ICICI Lombard General Insurance Company (ICICIGI) Q4 02/03 earnings summary

Executive summary

• First full year of operations ended with profit after tax of ₹33.0 million, versus a loss of ₹84.8 million in FY02.

• Portfolio strategy emphasized lower-loss fire insurance, prudent reinsurance and customer-facing digital and over-the-counter products.

Financial highlights

• Gross written premium was ₹2,152.2 million versus ₹281.3 million in FY02; earned premium was ₹272.3 million versus ₹14.2 million.

• Profit before tax was ₹41.9 million versus a loss of ₹111.3 million in FY02; profit after tax was ₹33.0 million versus a loss of ₹84.8 million.

• Policy count reached 98,293 versus 9,148 in FY02.

Outlook and guidance

• Retail insurance identified as a growth opportunity; plans included alliances with government agencies, banks, NGOs and corporates, plus technology-led distribution.

• Online marine, motor and travel insurance, online claims intimation and over-the-counter personal accident, home and merchants products support cost-efficient customer access.