ICICI Lombard crosses Rs 10,000 crore in premium income, becomes first General Insurance Company to achieve the feat

  1. india.com
    ICICI Lombard’s Solvency Ratio was at 2.10x against the minimum regulatory requirement of 1.5x. The profit after tax in FY2017 rose to Rs 701.9 crore at a growth rate of 38.3% compared to Rs 507.5 crore in F…

Mumbai, April 21: ICICI Lombard, the largest private sector general insurance company in India on Friday announced robust growth in its Gross Domestic Premium Income at Rs 10725.9 crore for the fiscal year ended March 31, 2017. The profit after tax in FY2017 rose to Rs 701.9 crore at a growth rate of 38.3% compared to Rs 507.5 crore in FY2016 while the Return on Equity (ROE) increased to 20.3% in FY2017 as against 16.9% in FY2016.

The robust performance was delivered at the back of an increase in policies serviced at 1.77 crores in FY2017 compared to 1.58 crore policies in FY2016. ICICI Lombard’s Solvency Ratio was at 2.10x against the minimum regulatory requirement of 1.5x. Commenting on the strong performance, Bhargav Dasgupta, MD & CEO, ICICI Lombard said, “We are deeply encouraged by our performance in FY2017. This reinforces our customers’ trust in our ability to offer innovative risk management & mitigation solutions”. He further added saying, “ As we progress through the year, we shall strive hard to further expand our insurance solutions proposition as well as enhance our customer service & claim leadership stature backed by innovative technology”.

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited; a Canada-based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. The company has been recently accredited with the latest ISO 9001:2015 certification for Quality Management in Policy issuance, banking, commission payout, agent licensing, logistics management, record management, claims processing, branch operations, customer support, and training & development. (ALSO READ: ICICI Lombard conferred Stevie award for the best contact centre of the year)

The Company has been declared the ‘Most Innovative Health Insurance Company of the Year’ at ‘The 2016 Frost & Sullivan India Best Practices Awards’. It has also been conferred with …

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