ICICI Lombard net soars to Rs 203 crore

Gross direct premium income of the company up by 27% to Rs 1,776 cr in the first quarter

General insurer ICICI Lombard General Insurance on Thursday said its net profit doubled to more than Rs 203 crore in the first quarter of the current financial year. The net profit of the company stood at Rs 83 crore in the corresponding period the previous year. Gross direct premium income of the company increased to Rs 1,776 crore in the first quarter, rise of 26.7 per cent over the same period of the previous financial year. According to the company, its market share has gone up to 9.4 per cent in the first quarter from 8.7 per cent of the corresponding period of last year.

"As we progress through the year, we shall strive hard to further enhance our service capabilities and launch new initiatives to meet the constantly evolving needs of our customers," Chief Executive Officer and Managing Director of ICICI Lombard, Bhargav Dasgupta said.