ICICI Lombard, the largest private general insurer in the country, has reported a 38.3 per cent increase in net profit for the financial year 2016-17 at Rs 701.9 crore (Rs 507.5 crore).
It has also become the first private sector general insurer to cross the Rs 10,000 crore premium income mark with the Gross Domestic Premium Income coming in at Rs 10,725.9 crore for the fiscal year ended March 31, 2017.
The return on equity increased to 20.3 per cent in 2016-17 as against 16.9 per cent in 2015-16. The company's solvency ratio was at 2.10X against the minimum regulatory requirement at 1.5X.
The robust performance was delivered on the back of an increase in policies serviced at 1.77 crore in 2016-17 compared to 1.58 crore policies in 2015-16.
Commenting on the performance, Bhargav Dasgupta, Managing Director & CEO said in a statement this "reinforces our customers' trust in our ability to offer innovative risk management and mitigation solutions".
As the year progresses, the company would strive hard to further expand its insurance solutions proposition as well as enhance its customer service and claim leadership status backed by innovative technology, according to Dasgupta.