ICICI Lombard gains after tie-up with Yes Bank

ICICI Lombard General Insurance Company rose 1.69% to Rs 1,320.95 after the company said it has entered into a Bancassurance tie-up with Yes Bank.

The partnership will provide the bank's diverse customer base access to the insurer's portfolio and make insurance more accessible to its customers across India. Through this tie-up, ICICI Lombard aims to offer innovative insurance solutions to Yes Bank's customers across 28 states and 8 Union Territories. The announcement was made during market hours today, 14 September 2020.

ICICI Lombard General Insurance Company reported 28.5% increase in net profit to Rs 398.10 crore in Q1 June 2020 compared with Rs 309.81 crore in Q1 June 2019. Total income rose 1.9% to Rs 2,844.17 crore in Q1 June 2020 compared with Rs 2,791.08 crore in Q1 June 2019.

ICICI Lombard General Insurance is a private sector non-life insurer. The company offers a diversified range of products, including motor, health, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels.

The scrip jumped 63.97% from its 52-week low of Rs 805.60 hit on 19 March 2020.

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