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.