ICICI Lombard

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.^[3]

ICICI Lombard General Insurance Company Ltd

Company type	Public
Traded as	BSE: 540716 NSE: ICICIGI
Industry	Financial services
Founded	2001; 24 years ago (2001)
Headquarters	Mumbai, Maharashtra, India
Key people	Sanjeev Mantri (Managing Director and CEO)[1]
Products	General insurance Health insurance Vehicle insurance Travel insurance Home insurance Crop insurance Business insurance
Revenue	₹18,094 crore (US$2.1 billion) (2023)[2]
Operating income	₹2,112 crore (US$250 million) (2023)[2]
Net income	₹1,729 crore (US$200 million) (2023)[2]
Total assets	₹50,848 crore (US$6.0 billion) (2023)[2]
Total equity	₹9,468 crore (US$1.1 billion) (2023)[2]
Number of employees	10,236 (2021)[2]
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.^[4]

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.^[5]

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$2.9 billion in 2023).^[6] 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)^[7]

ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019.^[8]

In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa Insurance General, through a share swap deal.^[9] 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$1.9 billion).^[10][11]

ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024)^[12] 840 virtual offices^[a] spread across India.

Financials

ICICI Lombard's Gross Written Premium was ₹217.71 billion (US$2.6 billion) in the 2023 fiscal year.^[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 ₹16.83 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.^[16]

Footnotes

1. 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.^[13]