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ICICI Lombard General Insurance Company on Saturday reported 23 per cent rise in net profit at Rs 346 crore for March quarter 2020-21. The non-life insurer had posted a net profit of Rs 282 crore in the corresponding period of 2019-20. The gross direct premium income (GDPI) of the company stood at Rs 3,478 crore in the quarter under review as compared to Rs 3,181 crore in the year-ago period, ICICI Lombard said in a statement. For the full year 2020-21, the profit after tax or net profit increased 23.4 per cent to Rs 1,473 crore from Rs 1,194 crore in the preceding fiscal year. GDPI of the company stood at Rs 14,003 crore in last fiscal year as compared to Rs 13,313 crore in 2019-20, it said.
Read more about FM Sitharaman introduces Bill in Rajya Sabha to allow 74% FDI in insurance on Business Standard. The government had earlier allowed 100 per cent foreign direct investment in insurance intermediaries
Read more about Govt amends rules to bring insurance brokers within ombudsman ambit on Business Standard. Policyholders can also now file online complaints