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ICICI Lombard Expert Blog
 

ICICI Lombard’s Becomes First General Insurance Company to Cross ₹10,000 Crore in Premium Income

April 21 2017
General Insurance Premium

ICICI Lombard, the country’s largest private sector general insurance company, announced robust financial growth in the 2016-17 fiscal. The company once again outperformed its own performance in the previous fiscal. In an official statement, the company revealed that its Gross Domestic Premium Income has risen by 32.6% to ₹10,725.90 crore. With this, ICICI Lombard has also become the first general insurance company in the country to cross ₹10,000 crore in premium income.

The profit after tax deductions also rose to ₹701.9 crore as compared to the previous fiscal’s ₹ 507.5 crore, a solid growth rate of 38.3%. Another important indicator of the company’s profitability - the Return on Equity (ROE) also showed an increase from 16.9% in 2015-16 to 20.3% in FY2016-17.

These strong results have been delivered on the back of increase in policies serviced. In the previous fiscal, ICICI Lombard had serviced 1.58 crore policies, but this figure climbed to 1.77 crore for the year that ended in March 2017. In addition, the solvency ratio of the company was strong at 2.10x against the minimum regulatory requirement of 1.5x.

On the company’s strong showing, 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. 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.”

Also Read:

ICICI Lombard Wins Stevie Award for Best Contact Centre
Chatbots to Replace Underwriters at ICICI Lombard

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