ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited, India's second largest bank with total assets of over USD 100 billion and Fairfax Financial Holdings Limited, a Canada-based USD 37 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management. ICICI Lombard GIC Ltd. is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 83.07 billion (FY 2016). 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 257 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 has 64% stake in the venture while Fairfax has 35% 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 ` 83.07 billion in fiscal 2016. 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 13.90% from 13.87 million in fiscal 2015 to ` 15.80 million in fiscal 2016. ICICI General's profit before tax increased from ` 6.91 billion in fiscal 2015 to ` 7.08 billion in fiscal 2016 despite the impact of Chennai floods and high weather insurance claims. ICICI General's profit after tax decreased from ` 5.36 billion in fiscal 2015 to ` 5.07 billion fiscal 2016, due to a higher effective tax rate in fiscal 2016, as loss carried forward from earlier years had already been absorbed in prior periods. 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.
Source of the article : Wikipedia
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