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HDFC ERGO General Insurance, a leading private general insurer, on Friday reported a 83.2% increase in net profit for the financial year ended March 31, 2017 at Rs.277.2 crore ( Rs. 151.3 crore).
Gross direct premium for the financial year under review grew 72.8% to Rs. 5,840 crore (Rs 3,380 crore).
Market share has improved from 3.5% to 4.6%, a company release said.
Commenting on the financial performance, Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance said that company has recorded growth across all its product segments. Growth has been strongest in crop insurance, followed by motor and health, he said.
"Together these segments have helmed our growth story in 2016-17. Over the last five years we have grown at CAGR of 26% compared with industry CAGR of 17%", he said.
