Private insurer ICICI Lombard General Insurance Company on Monday reported 22 per cent growth in total premium collection at Rs 5,358 crore for the year ended March 31, 2012.
The gross written premium (GWP) stood at Rs 4,408 crore in 2010-11, ICICI Lombard General Insurance said in a statement. The number of policies issued saw a 34 per cent growth at 76 lakhs as on March 31, 2012, compared to 56 lakh policies the previous fiscal year.
The company settled 44 lakh claims in the financial year while its solvency ratio stood at 1.36 times as on March 31, 2012.
“During the year, we had taken a conscious decision to focus on profitable growth and have seen a significant improvement in our underwriting performance, prior to the motor pool impact. We had a Profit Before Tax of Rs 290 crore in FY12 (without taking into account additional impact of the Motor Pool), an increase of 53 per cent over FY11 (without taking into account additional impact of the Motor Pool),” said Mr Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance Company .