ICICI Lombard Q1 net soars to Rs 203 crore

Private sector general insurer ICICI Lombard General Insurance today said its net profit more than doubled to Rs 203 crore in the first quarter of current financial year. The net profit of the company stood at Rs 83 crore in the corresponding period of previous fiscal. Gross Direct Premium Income (GDPI) of the company increased to Rs 1,776 crore in April-June period of first quarter,rise of 26.7 per cent over the same period of previous fiscal.

According to the company,its market share has gone up to 9.4 per cent in the first quarter of this fiscal from 8.7 per cent of the corresponding period of last fiscal.

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“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.