ICICI Lombard
Template:Short description Template:Advert Template:Use Indian English Template:Use dmy dates
Script error: No such module "Infobox".Template:Template otherScript error: No such module "Check for conflicting parameters".Script error: No such module "Check for unknown parameters". ICICI Lombard General Insurance Company Limited is an Indian general insurance company headquartered in Mumbai, Maharashtra. ICICI is engaged with general insurance, reinsurance, insurance claims management and investment management.[1]
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.[2]
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.[3]
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 Template:Indian rupee172.25 billion ({{INRConvert/Expression error: Unrecognized punctuation character "[".|172.25|9||USD|year=2016}}).[4] 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 Template:Indian rupee2,627 crore ({{INRConvert/Expression error: Unrecognized punctuation character "[".|2,627|7||USD|year=2019}})[5]
ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019.[6]
In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa Insurance General, through a share swap deal.[7] 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 Template:Indian rupee16,447 crore ({{INRConvert/Expression error: Unrecognized punctuation character "[".|16447|7||USD|year={{{year}}}}}).[8][9]
ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024)[10] 840 virtual officesTemplate:Efn spread across India.
Financials
ICICI Lombard's Gross Written Premium was Template:Indian rupee217.71 billion ({{INRConvert/Expression error: Unrecognized punctuation character "[".|217.71|9||USD|year=2023}}) in the 2023 fiscal year.[11] ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022.[12] 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.[13]
Footnotes
References
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External links
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Template:Insurance in India Template:Nifty 200 companies Template:ICICI Group
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- 2001 establishments in Maharashtra
- Financial services companies established in 2001
- Indian companies established in 2001
- Financial services companies based in Mumbai
- General insurance companies of India
- ICICI Bank
- Multinational joint-venture companies
- Fairfax Financial
- Companies listed on the National Stock Exchange of India
- Companies listed on the Bombay Stock Exchange