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ICICI Lombard net grows 38% at Rs 702 crore in 2016-17

The company's net profit in the preceding fiscal 2015-16 stood at Rs 507.5 crore

Press Trust of India  |  New Delhi 

Bhargav Dasgupta, MD and CEO, ICICI Lombard
Bhargav Dasgupta, MD & CEO, ICICI Lombard

Lombard General on Friday reported an increase of 38.3 per cent in net profit at Rs 701.9 crore for the fiscal ended March 2017.

The company's net profit in the preceding fiscal 2015-16 stood at Rs 507.5 crore.


The gross of the rose by 32.6 per cent to Rs 10,725.90 crore, a statement said.

"The robust performance was delivered on the back of increase in policies serviced at 1.77 crore in 2016-17 compared to 1.58 crore policies in 2015-16," it said.

"As we progress through the year, we shall...Further expand our solutions proposition as well as enhance our customer service and claim leadership stature backed by innovative technology," Lombard, MD and CEO, said.

Lombard GIC Ltd is a joint venture between country's largest private lender and Canada-based Fairfax Financial Holdings Limited.

The general subsidiary of the is a non- listed entity though the life joint venture-- Prudential Life Co-- is a listed firm.

Shares of closed 1.34 per cent down at Rs 269.15 apiece on BSE today.

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