ICICI Lombard General Insurance hit a new high of Rs 1,015 per share on NSE, surging 7 percent in the intraday trade on Tuesday.
The stock has outperformed the market by surging 13 percent in the past week, as compared to no change in the benchmark Nifty 50 index. This is ICICI Lombard's highest level since listing on September 27, 2017.
The company, recently, entered into a strategic tie-up with AnyTimeLoan.in (ATL), a peer-to-peer lending platform, to provide insurance cover for the latter’s lenders and borrowers. The partnership aims to de-risk exposure of its lenders and borrowers arising from uncertainties such as accidents, critical illness, death, disability, loss of job among others.
The leading private non-life insurer has registered 25.9 percent growth in the gross domestic premium income (GDPI) collected in the December 2018 quarter (Q3FY19) from Rs 2,937 crore to Rs 3,699 crore.
At 11:45 am, the stock was trading at Rs 993, up 4.5 percent. In comparison, the Nifty50 was trading at 10,890, up 27 points or 0.25% percent.