ICICI Lombard, the largest private sector general insurance company in India, has announced robust growth of 32.6% in its gross domestic premiums, reaching INR10,725 crore (US$1.67 billion) for the fiscal year ended 31 March 2017.
It is the first privately held nonlife insurer to cross the INR10,000-crore premium milestone.
Despite its robust premium performance, ICICI Lombard's market share stood at 8.43% for FY2016-17, which was stable compared to 8.40% for FY2015-16. The main reason for this was that the nonlife insurance market as a whole grew very fast last year, by an average of 32% to hit total premiums of INR127,212 crore. ICICI Lombard's premium growth rate for FY2016-17 was at the average pace of the market.
The company's after-tax profit for FY2016-2017 rose by 38.3% to INR7 billion, compared to INR5.1 billion in the previous financial year, while the return on equity (ROE) increased to 20.3% in FY2016-2017 as against 16.9% in FY2015-16.
ICICI Lombard is a joint venture between ICICI Bank and Fairfax Financial Holdings, a Canada-based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
The top four biggest general insurers in the country remain the state-owned companies, namely, New India Assurance, Oriental Insurance, National Insurance and United India Insurance.
ICICI Lombard's FY2016-17 gross premium was just shy of Oriental Insurance's INR107.9 billion which is the smallest state-owned non-life insurer.