ICICI Lombard PAT up 67% at Rs 511 cr

Company issued 11.2 mn policies in FY 2014, a growth of 21.7% over last year's 9.2 mn policies

Private non-life insurer ICICI Lombard General Insurance Company posted a 67% increase in Profit after Tax at Rs 511 crore for the year ended March 31, 2014. Gross Written Premium increased to Rs 7134 crore during the corresponding period.

The Company issued 11.2 million policies in FY 2014, a growth of 21.7% over last year’s 9.2 million policies. It settled 6.4 million lakh claims during the fiscal year, compared to 5.1 million claims settled a year earlier.

Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance said, “The significant increase in profits is an outcome of our prudent risk management practices, investment capabilities and achieving cost efficiency in our operations. At the same time, we are deeply encouraged with having issued more than one crore policies during the year which is a testimony to the trust reposed by our customers in our service standards and claim processing capabilities.”