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ICICI Group: Strategy &PerformanceFebruary 2012
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Certain statements in these slides are forward-looking statements.These statements are based on management's current expectations andare subject to uncertainty and changes in circumstances. Actual resultsmay differ materially from those included in these statements due to avariety of factors. More information about these factors is contained inICICI Bank's filings with the US Securities and Exchange Commission.All financial and other information in these slides, other than financialand other information for specific subsidiaries where specificallymentioned, is on an unconsolidated basis for ICICI Bank Limited onlyunless specifically stated to be on a consolidated basis for ICICI BankLimited and its subsidiaries. Please also refer to the statement ofunconsolidated, consolidated and segmental results required by Indianregulations that has, along with these slides, been filed with the stockexchanges in India where ICICI Banks equity shares are listed and withthe New York Stock Exchange and the US Securities and ExchangeCommission, and is available on our website www.icicibank.com
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Agenda
Strategy & executionFinancial results: Q3-2012
Recent economic developments
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Economic developments
Currenttrends
z Advance estimate for GDP growth forFY2012 at 6.9% by CSO; at 7.0% by RBI
z Growth in IIP for Apr-Dec 2011 at 3.6%compared to 8.3% for Apr-Dec 2010
z Corporate performance: moderation insales and net profits both on a y-o-y andsequential basis
Outlookz Growth outlook expected to improve
z Moderation in inflationz Expectations of reversal in interest
rate cyclez Policy and administrative steps to
facilitate investments
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Credit & depositszNon-food credit growth at 16.7% y-o-y at Jan 13, 2012
z 21.2% at March 25, 2011 and 23.2% at Jan 14, 2011
Non-food credit growth moderated to 16.7% y-o-y
z Total deposits: 17.2% y-o-y increase at Jan 13, 2012z 15.9% at March 25, 2011 & 16.5% at Jan 14, 2011
zDemand deposits: increase of 5.1% y-o-y at Jan 13, 2012z Demand deposit growth declined till end-Dec 2011
Deposit growth improving
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Monetary policy action: January 2012CRR reduced by 50 basis points, repo rate unchangedzMonetary policy stance
z Maintain an interest rate environment to contain inflationand anchor inflation expectationsz Manage liquidity to ensure it remains in moderate deficit,consistent with effective monetary transmissionz Respond to increasing downside risks to growth
zGDP growth estimate for FY2012 revised to 7.0%zNon-food credit growth estimate revised to 16.0% atend-Mar 2012z Inflation estimates maintained at 7.0% by March 2012zNeed for fiscal consolidation emphasised
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Agenda
Strategy & executionFinancial results: Q3-2012
Recent economic developments
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Our strategic pathFY2010
z 4Cs: CASA,Costs, CreditQuality & Capital
FY2011z Resume
balance sheetgrowth
FY2012onwardsz Accelerategrowth
z Position thebalance sheetfor growth
z Furtherimprovefunding mixthrough retailterm depositgrowth
z Improve RoA:sharpreduction inprovisions
z On the back ofimprovedliabilitystructure &RoA
z Leveragecapital toincrease RoE
Based on long-term economic growthoutlook for the Indian economy
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Progress against strategy: funding profile
Current accountdeposits
Savingsdeposits
March31, 2009
December31, 2011
CAGR410.36
216.32
734.98
400.39
23.6%
25.1%CASA ratio 28.7% 43.6%
` in bnImprovement in funding profile
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Progress against strategy: asset quality
ProvisionsQ3-2010 Q3-2012 Change10.02 3.41 -66.0%
Unsecured retail/ domestic loans
5.8% 1.4%
` in bnStrengthening asset quality
Net NPA ratio 2.19% 0.70%Provisioningcoverage 51.2% 78.9%
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Focus on derisking portfolioz Reduction in investments in bonds/notes of financial
institutions from about US$ 2.2 bn at September 30, 2009to about US$ 228 mn at December 31, 2011zNo exposure to peripheral Europe in investment portfolio
ICICI Bank UK
z Reduction in credit derivative exposure (including offbalance sheet exposure) from US$ 1.12 bn at September30, 2009 to US$ 210 mn at December 31, 2011
zUnderlying comprises Indian corporate credits
Credit derivative portfolio
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Progress against strategy: efficiencyimprovements
Cost/income
OperatingexpensesFY2008 FY201179.72
50.0%
65.38
41.9%Cost/averageassets 2.2% 1.7%
` in bnSignificant improvement in operating efficiency
9M-201255.95
43.5%1.7%
Despite significant scale up in branch network from 1,262 atMarch 2008 to 2,552 at December 2011
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Key subsidiariesz Continued focus on building franchise to capitalise on
long-term opportunityzHealthy profitability in life insurance business
Domestic subsidiaries
z Consolidation strategy in view of regulatory approachzOngoing dialogue on future plan
Overseas banking subsidiaries
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Resulting in improvement in profitability
StandaloneRoE
ConsolidatedRoEStandalone
RoA
FY2009 FY2011
0.98% 1.34%
7.7% 9.6%
7.8% 11.6%
9M-2012
1.43%
10.5%
13.3%
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Well-placed to meet short-term challenges
z Volatility in global marketsz Slowdown in domestic macroeconomic activityz Issues relating to project execution
Key challenges
z Substantially reduced exposure to internationalmarkets
z Careful project selection in infrastructure sectorz Retail portfolio mainly comprises secured loans
ICICI Banks position
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Well capacitised for future growth
Build up ofbranchnetwork
z Scale up to 2,552 branches at December31, 2011z Largest branch network among privatesector banks
Strongcapital base
z CAR of 18.9% with Tier 1 ratio of 13.1%at December 31, 2011
Diversifiedbusinesslines
z Presence across all segments of financialservices
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Focus in FY2013
Depositfranchisez Maintain and enhance traction in retaildeposit growthz Leverage branch network for productivity
Profitabilityz Net interest margin improvementz Diversified fee income streamsz Improvement in operating cost ratiosz Continued control over credit costs
Loan growthz Focus on domestic market, includingretail lending
z Substantial loan maturities in overseasbranches; new lending to be calibrated todebt market conditions
improving return metrics
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Agenda
Strategy & executionFinancial results: Q3-2012
Recent economic developments
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Q3-2012: Performance highlights (1/2)z 20.3% increase in standalone profit after tax from `14.37 bn in Q3-2011 (October-December 2010) to `17.28 bn in Q3-2012 (October-December 2011)
z Net interest income increased by 17.3% year-on-year; net interest margin at 2.70%z 4.7% increase in fee income year-on-yearz Other income increased from ` 1.03 bn in Q3-2011 to
` 2.56 bn in Q3-2012, driven by first dividend fromlife insurance subsidiaryz 26.7% reduction in provisions
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z Advances increased by 19.1% year-on-year to `2,461.57 billion at December 31, 2011z CASA ratio at 43.6% at December 31, 2011;average CASA ratio at 39.0% in Q3-2012z Net NPA ratio decreased to 0.70% at December 31,
2011 from 0.80% at September 30, 2011 (December31, 2010: 1.16%)
Q3-2012: Performance highlights (2/2)
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D o m e s t i cc o r p o r a t e2 6 . 4 %
O v e r s e a sb r a n c h e s2 8 . 3 % Ret a i lb u s i n e s s
g r o u p3 3 . 5 %
R u r a l7 . 1 %
S M E4 . 7 %
D o m e s t i cc o r p o r a t e
2 4 . 2 %
O v e r s e a sb r a n c h e s2 8 . 6 % Ret a i lb u s i n e s s
g r o u p3 5 . 0 %
R u r a l7 . 5 %
S M E4 . 7 %
Composition of total loan book
1. Retail business group includes builder loans anddealer funding
2. Including impact of exchange rate movement
September 30, 2011
Total loan book: ` 2,340 bn
December 31, 2011
Total loan book: ` 2,462 bn
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Vehicleloans26.9%
Home66.4%
Personalloans1.2%
Othersecured
2.5%
Creditcards3.0%
Vehicleloans25.3%
Home67.3%
Personalloans1.5%
Othersecured
2.8%
Creditcards3.1%
Composition of retail loan book
1. September 30, 2011 :Vehicle loans includes auto loans9.2%, commercial business 16.0%
2. December 31, 2011 :Vehicle loans includes auto loans9.7%, commercial business 17.1%
September 30, 2011
Total retail loan book: ` 819 bn Total retail loan book: ` 824 bn
December 31, 2011
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Asset quality and provisioning
z Gross retail NPLs at ` 61.70 bn and net retail NPLs at ` 8.32bn at December 31, 2011z Provisioning coverage ratio of 78.9% at December 31, 2011computed in accordance with RBI guidelinesz Net restructured loans of ` 30.70 bn at December 31, 2011z Outstanding general provision on standard assets: ` 14.80 bnat December 31, 2011
(` billion)
0.80%22.3678.71
101.07September
30, 2011
1.16%28.7373.57
102.30December
31, 2010
0.70%20.8277.3898.20
December
31, 2011
Net NPA ratioNet NPAsLess: Cumulative provisionsGross NPAs
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Key ratios
10.51.50.4.20.4.6eturn on networth213.34.23.71.65.2311.6eturn on average networth1,2(consolidated)
1.75.74.77.66.75.70ost to average assets244.2
41.140.42.59481
43.31.31
9M-2011
42.1
44.440.22.61509
51.91.41
Q2-2012
1.43.57.47.34eturn on average assets2
43.63.64.25.1ASA ratio
42.140.12.64481
49.5
Q3-2011
41.537.02.70529
59.6
Q3-2012
43.538.72.63529
52.7
9M-2012
41.2ee to income41.92.64478
45.3
FY2011
Book value (`)
Cost to incomeNet interest margin2
Weighted avg EPS (`)2
(Percent)
1. Based on quarterly average networth2. Annualised for all interim periods3. Includes surplus of ` 3.84 bn for 9M-2011 on non-participating policyholders funds of ICICI Life;
accounted on quarterly basis for subsequent quarters
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Thank you
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Unconsolidated financials
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Profit & loss statement
13.4%129.0346.0442.46115.1440.61156.65Total income
14.7%72.7526.8723.5467.4223.4390.48Operating profit
-9.1%.33.10.12.68.11.79ease depreciation
-1.70)0.65)0.80)0.19).212.15)Treasury income
1.0754.88
4.6549.7952.7476.29
9M-
2012
0.4016.67
1.0316.2517.4923.12Q3-
2011
1.1245.92
3.9846.2850.0765.07
9M-
2011
0.3718.70
2.5617.0118.9227.12Q3-
2012
1.5763.81
4.4464.1966.4890.17FY
2011
0.3618.44
1.2017.0017.4025.06Q2-
2012
-7.5%12.2%
-4.7%8.2%
17.3%Q3-o-Q3
growth
DMA expensesOperating expenses
- Other income- Fee incomeNon-interest incomeNII
(` billion)
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Profit & loss statement
20.3%45.6317.2815.0336.9914.3751.51Profit after tax
40.1%5.98.18.321.40.416.10ax24.9%61.6123.4620.3548.3918.7867.61Profit before tax
14.7%72.7526.8723.5467.4223.4390.48Operating profit
22.87
FY
2011
4.65
Q3-
2011
19.03
9M-
2011
3.41
Q3-
2012
11.14
9M-
2012
-26.7%.19rovisions
Q2-
2012
Q3-o-Q3
growth
(` billion)
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Balance sheet: Assets
19.5%72.0062.6643.92RIDF1 and related
15.3%69.3860.7367.11SLR investments
-24.5324.5322.00- Equity investment insubsidiaries
3,928.97
210.412,066.92
1,337.03314.61
December
31, 2010
12.0%,497.91,476.85nvestments
4,407.25
229.092,339.52
361.79September
30, 2011
4,592.93
239.992,461.57
393.46December
31, 2011
16.9%
14.1%19.1%
25.1%Y-o-Y
growth
Total assets2
Fixed & other assetsAdvances2
Cash & bank balances
(` billion)
z Investment in security receipts of asset reconstruction companies was ` 23.86 bn atDecember 31, 2011
z Credit derivative exposure (including off balance sheet exposure) decreased from US$413 mn at Sep 30, 2011 to US$ 210 mn at Dec 31, 2011 due to contractual maturitiesz Underlying comprises of Indian corporate credits
1. Rural Infrastructure Development Fund
2. Including impact of exchange rate movement
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Equity investment in subsidiaries
13.483.480.96CICI Lombard General Insurance
124.53
0.140.050.611.871.583.00
11.12
23.2533.5035.93
September
30, 2011
122.00
0.140.050.611.871.583.00
11.12
23.2533.5035.93
December
31, 2010
11.12CICI Home Finance
23.25CICI Bank UK
0.61CICI AMC
33.50CICI Bank Canada
3.00CICI Bank Eurasia LLC1.58CICI Securities Primary Dealership
0.14thers124.53
0.05
1.87
35.93December
31, 2011
Total
ICICI Venture Funds Mgmt
ICICI Securities Limited
ICICI Prudential Life Insurance
(` billion)
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Balance sheet: Liabilities
13.8%34.9801.4945.77Savings26.6%00.3929.9716.23Current
3,928.97
143.941,053.27
2,177.47542.78
11.51554.29
December
31, 2010
4,407.25
157.071,213.24
2,450.92574.50
11.52586.02
September
30, 2011
4,592.93
154.471,222.81
2,605.89598.23
11.53609.76
December
31, 2011
16.9%
7.3%16.1%
19.7%10.2%
-10.0%
Y-o-Y
growth
Borrowings1,2
Total liabilities2
Other liabilities
Deposits- Reserves- Equity capital
Net worth
(` billion)
z Credit/deposit ratio of 71.1% on the domestic balancesheet at December 31, 2011
1. Borrowings include preference shares amounting to ` 3.50 bn2. Including impact of exchange rate movement
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Composition of borrowings
1,053.27
528.6215.14
543.76175.97333.54509.51
December
31, 2010
670.7169.54verseas2200.2294.40Other borrowings351.8849.30Capital instruments1
1,222.81
652.7118.00
552.10December
31, 2011
1,213.24
652.9416.60
543.70September
30, 2011
Total borrowings2
- Other borrowings- Capital instruments
Domestic
z Capital instruments constitute 63.7% of domestic borrowings
1. Includes preference share capital ` 3.50 bn2. Including impact of exchange rate movement
(` billion)
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Capital adequacy (Basel II)
959.4965.6163.39Off balance sheet2,888.64,803.94,536.26On balance sheet
3,669.55214.50482.26696.76` bn
September 30,
2011
5.85%13.14%18.99%
%
5.75%13.13%18.88%
%
3,848.13221.03505.32726.35` bn
December 31,
2011
3,299.65206.56452.63659.19` bn
December 31,
2010
6.26%13.72%19.98%
%
Risk weighted assets- Tier II- Tier I
Total Capital
Basel II
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Overseas subsidiaries
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L o a n s &a d v a n c e s5 8 . 8 %
A s s e t b a c k e ds e c u r i t i e s
1 . 8 %
O t h e r a s s e t s &in v e s t m e n t s
6 . 5 %
I n d i a l i n k e din v e s t m e n t s
4 . 0 %
C a s h & l i q u i ds e c u r i t i e s
2 4 . 1 %
B o n d s / n o t e s o ff i n a n c i a l
i n s t i t u t io n s4 . 8 %
L o a n s &a d v a n c e s5 8 . 0 %
A s s e t b a c k e ds e c u r i t i e s
1 . 8 %
Other asse ts &i n v e s t m e n t s
7 . 0 %
I n d i a l i n k e di n v e s t m e n t s
3 . 9 %
C a s h & l i q u i ds e c u r i t i e s
2 3 . 7 %
B o n d s /n o t e s o ff i n a n c i a l
i n s t i t u t i o n s5 . 6 %
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ICICI Bank UK asset profile
1. Includes cash & advances to banks, T Bills and CDs2. Includes India-linked credit derivatives of US$ 14 mn at December 31, 2011(US$ 14 mn at September 30, 2011)3. Includes securities re-classified to loans & advances
Total assets: USD 5.1 bn
September 30, 2011
12
3
Total assets: USD 4.8 bn
December 31, 2011
1
2
3
2
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ICICI Bank UK liability profile
Total liabilities: USD 5.1 bn
September 30, 2011
z Profit after tax of US$ 7.7 mn in Q3-2012 compared to US$ 10.9 mn in Q3-2011z Capital adequacy ratio at 29.3%z Proportion of retail term deposits in total deposits
at 69% at December 31, 2011
Total liabilities: USD 4.8 bn
December 31, 2011
D e m a n dd e p o s i t s
1 6 . 4 %
S y n d i c a t e dl o a n s &
i n t e r b a n kb o r r o w i n g s
6 . 2 %
O t he rl i a b i l i t i e s
5 . 9 %
T e r m d e p o s i ts4 2 . 6 %
N e t w o r th1 3 . 3 %
L o n gte r m d e b t
1 5 . 6 % D e m a n dd e p o s i t s1 5 . 6 %
S y n d i c a t e dl o a n s &
i n t e r b a n kb o r r o w i n g s
6 . 5 %
O t h erl i a b i l i t i e s
7 . 0 %
T e r m d e p o s i ts4 0 . 6 %
N e t w o r th1 4 . 6 %
L o n gte r m d e b t
1 5 . 7 %
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Cash & liquidsecurities
10.0%
Insuredmortgage
25.9%
Other assets &investments
10.0%
Asset backedsecurities
1.4%
India linkedinvestments
0.8%
Loans tocustomers
51.9%
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ICICI Bank Canada asset profile
1. Includes cash & advances to banks and governmentsecurities2. Includes India-linked credit derivatives of CAD 15 million atDecember 31, 2011 (CAD 32 million at September 30, 2011)3. Based on IFRS, securitised portfolio of CAD 921 million andCAD 1,137 million considered as part of Insured mortgageportfolio at September 30, 2011 and December 31, 2011respectively
Total assets: CAD 5.1 bn
2
1
Total assets: CAD 5.3 bn
September 30, 2011
3
December 31, 2011
1
2
3Cash & liquidsecurities12.2%Insuredmortgage29.7%
Other assets &investments9.6%Asset backedsecurities
1.2%
India linkedinvestments0.4%
Loans tocustomers46.8%
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Borrowings19.6%
Net worth19.1%
Demanddeposits14.2%
Otherliabilit ies
3.4%
Term deposits43.7%
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ICICI Bank Canada liability profile
Total liabilities: CAD 5.3 bnz Profit after tax of CAD 6.6 mn in Q3-2012 compared to CAD 10.7 mn inQ3-2011z Capital adequacy ratio at 31.6%
September 30, 2011
1. As per IFRS, proceeds of CAD 926 million and CAD 1,141 millionfrom sale of securitised portfolio considered as part ofborrowings at September 30, 2011 and December 31, 2011respectively
Total liabilities: CAD 5.1 bn
December 31, 2011
1 1Borrowings23.0%
Net worth18.8%
Demanddeposits
16.2%
Otherliabilit ies
1.6%
Term deposits40.4%
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Loans tocorporates &
banks40.9%
Retail loans16.5%
Cash & cashequivalents38.2%
Promissorynotes1.5% Corporatebonds
2.2%
Other assets &investments
0.7%
L o a n s t oc o r p o r a t e s &
b a n k s3 8 . 4 %
R e t a i l lo a n s1 8 . 6 %
C a s h & c a s he q u i v a l e n t s3 5 . 1 %
P r o m i s s o r yn o t e s4 . 0 % C o r p o r a t eb o n d s
2 . 2 %
O t h e r a s s e t s &i n v e s t m e n t s
1 . 7 %
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ICICI Bank Eurasia asset profile
Total assets: USD 272 mn
1. Includes cash & call placements with banks,balances with central bank and nostro balances
z Total borrowings of USD 170 mn at December 31, 2011z Capital adequacy of 24.8% at December 31, 2011z Net profit of USD 0.9 mn in Q3-2012
September 30, 2011
1
Total assets: USD 283 mn
December 31, 2011
1
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Domestic subsidiaries
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ICICI Home Finance
Total assets: ` 76.50 bnz Profit after tax of ` 670 mn in Q3-2012 compared to ` 497 mn in Q3-2011z Capital adequacy ratio of 26.5% at December 31, 2011z Net NPA ratio: 1.3%z At December 31, 2011: Networth ` 14.02 bn; Deposits ` 9.05 bn andBorrowings ` 50.06 bn
September 30, 2011
Total assets: ` 73.13 bn
December 31, 2011
Loans
95.5%
Investments and other
assets
4.5%
Loans
96.1%
Investments and other
assets
3.9%
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ICICI Life
21.4%632.223.67
16.0%1.388.60
32.0420.0711.97Q3-2012Q3-2011 FY2011New business received premium 16.35 78.62
Renewal premium 24.21 100.19Total premium 40.56 178.81Annualised premium equivalent (APE) 5.71 39.75New Business Profit (NBP) 1.00 7.13NBP margin 17.6% 17.9%Statutory profit/(loss) 6.141 8.08Assets Under Management 663.34 681.50Expense ratio2 17.6% 17.3%
(` billion)
1. Includes surplus of ` 5.20 billion for 9M-2011 on non-participating policyholders funds;accounted on quarterly basis for subsequent quarters2. Expense ratio: All expenses (including commission)/ (Total premium 90% of Single Premium)3. Source: IRDA
z Profit after tax of ` 10.56 billion for 9M-2012 compared to ` 5.13for 9M-2011z Market share based on retail weighted received premium was6.3%3 for April-December 2011
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ICICI General
1. Excluding remittances from third party motor pool (TPMP) and includingpremium on reinsurance accepted2. As per IRDA order dated March 12, 2011, all general insurance companieswere required to provide for TPMP losses at a provisional loss ratio of 153%(from FY2008 to FY2011) compared to earlier loss ratios of 122-127%. Theresults for FY2011 included an impact of ` 2.72 bn on account of the above.3. IRDA vide its order dated January 3, 2012 has enhanced the ultimate lossratios (ULR) of the Pool to 159.0%-213.0% for the above years. The ULR forFY2012 is awaited. IRDA has clarified that the effect of the above is to beconsidered as at the end of March 2012. The General Insurance Council hassought relaxations from IRDA, in the manner in which the liability has to bedetermined and treated in the books of accounts. Based on the ULRsspecified, the additional liability reserve to be provided for is estimated at `6.27 bn as at the end of March 2012, which would impact the profit & lossaccount of ICICI General in the future.4. Source: IRDA
1.0113.56
Q3-2012
(0.80)20.73AT44.080.41ross premium1
FY2011Q3-2011(` billion)
z Market share based on gross weighted premium was 9.6%3for April-December 2011
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Other subsidiaries
0.070.380.040.35
Q3-2011
0.220.530.490.18
Q3-2012
0.72CICI Prudential Asset Management
1.13CICI Securities Ltd
0.740.53
FY2011Profit after tax
ICICI VentureICICI Securities Primary Dealership
z 6.6% increase in consolidated profit after tax from ` 20.391bn in Q3-2011 to ` 21.74 bn in Q3-2012
z Consolidated return on average net worth for 9M-2012 at13.3% compared to 11.6% in 9M-2011z Consolidated return on average net worth for Q3-2012 at14.2%
(` billion)
1. Includes surplus of ` 3.84 bn for 9M-2011 on non-participating policyholders funds of ICICI Life;accounted on quarterly basis for subsequent quarters