ICICI Lombard General Insurance Company has released its fourth quarter financial performance figures, depicting strong growth in the net premium earned but profit after tax (PAT) that disappointed analyst estimates. The board has also approved a final dividend, showcasing the company's sustained focus on return to shareholders.
Key Highlights:
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Net premium earned during Q4 was ₹52.26 billion, which reflects robust business traction.
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PAT during the quarter was ₹5.1 billion, falling short of IBES profit forecast of ₹5.92 billion.
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The board has proposed a final dividend of ₹7 per share for the year, rewarding shareholders even though they missed on earnings.
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ICICI Lombard's share price reacted positively, gaining more than 4.5% on the announcement day, as an indication of investor belief in the company's fundamentals.
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The company has a sectoral market cap rank of 4, with a market capitalization of ₹89,741 crore and a dividend yield of 0.61%.
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The results coincide with a hectic earnings week for the financial space, with some of the top insurers and banks also announcing their quarterly numbers.
Sources: CNBC TV18, Economic Times, Upstox