ICICI Lombard

ICICI Lombard General Insurance Company Ltd
Company type	Public company
Traded as	BSE: 540716; NSE: ICICIGI
Industry	Insurance
Founded	2001
Headquarters	Mumbai, India
Key people	Bhargav Dasgupta MD
Products	General insurance, Vehicle Insurance, Health Insurance, Travel Insurance, Home Insurance, Specialty Lines Insurance, Property Insurance, Marine Insurance, Liability Insurance, Crop/Weather Insurance
Net income	₹11.94 billion (US$140 million)
Number of employees	8,996 (as March 2020)
Parent	ICICI Bank
Website	www.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 Rs 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.^[3] ICICI Lombard has 273 branches and 840 virtual offices spread across the nation.^{[citation needed]} Recently, it has entered into a strategic tie up with The Karur Vysya bank Ltd for bankassurance products.

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.^{[citation needed]} 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 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 Rs 15.98 billion in fiscal 2019 to Rs 16.97 billion in fiscal 2020. ICICI Lombard’s profit after tax increased from Rs 10.49 billion in fiscal 2019 to Rs 11.94 billion in fiscal 2020.

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
https://www.icicilombard.com/docs/default-source/financial-information/annualreportfy2020.pdf Annual Report 2019-20

[1] "Board of Directors & Key Persons - ICICI Lombard". Retrieved 27 November 2014.

[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.

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