ICICI Lombard
ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management.[2] The company has a Gross Written Premium (GWP) of Rs 147.89 billion (FY 2019). The firm offers policy insurance and renewal through its intermediaries and website. It markets assurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance.[3] ICICI Lombard has 265 branches and 910 virtual offices spread across the nation. Recently, it has entered into a strategic tie up with The Karur Vysya bank Ltd for bankassurance products.
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| Public company | |
| Traded as | BSE: 540716 NSE: ICICIGI |
| Industry | Insurance |
| Founded | 2001 |
| Headquarters | Mumbai, India |
Key people | Bhargav Dasgupta MD[1] |
| Products | General insurance, Vehicle Insurance, Health Insurance, Travel Insurance, Home Insurance, Specialty Lines Insurance, Property Insurance, Marine Insurance, Liability Insurance, Crop/Weather Insurance |
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Number of employees | 8,444 (as March 2019) |
| Parent | ICICI Bank |
| Website | www.icicilombard.com |
History
Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second largest bank and Fairfax Financial Holdings Limited- a financial services company based in Toronto. ICICI Bank had 64% stake in the venture while Fairfax had 36% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India. In fiscal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of Rs 172.25 billion. Following the transaction, the share ownership in ICICI Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and 35%, respectively.
Product and Services
- ICICI Lombard Motor Insurance
- ICICI Lombard Health Insurance
- ICICI Lombard Travel insurance
- ICICI Lombard Home Insurance
- ICICI Lombard Specialty Lines Insurance
- ICICI Lombard Property Insurance
- ICICI Lombard Marine Insurance
- ICICI Lombard Liability Insurance
- ICICI Lombard Crop/weather Insurance
Financials
ICICI General’s Gross Written Premium (GWP) was Rs 147.89 billion in fiscal 2019. ICICI Lombard led the private sector players in the general insurance sector with a market share of 15.6% and had an overall industry market share of 8.5%. The company witnessed an increase in policy volumes by 12.77% from 23.5 million in fiscal 2018 to 26.5 million in fiscal 2019. ICICI General’s profit before tax increased from Rs 11.96 billion in fiscal 2018 to Rs 15.98 billion in fiscal 2019. ICICI General’s profit after tax increased from Rs 8.62 billion in fiscal 2018 to Rs 10.49 billion in fiscal 2019.
References
- "Board of Directors & Key Persons - ICICI Lombard". Retrieved 27 November 2014.
- "About ICICI Lombard". Retrieved 26 November 2014.
- "ICICI Lombard to be restrictive towards weather insurance". Business Standard. Mumbai. Press Trust of India. 18 December 2014. Retrieved 13 August 2015.
https://www.icicilombard.com/Content/ilom-en/annualreport/Annual_Report_2014_2015.pdf Annual Report 2014-15
https://www.icicilombard.com/Content/ilom-en/annualreport/Annual_Report_2015_2016.pdf Annual Report 2015-16
https://www.icicilombard.com/docs/default-source/financialreports/icici-lombard_2017_2018.pdf Annual Report 2016-17
http://www.livemint.com/Money/5fatRagDehSJsEt1ViiSwO/ICICI-Bank-Fairfax-join-venture-terminated-ahead-of-ICICI-L.html
https://www.icicilombard.com/docs/default-source/financialreports/18th-annual-report.pdf?sfvrsn=10 Annual Report 2017-18
https://www.icicilombard.com/docs/default-source/financial-information/fy2019.pdf?sfvrsn=6 Annual Report 2018-19
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