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]
 | |
| Company type | Public |
|---|---|
| Industry | Financial services |
| Founded | 2001 |
| Headquarters | Mumbai, Maharashtra, India |
Key people | Sanjeev Mantri (CMD) |
| Products | General insurance Health insurance Vehicle insurance Travel insurance Home insurance Crop insurance Business insurance |
| Revenue |  ₹18,094.90 crore (US$2.2 billion) (2023)[1] |
| ₹2,112.53 crore (US$250 million) (2023)[1] | |
| ₹1,729.05 crore (US$210 million) (2023)[1] | |
| Total assets | ₹50,848 crore (US$6.1 billion) (2023)[1] |
| Total equity | ₹9,468 crore (US$1.1 billion) (2023)[1] |
Number of employees | 10,236 (2021)[1] |
| Parent | ICICI Bank |
| Website | www.icicilombard.com |
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]
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]
