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ICICI (Lombard General Insurance Company Limited) is a general insurance company located in India. ICICI is engaged with 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 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
editFounded 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 a 2016 fiscal, 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 (equivalent to ₹250 billion or US$3.0 billion in 2023).[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, exited ICICI Lombard General Insurance Company Ltd. by selling shares, which at the time were worth nearly ₹2,627 crore (equivalent to ₹33 billion or US$390 million in 2023)[6]
ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019.[7]
In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa Insurance General, through a share swap deal.[8] The deal enabled Bharti AXA's current shareholders to receive 2 shares of ICICI Lombard for every 115 shares of Bharti AXA held. The merger resulted in a combined annual premiums, worth ₹16,447 crore (US$2.0 billion).[9][10]
ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024)[11] 840 virtual offices[a] spread across India.
Financials
editICICI Lombard's Gross Written Premium was ₹217.71 billion (US$2.6 billion) in the 2023 fiscal year.[13] ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022.[14] 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.[15]
Key people
edit- Sanjeev Mantri as Managing Director and CEO[16]
- Alok Kumar Agarwal - Executive Director
- Gopal Balachandran - Chief Financial Officer
- Jerry Jose - Chief Human Resources
- Vinod Mahajan - Chief Investment Officer
- Girish Nayak - Chief Technology & Heath UW & Claims
- Prasun Kumar Sarkar - Appointed Actuary & Chief Actuarial Officer
- Amit Kushwaha Head-Legal & Chief Compliance Officer
- Sandeep Goradia - Chief Corporate Solutions Group
- Gaurav Arora - Chief Underwriting & Claims Property and Casualty
- Vasundhara Bhonsle - Chief Customer Support and Operations
- Anand Singhi - Chief Retail and Government
Footnotes
editReferences
edit- ^ 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.
- ^ "Link to number of branch's and staff as of 2024". www.icicilombard.com. 31 March 2024. Retrieved 19 August 2024.
- ^ "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.
