ICICI Lombard GI posts Rs 359 cr profit

Private player ICICI Lombard General Insurance has reported nearly 2-fold jump in profit to Rs 359 crore for the first half of the 2013-14 fiscal.

Its net profit was Rs 184 crore during the April- September period of the previous fiscal, 2012-13, the company said in a release.

Gross Written Premium (GWP) income increased by 19% to Rs 3,404 crore in H1 of this fiscal against Rs 2,860 crore reported a year earlier.

The company also said that it has increased its market share to 9.4% from 9.1% a year earlier.

"The rise in profit has been a result of our prudent underwriting practices, comprehensive product offerings and customer service," Chief Executive Officer and Managing Director of ICICI Lombard General Insurance, Bhargav Dasgupta said.

The combined ratio excluding the impact of motor pool improved to 99 % in the first half of this fiscal from 99.7% reported a year earlier.

ICICI Lombard is the joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings with the former holding majority stake.

By the end of last financial year, the general insurer had a gross written premium of Rs 6,420 crore.