ICICI Lombard General Insurance Company Limited is one of the leading private sector general insurance companies in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management. The company has a Gross Written Premium (GWP) of Rs 109.60 billion(FY 2017). 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. ICICI Lombard has 249 branches spread across the nation.
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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.
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Product and Services
- ICICI Lombard Health Insurance
- ICICI Lombard Overseas Student Medical Insurance
- International Travel insurance
- ICICI Lombard Home Insurance
- ICICI Lombard Car Insurance
- ICICI Lombard Rural Weather Insurance
Financials
ICICI General's Gross Written Premium (GWP) was Rs 109.60 billion in fiscal 2017. The company maintained its market leadership in the private sector with an overall market share of 8.4%. The company witnessed an increase in policy volumes by 12.21% from 15.80 million in fiscal 2016 to 17.73 million in fiscal 2017. ICICI General's profit before tax increased from Rs 7.08 billion in fiscal 2016 to Rs 9.10 billion in fiscal 2017. ICICI General's profit after tax increased from Rs 5.07 billion in fiscal 2016 to Rs 7.02 billion in fiscal 2017. 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 Rs 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.
References
https://www.icicilombard.com/Content/ilom-en/annualreport/Annual_Report_2014_2015.pdf Annual Report 2014-15
https://www.icicilombard.com/Content/ilom-en/annualreport/Annual_Report_2015_2016.pdf Annual Report 2015-16
https://www.icicilombard.com/docs/default-source/financialreports/icici-lombard_2017_2018.pdf Annual Report 2016-17
http://www.livemint.com/Money/5fatRagDehSJsEt1ViiSwO/ICICI-Bank-Fairfax-join-venture-terminated-ahead-of-ICICI-L.html
Source of article : Wikipedia
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