ICICI Lombard General Insurance delivers strong growth in profits
Profit after tax increases to Rs. 144 crore for the year ended March 31, 2010 from Rs. 24 crore for the year ended March 31, 2009. - Maintains leadership position amongst private sector General Insurance Companies by garnering a gross written premium (GWP) of Rs. 3,694.7 crore for the year ended March 31, 2010. - Solvency Ratio stands at 2.07 times as at March 31, 2010 as against the minimum of 1.5 times prescribed by IRDA.
Tweet-- ICICI Lombard General Insurance Company Ltd., registered a profit after tax of Rs. 144 crore for the year ended March 31, 2010 as compared to Rs. 24 crore for the year ended March 31, 2009.
The company maintained its leadership position amongst the private sector General Insurance companies by garnering a Gross Written Premium of Rs. 3,694.7 crore for the year ended March 31, 2010 as compared to Rs. 3,749.2 crore for the year ended March 31, 2009.
Solvency Ratio stood at 2.07 times as at March 31, 2010 compared to 2.03 times as at March 31, 2009. IRDA guidelines prescribe a minimum Solvency Ratio of 1.5 times.
The company witnessed a 13% increase in its customer transactions as the number of policies issued by the company increased to over 44 lakh in the year ended March 31, 2010 from about 40 lakh in the year ended March 31, 2009.
Talking about significant growth in profits, Mr. Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance Company Ltd. said, "We took a conscious decision to focus on profitable growth and that has given us positive results. We will continue to invest in robust underwriting, cost-effective distribution and a scalable service architecture while seeking to build a long term franchise."
Notes to Editor
About ICICI Lombard General Insurance Company Ltd.
ICICI Lombard GIC Ltd. is a 74:26 joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 100 billion at March 31, 2010 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs. 3,694.7 crore for the year ended March 31, 2010. The company issued over 44 lakh policies and settled over 62 lakh claims and has a claim disposal ratio of 96% (percentage of claims settled against claims reported) as on March 31, 2010. The company has 4,634 employees and 350 branches as on March 31, 2010.
The company has been assigned a domestic rating of 'iAAA' by ICRA (an associate of Moody's Investors Service) for highest claim paying ability and a fundamentally strong position, for the fourth consecutive year. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. The company has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather insurance and the Customer and Brand Loyalty award in the 'Insurance Sector - Non-Life' at the 3rd Loyalty awards, 2010. It was awarded the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards. The company also won the NDTV Profit Business Leadership Award 2007 and was adjudged as the most Customer Responsive Company in the Insurance category at the Economic Times Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield for 'Excellence in Financial Reporting' by the ICAI (Institute of Chartered Accountants of India) for the year ended March 31, 2006.
ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Travel Insurance, Two Wheeler Insurance and Home Insurance. There are multiple payment options available including internet banking, credit card, debit card and cash card.
For more details about the company, log on to the website www.icicilombard.com
