ICICI Lombard

ICICI Lombard General Insurance Company Ltd
Private company
Industry Insurance
Founded 2001
Headquarters Mumbai, India
Key people
 Bhargav Dasgupta MD[1]
Products General insurance, Vehicle Insurance, Health Insurance, Travel Insurance etc.
Increase ₹7.02 billion (US$110 million)
Number of employees
 6,460 (as March 2017)
Parent ICICI Bank, Fairfax Financial
Website www.icicilombard.com

ICICI Lombard General Insurance Company Limited is one of the leading private sector general insurance companies 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 109.60 billion(FY 2017). 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 249 branches 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 35% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India.

Product and Services

Financials

ICICI General’s Gross Written Premium (GWP) was Rs 109.60 billion in fiscal 2017. The company maintained its market leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy volumes by 12.21% from 15.80 million in fiscal 2016 to 17.73 million in fiscal 2017. ICICI General’s profit before tax increased from Rs 7.08 billion in fiscal 2016 to Rs 9.10 billion in fiscal 2017. ICICI General’s profit after tax increased from Rs 5.07 billion in fiscal 2016 to Rs 7.02 billion in fiscal 2017. 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.

References

  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.

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


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