ICICI Lombard General Insurance posts net profit of Rs 359 crore in first half of FY14
Private sector general insurer ICICI Lombard General Insurance has reported a rise of nearly two-fold in net profit to Rs 359 crore in first half of the current financial year, the company said in a statement on Wednesday.
Net profit of the insurer was at Rs 184 crore in the corresponding period of previous fiscal year (FY13).
Gross written premium (GWP) income increased by 19 per cent to Rs 3,404 crore in the first half of this fiscal year (FY14) against Rs 2,860 crore reported a year earlier.
The company also said that it has increased its market share to 9.4 per cent from 9.1 per cent a year earlier.
"The rise in profit has been a result of our prudent underwriting practices, comprehensive product offerings and customer service," said Bhargav Dasgupta, chief executive and managing director of ICICI Lombard General Insurance.
The combined ratio excluding the impact of motor pool improved to 99 per cent in the first half of this fiscal year from 99.7 per cent reported a year earlier.
ICICI Lombard is the joint venture between ICICI Bank and Canada-based company Fairfax Financial Holdings with the former holding a majority stake.
By the end of last financial year, the general insurer had a gross written premium of Rs 6,420 crore.
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