- Gross Domestic Premium Income (GDPI) crosses ` 10,725.9 crore in FY2017, registering a growth of 32.6% over the previous fiscal year.
- Profit after Tax grows by 38.3% to ` 701.9 crore in FY2017 compared to ` 507.5 crore in FY2016.
Mumbai, April 21, 2017: ICICI Lombard, the largest private sector general insurance company in India, today announced robust growth in its Gross Domestic Premium Income at ` 10725.9 crore for the fiscal year ended March 31, 2017.
Profit after tax in FY2017 rose to ` 701.9 crore at a growth rate of 38.3% compared to ` 507.5 crore in FY2016. Return on Equity (ROE) increased to 20.3% in FY2017 as against 16.9% in FY2016. The Company’s Solvency Ratio was at 2.10x against the minimum regulatory requirement of 1.5x.
The robust performance was delivered at the back of increase in policies serviced at 1.77 crore in FY2017 compared to 1.58 crore policies in FY2016.
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.
About ICICI Lombard General Insurance Company Ltd
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. ICICI Lombard GIC Ltd. is one of the leading private sector general insurance companies in India with a Gross Domestic Premium Income (GDPI) of Rs. 170.25 billion for the year ended March 31, 2017. The company issued over 17.73 million policies as on March 31, 2017.
ICICI Lombard 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. 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 the Association for Talent Development (ATD) Best Award 2016 for the fourth time. ICICI Lombard has won the ‘Claim Service Leader’ (General Insurance – Large category) and ‘Technology Innovation’ Awards at the Indian Insurance Awards, 2016. The company received the ‘Claim Service Leader’ award for its excellent track record in claim settlement across product segments. It was given the ‘Technology Innovation’ recognition for its technology driven initiatives especially the ‘RiskInspect’ App, a mobile application developed to capture risk information of low sum insured property risk. ICICI Lombard General Insurance has been adjudged the ‘Non-life Insurer of the Year’ at the coveted Outlook Money Awards, 2015. Non-life Insurance as a category has been included for the first time at the Outlook Money awards, which were introduced more than a decade ago. It is a matter of pride that ICICI Lombard has been chosen as the Winner in the introductory year of the award category. ICICI Lombard General Insurance has been conferred the coveted ‘Golden Peacock Corporate Social Responsibility Award 2015’. The award recognizes the company for it continuous contribution to CSR and especially for its ‘Caring Hands’ initiative, an employee volunteering CSR program. ICICI Lombard was adjudged the award ‘Golden Peacock Innovation Management Award, 2015’ for demonstrating innovation across multiple functions of its business operations and promoting the ‘culture of innovation’.
More details are available on the website www.icicilombard.com