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

ICICI Lombard General Insurance Company 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 domestic premium income of the company rose by 32.6 per cent to Rs 10,725.90 crore, a company 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 insurance solutions proposition as well as enhance our customer service and claim leadership stature backed by innovative technology," ICICI Lombard, MD and CEO, Bhargav Dasgupta said.

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

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

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