ICICI Lombard
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Parent ICICI Bank | | |
Website | www.icicilombard.com |
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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
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$2.1 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
References
- ^ a b c d e f "ICICI Lombard Ltd. Financial Statements 2023" (PDF). icicilombard.com.
- ^ "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.
- ^ Anirudh Laskar (22 August 2020). "ICICI Lombard, Bharti AXA to merge general insurance businesses". Livemint. Retrieved 24 August 2020.
- ^ "ICICI sells 9% stake in general insurance arm to JV partner Fairfax". MyInsuranceClub. Retrieved 4 April 2022.
- ^ "FAL Corp exits ICICI Lombard; sells stake worth Rs 2,627 crore". The Economic Times. Retrieved 4 April 2022.
- ^ "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.
- ^ "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.
- ^ "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.
- ^ "ICICI Lombard to acquire Bharti Axa General Insurance; stock slips over 1%". Business Standard India. 24 August 2020. Retrieved 24 August 2020.
- ^ "Performance Review FY2020" (PDF). ICICI Bank. Retrieved 24 August 2020.
- ^ "Bharti AXA General Insurance Merger with ICICI Lombard" (PDF). www.icicilombard.com. Retrieved 18 March 2023.
- ^ Rebello, Joel. "PSU general insurers lose market share; New India bucks trend". The Economic Times. Retrieved 4 April 2022.
- ^ "ICICI Lombard General Insurance Company Profit & Loss account, ICICI Lombard General Insurance Company Financial Statement & Accounts" (PDF). www.icicilombard.com. Retrieved 18 April 2023.
- ^ "ICICI Lombard General Insurance Company Management Information - Details of ICICI Lombard General Insurance Company Management". The Economic Times. Retrieved 4 April 2022.
- ^ "Online Sales, Contactless Underwriting Game Changer For Insurance Sector In COVID Times". Moneycontrol. 21 May 2021. Retrieved 10 September 2021.