PREMIUM SURGE LIFTS ICICI LOMBARD BACK INTO PROFIT

India-based ICICI Lombard General Insurance, a joint venture between locally based financial service firm ICICI and Canadian conglomerate Lombard Insurance, has reported underwriting profits for the year to end-March of Rp168m, turning around a year-earlier loss of Rp107m, on premium income up substantially at Rp5.07bn from Rp2.08bn in fiscal 2002/03. According to chief executive and managing director Sandeep Bakhshi, the firm’s expense ratio is 18%, putting it among the lowest in the local general insurance market.