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From Wikipedia, the free encyclopedia

ICICI Lombard General Insurance Company Ltd
Company typePublic
IndustryFinancial services
Founded2001; 23 years ago (2001)
HeadquartersMumbai, Maharashtra, India
Key people
Sanjeev Mantri (CMD)
ProductsGeneral insurance
Health insurance
Vehicle insurance
Travel insurance
Home insurance
Crop insurance
Business insurance
RevenueIncrease 18,094.90 crore (US$2.2 billion) (2023)[1]
Increase 2,112.53 crore (US$250 million) (2023)[1]
Increase 1,729.05 crore (US$210 million) (2023)[1]
Total assetsIncrease 50,848 crore (US$6.1 billion) (2023)[1]
Total equityIncrease 9,468 crore (US$1.1 billion) (2023)[1]
Number of employees
10,236 (2021)[1]
ParentICICI Bank
Websitewww.icicilombard.com

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 ₹217.71 billion (FY2023). It 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]

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Transcription

History

Founded 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.[4]

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 ₹172.25 billion.[5] 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. On 16th October 2019, FAL Corporation, part of Fairfax Financial Holdings, on Wednesday exited ICICI Lombard General Insurance Company Ltd. by selling shares worth nearly Rs 2,627 crore.[6]

ICICI Lombard tied up with Karur Vysya Bank in 2019 for selling bancassurance products in 2019.[7]

In August 2020, ICICI Lombard acquired Bharti Axa Insurance General Insurance through a share swap deal.[8] The deal will enable Bharti AXA's current shareholders to receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held. The merger will result in a combined annual premiums worth 16,447 crore (US$2.0 billion).[9][10]

ICICI Lombard has 273 branches[citation needed] and 840 virtual offices[a] spread across the nation.

Financials

ICICI Lombard's Gross Written Premium (GWP) was ₹217.71 billion in fiscal 2023.[12] ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022.[13] ICICI Lombard’s profit before tax increased from ₹16.83 billion in fiscal 2022 to ₹21.12 billion in fiscal 2023. ICICI Lombard’s profit after tax increased from ₹12.71 billion in fiscal 2022 to ₹17.29 billion in fiscal 2023.[14]

Key people

  • Sanjeev Mantri as Managing Director and CEO[15]
  • Gaurav Arora as Chief Underwriting, Claims and Reinsurance[16]
  • Alok Agarwal - Executive Director
  • Sanjiv Mantri - Executive Director
  • Gopal Balachandran - CFO
  • Prasun Sarkar - Appointed Actuary
  • Vinod Mahajan - Chief Investment Officer

Footnotes

  1. ^ Details on the number of virtual offices detailed in Performance Review (refer page #7) of ICICI Lombard for Financial year 2020 conducted by the parent company ICICI Bank Ltd.[11]

References

  1. ^ a b c d e f "ICICI Lombard Ltd. Financial Statements 2023" (PDF). icicilombard.com.
  2. ^ "About ICICI Lombard". Retrieved 26 November 2014.
  3. ^ "ICICI Lombard to be restrictive towards weather insurance". Business Standard. Mumbai. Press Trust of India. 18 December 2014. Retrieved 13 August 2015.
  4. ^ Anirudh Laskar (22 August 2020). "ICICI Lombard, Bharti AXA to merge general insurance businesses". Livemint. Retrieved 24 August 2020.
  5. ^ "ICICI sells 9% stake in general insurance arm to JV partner Fairfax". MyInsuranceClub. Retrieved 4 April 2022.
  6. ^ "FAL Corp exits ICICI Lombard; sells stake worth Rs 2,627 crore". The Economic Times. Retrieved 4 April 2022.
  7. ^ "ICICI Lombard, Karur Vysya Bank tie up for sale of insurance products". Business Standard India. Press Trust of India. 30 October 2019. Retrieved 24 August 2020.
  8. ^ "ICICI Lombard, Bharti AXA to merge in share swap deal to form 3rd largest general insurer". The Indian Express. 23 August 2020. Retrieved 24 August 2020.
  9. ^ "ICICI Lombard to merge Bharti AXA's non-life insurance biz with self, create 3rd largest player". The Economic Times. 22 August 2020. Retrieved 24 August 2020.
  10. ^ "ICICI Lombard to acquire Bharti Axa General Insurance; stock slips over 1%". Business Standard India. 24 August 2020. Retrieved 24 August 2020.
  11. ^ "Performance Review FY2020" (PDF). ICICI Bank. Retrieved 24 August 2020.
  12. ^ "Bharti AXA General Insurance Merger with ICICI Lombard" (PDF). www.icicilombard.com. Retrieved 18 March 2023.
  13. ^ Rebello, Joel. "PSU general insurers lose market share; New India bucks trend". The Economic Times. Retrieved 4 April 2022.
  14. ^ "ICICI Lombard General Insurance Company Profit & Loss account, ICICI Lombard General Insurance Company Financial Statement & Accounts" (PDF). www.icicilombard.com. Retrieved 18 April 2023.
  15. ^ "ICICI Lombard General Insurance Company Management Information - Details of ICICI Lombard General Insurance Company Management". The Economic Times. Retrieved 4 April 2022.
  16. ^ "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. 21 May 2021. Retrieved 10 September 2021.

External links

This page was last edited on 10 June 2024, at 10:48
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