The company’s solvency ratio was at 2.10x against the minimum regulatory requirement of 1.5x.
Private general insurer ICICI Lombard General Insurance collected gross domestic premium income of Rs 10725.9 crore for the fiscal year ended March 31, 2017.
In a media statement, the insurer said that it was the first private general insurer to cross the 10k mark. The insurer’s profit after tax grew by 38.3 percent to Rs 701.9 crore in FY17 compared to Rs 507.5 crore in FY16.
The company’s solvency ratio was at 2.10x against the minimum regulatory requirement of 1.5x. It said that the performance was delivered at the back of increase in policies serviced at 17.7 million in FY17 compared to 15.8 million policies in FY16.Bhargav Dasgupta, Managing Director & Chief Executive Officer, ICICI Lombard said, “As we progress through the year, we shall strive hard to further expand our insurance solutions proposition as well as enhance our customer service & claim leadership stature backed by innovative technology.