ICICI Lombard GIC's premium income rise to Rs 10, 700 crore in FY17
ICICI Lombard GIC Ltd, a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, on Friday said that it has reported a rise of 32.6% in gross domestic premium income at Rs 10,725.9 crore for the financial year ended on March 31 as against previous fiscal.
The company said that the robust performance was due to increase in policies served, which was 1.77 crore in FY17 as against 1.58 crore policies in FY16.
The company in its press release said that its profit after tax in FY17 increased by 38.3% to Rs 701.9 crore as against Rs 507.5 crore in FY16. The return on equity rose to 20.3% in FY17 as compared to 16.9% in FY16.
The company’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. 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.