ICICI Lombard GI posts Rs 359 crore profit in H1 of FY14

Private sector general insurer ICICI Lombard General Insurance has reported a close to two times rise in its net profit to Rs 359 crore in first half of the current financial year, a company release said.

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Net profit of the insurer was Rs 184 crore in the same period of previous fiscal. Gross Written Premium (GWP) income increased by 19 percent to Rs 3,404 crore in H1 of this fiscal against Rs 2,860 crore reported a year earlier.

The company also said that it has increased its market share to 9.4 percent from 9.1 percent a year earlier. "The rise in profit has been a result of our prudent underwriting practices, comprehensive product offerings and customer service," Chief Executive Officer and Managing Director of ICICI Lombard General Insurance, Bhargav Dasgupta said.

The combined ratio excluding the impact of motor pool improved to 99 percent in the first half of this fiscal from 99.7 percent reported a year earlier. ICICI Lombard is the joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings with the former holding 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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