Financial Daily from THE HINDU group of publications
Tuesday, May 04, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 04, 2004 |
||
|
|
||
|
Money & Banking
-
General Insurance ICICI Lombard premium income up Our Bureau
Mumbai , May 3 ICICI Lombard General Insurance Ltd has recorded a 144 per cent rise in its premium income at Rs 506.7 crore for the year ended March 31, 2004, against Rs 207.9 crore in 2002-03. The underwriting profit was at Rs 16.8 crore as compared to an underwriting loss of Rs 10.7 crore last year, the release said. During the year, the company's branch network expanded to 63 locations from 35 last year, manned by over 600 employees. This has helped the company in covering 2.6 crore individuals, as also 3,000 corporate clients, including over 100 leading PSUs and MNCs, the release said. The company's profit after tax stood at Rs 31.8 crore as against Rs 3.3 crore in the same the previous fiscal, while profit before tax rose to Rs 42.2 crore (Rs 4.2 crore). The expense ratio, including the commission and brokerage during the year, dropped to 18 per cent from 20 per cent in 2002-03. The settlement of claims stood at 89 per cent with the average claim settlement period reduced to 26 days on the 26,000 claims reported in fiscal 2004, it said.
More Stories on : General Insurance
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2004, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|