ICICI Lombard
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Type | Public |
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Industry | Financial services |
Founded | 2001 |
Headquarters | Mumbai, Maharashtra, India |
Key people | Bhargav Dasgupta (MD)[1] |
Products | General insurance Health insurance Vehicle insurance Travel insurance Home insurance Crop insurance Business insurance |
Revenue | ![]() |
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Total assets | ![]() |
Total equity | ![]() |
Number of employees | 10,236 (2021)[3] |
Parent | ICICI Bank |
Website | www.icicilombard.com |
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.[4] The company has a Gross Written Premium (GWP) of ₹143.20 billion (FY 2021). 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.[5] ICICI Lombard has 273 branches[citation needed] and 840 virtual offices[a] spread across the nation.
History[edit]
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 36% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India.[7] 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.[8] 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.[9]
ICICI Lombard tied up with Karur Vysa Bank in 2019 for selling bancassurance products in 2019.[10]
In August 2020, ICICI Lombard acquired Bharti Axa General Insurance through a share swap deal.[11] The deal will enable Bharti AXA's current shareholders 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$2.2 billion).[12][13]
Financials[edit]
ICICI Lombard's Gross Written Premium (GWP) was ₹143.2 billion in fiscal 2021.[14] ICICI Lombard had the second highest industry market share of 8.30 percent in the general insurance market as of February 2022.[15] ICICI Lombard’s profit before tax increased from ₹16.97 billion in fiscal 2020 to ₹19.54 billion in fiscal 2021. ICICI Lombard’s profit after tax increased from ₹11.94 billion in fiscal 2020 to ₹14.74 billion in fiscal 2021.[16]
Key people[edit]
- Bhargav Dasgupta as Managing Director and CEO[17]
- Sanjay Datta as Chief Underwriting, Claims and Reinsurance[18]
- Alok Agarwal - Executive Director
- Sanjiv Mantri - Executive Director
Footnotes[edit]
References[edit]
- ^ "Board of Directors & Key Persons - ICICI Lombard". Retrieved 27 November 2014.
- ^ "ICICI Lombard Ltd. Financial Statements 2020" (PDF). icicilombard.com.
- ^ a b c d e "ICICI Lombard Ltd. Financial Statements 2021" (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.
- ^ "Performance Review FY2020" (PDF). ICICI Bank. Retrieved 24 August 2020.
- ^ 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.
- ^ "Bharti AXA General Insurance Merger with ICICI Lombard". www.icicilombard.com. Retrieved 4 April 2022.
- ^ 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". www.moneycontrol.com. Retrieved 4 April 2022.
- ^ "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. Retrieved 10 September 2021.
External links[edit]
- 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