ICICI Lombard’s net profit witnessed a slight dip of 2% to ₹510 crore in the fourth quarter ending March 31, compared to ₹520 crore in the previous year. Despite this, the company’s total income increased to ₹5,851 crore from ₹5,165 crore year-on-year. Gross direct premium income also saw a rise, reaching ₹6,211 crore.
100% FDI to deepen insurance penetration, not disrupt top players: Nitin Raheja
The government’s 100% FDI in insurance is expected to boost sector penetration rather than disrupt established players, according to Nitin Raheja. While smaller insurers may