282 398 416 314 346 152
EPS in Rs 6.46 5.27 5.01 6.82 6.78 6.47 6.20 8.76 9.15 6.90 7.60 3.34

Profit & Loss

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
2,193 2,856 3,549 4,012 4,352 4,234 6,033 7,520 6,912 11,163 11,517 12,666 12,755
2,699 3,329 4,391 4,191 4,578 4,456 5,269 6,601 7,174 9,494 9,745 10,594 11,624
Operating Profit -507 -473 -842 -178 -225 -221 764 919 -262 1,669 1,772 2,072 1,131
OPM % -23% -17% -24% -4% -5% -5% 13% 12% -4% 15% 15% 16% 9%
Other Income 700 450 498 586 817 992 0 -2 1,569 -2 15 12 494
Interest 7 10 7 8 9 12 0 0 59 70 0 0 0
Depreciation 28 50 45 49 50 54 57 7 51 0 90 130 0
Profit before tax 158 -82 -395 351 533 705 708 910 1,196 1,598 1,697 1,954 1,624
Tax % 9% 2% -5% -0% 3% 17% 28% 23% 28% 34% 30% 25%
Net Profit 144 -80 -416 353 520 585 507 702 862 1,049 1,194 1,473 1,227
EPS in Rs 3.57 -1.99 -9.54 8.07 11.69 13.11 11.34 15.56 18.98 23.10 26.27 32.40 26.99
Dividend Payout % 45% -70% 0% 0% 0% 15% 26% 22% 17% 26% 13% 25%
Compounded Sales Growth
10 Years:16%
5 Years:16%
3 Years:22%
TTM:11%
Compounded Profit Growth
10 Years:25%
5 Years:24%
3 Years:36%
TTM:-4%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:25%
1 Year:25%
Return on Equity
10 Years:18%
5 Years:20%
3 Years:21%
Last Year:22%

Balance Sheet

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Jun 2021
404 405 437 437 445 447 448 451 454 454 454 455 455
Reserves 1,389 1,126 1,021 1,332 1,948 2,439 2,789 3,449 4,087 4,946 5,680 6,981 7,320
Borrowings 0 0 0 0 0 0 0 485 485 485 485 485 485
4,940 6,698 9,067 10,868 12,350 11,760 12,440 18,966 24,723 27,517 30,423 31,378 32,495
Total Liabilities 6,732 8,229 10,525 12,637 14,744 14,646 15,676 23,351 29,750 33,403 37,042 39,298 40,755
135 365 393 390 373 381 510 516 368 1,965 664 613 610
CWIP 9 23 7 10 17 9 10 11 38 17 12 14 0
Investments 3,761 4,665 6,034 7,800 9,290 10,200 11,426 14,806 18,193 20,714 26,327 30,892 32,075
2,828 3,175 4,092 4,436 5,064 4,056 3,730 8,018 11,151 10,707 10,039 7,779 8,070
Total Assets 6,732 8,229 10,525 12,637 14,744 14,646 15,676 23,351 29,750 33,403 37,042 39,298 40,755

Cash Flows

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
173 938 1,028 984 595 -98 511 1,628 2,390 2,976 3,433 1,774
-65 -873 -1,205 -962 -706 171 -310 -1,990 -1,896 -2,856 -3,382 -1,367
-71 275 4 102 4 -93 -148 361 -96 -310 -420 -212
Net Cash Flow 37 340 -174 124 -108 -20 53 -1 398 -190 -369 195

Ratios

Figures in Rs. Crores

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 0 0 0 0 0 0 0 0 0 292 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 0 0 0 0 292 0 0
Working Capital Days -367 -453 -553 -598 -618 -654 -532 -521 -720 -564 -670 -677
ROCE % -3% -12% -30% 18% 26% 27% 23% 24% 17% 31% 27% 27%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
55.90 55.90 55.87 55.86 55.86 55.86 55.86 51.89 51.89 51.89 51.88 51.87
10.71 12.22 13.24 18.53 20.84 24.00 23.39 26.61 27.10 28.41 29.08 29.75
7.11 8.73 7.95 5.98 10.85 12.53 13.18 14.03 13.59 12.52 11.96 11.69
26.28 23.15 22.94 19.63 12.45 7.61 7.57 7.47 7.42 7.18 7.08 6.69

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