ICICI Lombard

2021-12-15T12:25:58Z

103.214.61.88:

{{Short description|Indian general insurance company}}
{{Advert|date=January 2021}}
{{Use Indian English|date=August 2020}}
{{Use dmy dates|date=May 2014}}

{{Infobox company
| name = ICICI Lombard General Insurance Company Ltd
| logo = ICICI Lombard.svg
| logo_size = 250px
| type = [[Public company|Public]]
| traded_as = {{ubl|{{BSE|540716}}|{{NSE|ICICIGI}}}}
| slogan =
| foundation = {{Start date and age|2001}}
| location = [[Mumbai, Maharashtra]], India
| industry = [[Financial services]]
| products = [[General insurance]] [[Health insurance]] [[Vehicle insurance]] [[Travel insurance]] [[Home insurance]] [[Crop insurance]] [[Business insurance]]
| key_people = Bhargav Dasgupta ([[Managing director|MD]])<ref>{{cite web|title=Board of Directors & Key Persons - ICICI Lombard|url=https://www.icicilombard.com/about-us/key_person.html|access-date=27 November 2014}}</ref>
| revenue = {{profit}} {{INRConvert|112.9|b}} (2020)<ref name=6-K>{{cite web|url=https://www.icicilombard.com/docs/default-source/financial-information/annualreportfy2020.pdf?sfvrsn=39fd6bc4_7|title=ICICI Lombard Ltd. Financial Statements |website=icicilombard.com}}</ref>
| operating_income = {{loss}} {{INRConvert|16.96|b}} (2020)<ref name=6-K/>
| net_income = {{loss}} {{INRConvert|11.94|b}} (2020)<ref name=6-K/>
| assets = {{profit}} {{INRConvert|370.43|b}} (2020)<ref name=6-K/>
| equity = {{profit}} {{INRConvert|61.34|b}} (2020)<ref name=6-K/>
| num_employees = 10,682 (2020)<ref name=6-K/>
| parent = [[ICICI Bank]]
| homepage = [http://www.icicilombard.com www.icicilombard.com]
}}
'''ICICI Lombard General Insurance Company Limited''' is a general insurance company in India. It is engaged in [[general insurance]], [[reinsurance]], [[Insurance|insurance claims management]] and [[investment management]].<ref>{{cite web|title=About ICICI Lombard|url=http://www.icicigroupcompanies.com/about_us.html|access-date=26 November 2014}}</ref>
The company has a [[Gross Written Premium]] (GWP) of ₹135.92 billion (FY 2020). The firm offers [[Policy|policy insurance]] and renewal through its intermediaries and website. It markets assurance products including [[Vehicle insurance|Car Insurance]], [[Health insurance|Health Insurance]], [[Travel insurance|International Travel Insurance]], Overseas Student [[Travel insurance|Travel Insurance]], [[Two-wheeler insurance|Two Wheeler Insurance]], [[Home insurance|Home Insurance]] and [[Weather insurance]].<ref>{{cite news|title=ICICI Lombard to be restrictive towards weather insurance|url=http://www.business-standard.com/article/pti-stories/icici-lombard-to-be-restrictive-towards-weather-insurance-114121800167_1.html|access-date=13 August 2015|work=Business Standard|agency=Press Trust of India|date=18 December 2014|location=Mumbai}}</ref> ICICI Lombard has 273 branches{{citation needed|date=August 2020}} and 840 virtual offices{{efn|Details on the number of virtual offices detailed in Performance Review (refer page #7) of ICICI Lombard for Financial year 2020 conducted by the parent company ICICI Bank Ltd.<ref>{{cite web |url=https://www.icicibank.com/managed-assets/docs/investor/quarterly-financial-results/2020/2020-Investor-Presentation-Q4-2020-ICICILombard-General-Insurance.pdf |title=Performance Review FY2020 |work=ICICI Bank |access-date=24 August 2020}}</ref>}} 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 36% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India.<ref>{{cite news |author1=Anirudh Laskar |title=ICICI Lombard, Bharti AXA to merge general insurance businesses |url=https://www.livemint.com/companies/news/icici-lombard-bharti-axa-to-merge-general-insurance-businesses-11598068493984.html |access-date=24 August 2020 |work=Livemint |date=22 August 2020 |language=en}}</ref> 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. 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. ICICI Lombard tied up with [[Karur Vysa Bank]] in 2019 for selling [[bancassurance]] products in 2019.<ref>{{cite news |title=ICICI Lombard, Karur Vysya Bank tie up for sale of insurance products |url=https://www.business-standard.com/article/pti-stories/icici-lombard-karur-vysya-bank-tie-up-for-bancassurance-partnership-119103001536_1.html |access-date=24 August 2020 |work=Business Standard India |agency=Press Trust of India |date=30 October 2019}}</ref>

In August 2020, ICICI Lombard acquired Bharti Axa General Insurance through a [[Stock swap|share swap deal]].<ref>{{cite news |title=ICICI Lombard, Bharti AXA to merge in share swap deal to form 3rd largest general insurer |url=https://indianexpress.com/article/business/companies/icici-lombard-bharti-axa-to-merge-in-share-swap-deal-to-form-3rd-largest-general-insurer-6565974/ |access-date=24 August 2020 |work=The Indian Express |date=23 August 2020 |language=en}}</ref> 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 {{INRConvert|16447|c}}.<ref>{{cite news |title=ICICI Lombard to merge Bharti AXA's non-life insurance biz with self, create 3rd largest player |url=https://economictimes.indiatimes.com/markets/stocks/news/icici-lombard-to-merge-bharti-axas-non-life-insurance-biz-with-self-create-3rd-largest-player/articleshow/77688820.cms |access-date=24 August 2020 |work=The Economic Times |date=22 August 2020}}</ref><ref>{{cite news |title=ICICI Lombard to acquire Bharti Axa General Insurance; stock slips over 1% |url=https://www.business-standard.com/article/markets/icici-lombard-to-acquire-bharti-axa-general-insurance-stock-slips-over-1-120082400413_1.html |access-date=24 August 2020 |work=Business Standard India |date=24 August 2020}}</ref>

==Financials==
{{unreferenced section|date=June 2021}}
ICICI General’s Gross Written Premium (GWP) was ₹135.92 billion in fiscal 2020. ICICI Lombard led the private players (including standalone health insurers) in the general insurance sector with a market share of 12.6% and had an overall industry market share of 7.0%. ICICI Lombard’s profit before tax increased from ₹15.98 billion in fiscal 2019 to ₹16.97 billion in fiscal 2020. ICICI Lombard’s profit after tax increased from ₹10.49 billion in fiscal 2019 to ₹11.94 billion in fiscal 2020.

== Products and services ==
ICICI Lombard General Insurance provides various general insurance policies<ref name=":0">{{cite web|title=ICICI Lombard Insurance Policy Type|url=https://www.probusinsurance.com/general-insurance-companies/icici-lombard-general-insurance/|url-status=live}}</ref> in India which are listed below-
*Motor Insurance
*Health Insurance
*Travel Insurance
*Marine Insurance
*Property Insurance
*Rural Insurance
*Liability Insurance
*Miscellaneous Insurance

==Footnotes==
{{Notelist}}

==References==
{{Reflist|2}}

== External links ==
*{{Official website}}

{{Insurance in India}}
{{Nifty 200 companies}}
{{ICICI Group}}

{{Authority control}}

[[Category:Financial services companies based in Mumbai]]
[[Category:General insurance companies of India]]
[[Category:Financial services companies established in 2001]]
[[Category:ICICI Bank]]
[[Category:Multinational joint-venture companies]]
[[Category:Indian companies established in 2001]]
[[Category:2001 establishments in Maharashtra]]

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ICICI Lombard