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| Company type | Public |
|---|---|
| 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] |
| ₹2,112 crore (US$240 million) (2023)[2] | |
| ₹1,729 crore (US$200 million) (2023)[2] | |
| Total assets | ₹50,848 crore (US$5.8 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 |
ICICI Lombard General Insurance Company Limited is an Indiangeneral insurance company headquartered inMumbai,Maharashtra. ICICI is engaged withgeneral insurance,reinsurance,insurance claims management andinvestment management.[3]
The company has aGross Written Premium of ₹217.71 billion (FY2023). It offerspolicy insurance and renewal through its intermediaries and website. It markets assurance products includingCar Insurance,Health Insurance,International Travel Insurance, Overseas StudentTravel Insurance,Two Wheeler Insurance,Home Insurance andWeather Insurance.[4]
Founded in 2001, ICICI Lombard General Insurance Company is a joint venture betweenICICI Bank- India’s second-largest bank, andFairfax Financial Holdings Limited- a financial services company based inToronto.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$2.8 billion in 2023).[6] Following the transaction, the share ownership in ICICI Lombard General Insurance Company ofICICI Bank andFairfax 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$370 million in 2023)[7]
ICICI Lombard General Insurance Company partnered withKarur Vysya Bank to sellbancassurance products in 2019.[8]
In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa Insurance General, through ashare 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.
ICICI Lombard's Gross Written Premium was₹217.71 billion (US$2.5 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]
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