ICICI Lombard General Insurance intends to focus on the personal line segment, which accounted for a little over 5 per cent of its Rs 215-crore premium income during the last financial year.
The company posted a net profit of Rs 3.3 crore during 2002-03, the first full financial year of operations, said Kartik Jain, head (marketing and retail) ICICI Lombard, at the sidelines of a function to announce a tie-up with Galileo India, a solution provider for the travel industry.
ICICI Lombard is the third general insurer after Iffco Tokio and Reliance to post a profit in the first year. Jain said the company achieved break-even in September last year.
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Meanwhile, shareholders of the 74:26 joint venture between ICICI Bank and Canadian insurer Lombard have approved the proposal to hike the capital base to Rs 220 crore from Rs 110 crore to enable the company to improve its bottomline by retaining most of the risks on its books.
The tie-up allows ICICI Lombard to leverage the Galileo travel agent network to distribute Globetrotter Leisure travel insurance. The insurance company hopes to capture 5-7 per cent of the Rs 200-crore travel insurance market in the first year.