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 ₹701.9 crore (₹507.5 crore).
It has also become the first private sector general insurer to cross the ₹10,000-crore premium income mark, with its gross domestic premium income coming in at ₹10,725.9 crore for FY17.
Return on equity increased to 20.3 per cent (16.9 per cent). The company's solvency ratio was at 2.10X against the minimum regulatory requirement of 1.5X.
The robust performance was delivered on the back of increase in policies serviced at 1.77 crore (1.58 crore).
Commenting on the performance, Bhargav Dasgupta, Managing Director & CEO, said in a statement that 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, according to Dasgupta.