ICICI Lombard

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ICICI Lombard General Insurance Company Ltd
TypePublic
IndustryFinancial services
Founded2001; 20 years ago (2001)
HeadquartersMumbai, Maharashtra, India
Key people
Bhargav Dasgupta (MD)[1]
ProductsGeneral insurance
Health insurance
Vehicle insurance
Travel insurance
Home insurance
Crop insurance
Business insurance
RevenueIncrease ₹112.9 billion (US$1.6 billion) (2020)[2]
Decrease ₹16.96 billion (US$240 million) (2020)[2]
Decrease ₹11.94 billion (US$170 million) (2020)[2]
Total assetsIncrease ₹370.43 billion (US$5.2 billion) (2020)[2]
Total equityIncrease ₹61.34 billion (US$860 million) (2020)[2]
Number of employees
10,682 (2020)[2]
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.[3] The company has a Gross Written Premium (GWP) of ₹135.92 billion (FY 2020). 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.[4] ICICI Lombard has 273 branches[citation needed] and 840 virtual offices[a] spread across the nation.

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.[6] 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. 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. ICICI Lombard tied up with in 2019 for selling bancassurance products in 2019.[7]

In August 2020, ICICI Lombard acquired Bharti Axa General Insurance through a share swap deal.[8] The deal will enable Bharti AXA's current shareholders 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$2.3 billion).[9][10]

Financials[]

ICICI General’s Gross Written Premium (GWP) was ₹135.92 billion in fiscal 2020. ICICI Lombard led the private players (including standalone health insurers) in the general insurance sector with a market share of 12.6% and had an overall industry market share of 7.0%. ICICI Lombard’s profit before tax increased from ₹15.98 billion in fiscal 2019 to ₹16.97 billion in fiscal 2020. ICICI Lombard’s profit after tax increased from ₹10.49 billion in fiscal 2019 to ₹11.94 billion in fiscal 2020.

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.[5]

References[]

  1. ^ "Board of Directors & Key Persons - ICICI Lombard". Retrieved 27 November 2014.
  2. ^ Jump up to: a b c d e f "ICICI Lombard Ltd. Financial Statements" (PDF). icicilombard.com.
  3. ^ "About ICICI Lombard". Retrieved 26 November 2014.
  4. ^ "ICICI Lombard to be restrictive towards weather insurance". Business Standard. Mumbai. Press Trust of India. 18 December 2014. Retrieved 13 August 2015.
  5. ^ "Performance Review FY2020" (PDF). ICICI Bank. Retrieved 24 August 2020.
  6. ^ Anirudh Laskar (22 August 2020). "ICICI Lombard, Bharti AXA to merge general insurance businesses". Livemint. Retrieved 24 August 2020.
  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.

External links[]

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