ICICI Lombard General Insurance Company Ltd

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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 66,967 Cr.
  • Current Price 1,473
  • High / Low 1,626 / 1,125
  • Stock P/E 45.5
  • Book Value 167
  • Dividend Yield 0.27 %
  • ROCE 26.8 %
  • ROE 21.6 %
  • 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 8.81 times its book value
  • Earnings include an other income of Rs.495.52 Cr.
  • Promoter holding has decreased over last 3 years: -4.04%

Peer comparison

Sector: Insurance Industry: Finance & Investments

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Quarterly Results

Figures in Rs. Crores

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
2,362 2,680 2,508 2,621 2,782 2,854 2,893 2,882 2,832 2,995 3,193 3,163
1,935 2,243 2,162 2,312 2,316 2,397 2,525 2,598 2,313 2,453 2,781 3,178
Operating Profit 427 436 346 309 466 457 368 284 519 542 413 -15
OPM % 18% 16% 14% 12% 17% 16% 13% 10% 18% 18% 13% -0%
Other Income 16 13 15 37 9 4 22 87 12 12 6 466
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 443 449 361 345 475 461 390 371 531 555 418 450
Tax % 35% 35% 34% 34% 35% 33% 25% 24% 25% 25% 25% 23%
Net Profit 289 293 239 228 310 308 294 282 398 416 314 346
EPS in Rs 6.37 6.46 5.27 5.01 6.82 6.78 6.47 6.20 8.76 9.15 6.90 7.60

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
2,193 2,856 3,549 4,012 4,352 4,234 6,033 7,520 6,912 11,163 12,450 12,183
2,491 3,337 4,394 4,193 4,578 4,456 5,269 6,601 7,174 9,494 10,669 10,724
Operating Profit -299 -481 -845 -181 -226 -222 764 919 -262 1,669 1,780 1,458
OPM % -14% -17% -24% -4% -5% -5% 13% 12% -4% 15% 14% 12%
Other Income 492 458 501 589 817 993 0 -2 1,569 -1 -0 496
Interest 7 10 7 8 9 12 -0 -0 59 70 83 -0
Depreciation 28 50 45 49 50 54 57 7 51 -0 -0 -0
Profit before tax 158 -82 -395 351 533 705 708 910 1,196 1,598 1,697 1,954
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
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
Dividend Payout % 45% -70% -0% -0% -0% 15% 26% 22% 17% 26% 13% 25%
Compounded Sales Growth
10 Years:16%
5 Years:15%
3 Years:21%
TTM:-2%
Compounded Profit Growth
10 Years:25%
5 Years:24%
3 Years:36%
TTM:23%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:26%
1 Year:19%
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
404 405 437 437 445 447 448 451 454 454 454 455
Reserves 1,389 1,126 1,021 1,332 1,948 2,439 2,789 3,449 4,087 4,946 5,585 7,144
Borrowings -0 -0 -0 -0 -0 -0 -0 485 485 485 485 485
4,940 6,698 9,067 10,868 12,350 11,760 12,440 18,966 24,723 27,517 30,518 31,215
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
135 365 393 390 373 381 510 516 368 1,965 2,085 627
CWIP 9 23 7 10 17 9 10 11 38 17 12 -0
Investments 3,761 4,665 6,034 7,800 9,290 10,200 11,426 14,806 18,193 20,714 24,906 30,892
2,828 3,175 4,092 4,436 5,064 4,056 3,730 8,018 11,151 10,707 10,039 7,779
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

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
ROCE % -3% -12% -30% 18% 26% 27% 23% 24% 17% 31% 29% 27%
Debtor Days -0 -0 -0 -0 -0 -0 -0 -0 -0 292 249 -0
Inventory Turnover

Shareholding Pattern

Numbers in percentages

Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021
55.92 55.90 55.90 55.87 55.86 55.86 55.86 55.86 51.89 51.89 51.89 51.88
7.20 10.71 12.22 13.24 18.53 20.84 24.00 23.39 26.61 27.10 28.41 29.08
8.57 7.11 8.73 7.95 5.98 10.85 12.53 13.18 14.03 13.59 12.52 11.96
28.31 26.28 23.15 22.94 19.63 12.45 7.61 7.57 7.47 7.42 7.18 7.08

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