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 126 billion(FY 2018). 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 253 branches spread across the nation.
Video ICICI Lombard
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.
Maps ICICI Lombard
Product and Services
- ICICI Lombard Motor Insurance
- ICICI Lombard Health Insurance
- ICICI Lombard Travel insurance
- ICICI Lombard Home Insurance
- ICICI Lombard Specialty Lines Insurance
- ICICI Lombard Property Insurance
- ICICI Lombard Marine Insurance
- ICICI Lombard Liability Insurance
- ICICI Lombard Crop/Weather Insurance
Financials
ICICI General's Gross Written Premium (GWP) was Rs 126 billion in fiscal 2018. ICICI Lombard led the private sector players in the general insurance sector with a market share of 16.8% and had an overall industry market share of 8.2%. The company witnessed an increase in policy volumes by 32.54% from 17.73 million in fiscal 2017 to 23.5 million in fiscal 2018. ICICI General's profit before tax increased from Rs 9.10 billion in fiscal 2017 to Rs 11.96 billion in fiscal 2018. ICICI General's profit after tax increased from Rs 7.02 billion in fiscal 2017 to Rs 8.62 billion in fiscal 2018. 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
https://www.icicilombard.com/docs/default-source/financialreports/18th-annual-report.pdf?sfvrsn=10 Annual Report 2017-18
Source of article : Wikipedia
0 Comments