Template:Infobox company 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.[1] The company has a Gross Written Premium (GWP) of ₹135.92 billion (FY 2020). 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.[2] ICICI Lombard has 273 branchesTemplate:Citation needed and 840 virtual officesTemplate:Efn 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.[3] 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.[4]
In August 2020, ICICI Lombard acquired Bharti Axa General Insurance through a share swap deal.[5] 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 Template:INRConvert.[6][7]
Financials
Template:Unreferenced section 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[8] in India which are listed below-
- Motor Insurance
- Health Insurance
- Travel Insurance
- Marine Insurance
- Property Insurance
- Rural Insurance
- Liability Insurance
- Miscellaneous Insurance
Footnotes
References
- ↑ About ICICI Lombard. Retrieved 26 November 2014.
- ↑ ICICI Lombard to be restrictive towards weather insurance. Business Standard(18 December 2014). Retrieved 13 August 2015.
- ↑ ICICI Lombard, Bharti AXA to merge general insurance businesses. Livemint(22 August 2020). Retrieved 24 August 2020.
- ↑ ICICI Lombard, Karur Vysya Bank tie up for sale of insurance products. Business Standard 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.
- ↑ ICICI Lombard Insurance Policy Type.
External links
Template:Insurance in India Template:Nifty 200 companies Template:ICICI Group