ICICI Lombard General Insurance Records Over Rs. 1500 Cr Gross Written Premium (GWP) in Q2-FY '13

Nov 02, 2012, 00:02 ET from ICICI Lombard General Insurance Company Ltd

MUMBAI, November 2, 2012 /PRNewswire/ --

  • Maintains Leadership Position Among Private Players in GI Industry
  • Gross Written Premium at Rs. 1517 Crore
  • 2 Mn Policies Issued in Q2-FY '13
  • Profit After Tax (PAT) at Rs. 101 Crore

ICICI Lombard General Insurance Company Ltd. maintained its leadership position among the private sector General Insurance (GI) companies in Q2-FY '13 having garnered GWP of Rs. 1517 crore. The impressive performance in GWP was on the back of robust growth (26.3%) in the number of policies issued (2 Mn) over the corresponding period in the previous financial year.

Registering a strong performance on the profitability front, the company crossed the Rs. 100 crore mark in profit after tax for a quarter having recorded PAT of Rs. 101 crore compared to Rs. 56 crore for Q2-2012.

Commenting on the performance, Mr. Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance Company Ltd. said, "We are deeply encouraged by our performance last quarter as it reinforces the customer's confidence in our products and claim servicing capabilities. As we progress through the year, we shall strive hard to further enhance our service capabilities and launch new initiatives which will meet the constantly evolving needs of our customers."

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 91 billion at March 31, 2012 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 5,358 core for the year ended March 31, 2012. The company issued over 7.6 Mn policies and settled over 4.4 Mn claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2012.

The company has been conferred with the Porter Prize in the category 'Creating Shared Value' in the year 2012. The company was bestowed with the "Golden Peacock Award 2012" for Corporate Social Responsibility, "Golden Peacock Innovation Award-2010" for Rashtriya Swasthya Bima Yojana. It also received the "Skoch Financial Inclusion Award-2011" in the micro finance category. The company has been conferred with 'NASSCOM - CNBC TV18 IT User Award 2010' for Best Technology Implementation in the Insurance Sector. It has been awarded CNBC Awaaz Consumer Award 2010 for being the 'most preferred brand' in the General Insurance category. ICICI Lombard Auto Insurance has been rated highest in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto insurance providers. It was awarded Customer and Brand Loyalty award in the 'Insurance Sector - Non-Life' at the 3rd Loyalty awards, 2010 and the 'General Insurance Company of the Year' at the 11th Asia Insurance Industry Awards.

ICICI Lombard allows instant policy issuance and renewal through its website www.icicilombard.com for all retail insurance products including Car Insurance, Health Insurance, Student 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

Primary Media Contact: Sulakshna Mukherjee, sulakshna.mukherjee@icicilombard.com, 91-22-61961451

Secondary Media Contact: Suheil Merchant, suheil.merchant@icicilombard.com, 91-22-61961452

SOURCE ICICI Lombard General Insurance Company Ltd