ICICI Lombard

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ICICI Lombard General Insurance Company Ltd
Company type Public
Industry Financial services
Founded2001;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
RevenueIncrease2.svg₹18,094 crore (US$2.1 billion) (2023) [2]
Increase2.svg₹2,112 crore (US$250 million) (2023) [2]
Increase2.svg₹1,729 crore (US$200 million) (2023) [2]
Total assets Increase2.svg₹50,848 crore (US$6.0 billion) (2023) [2]
Total equity Increase2.svg₹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 Indian general insurance company headquartered in Mumbai, Maharashtra. ICICI is engaged with general insurance, reinsurance, insurance claims management and investment management. [3]

Contents

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 billionorUS$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 billionorUS$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]

Corporate Identity Distinction

Fairfax Financial Holdings adopted the Lombard name in North America after they acquired Continental Canada in 1994 and renamed it Lombard Insurance to reflect this acquisition and the establishment of their presence in the Canadian insurance market under the name, which has continued to be used for their operations there. [17] [18]

It's also entered into the Indian P&C insurance industry with the creation of ICICI Lombard, a joint venture with ICICI Bank, which includes pan-india health insurance.

This name however has no association to Dr. Eva Lombard, the founder of 102 year old Lombard Memorial Hospital in India who was a Swiss Christian missionary. [19] The institution is now part of the Church of South India (CSI), a Christian denomination [20] . The hospital and its associated college of nursing were founded and operate on Christian philosophy, with a mission to serve people regardless of caste or creed in India. [21]

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]

References

  1. ↑ "ICICI Lombard General Insurance Company Management Information - Details of ICICI Lombard General Insurance Company Management". The Economic Times. Retrieved 4 April 2022.
  2. 1 2 3 4 5 6 "ICICI Lombard Ltd. Financial Statements 2023" (PDF). icicilombard.com.
  3. ↑ "About ICICI Lombard". Archived from the original on 17 November 2014. Retrieved 26 November 2014.
  4. ↑ "ICICI Lombard to be restrictive towards weather insurance". Business Standard. Mumbai. Press Trust of India. 18 December 2014. Retrieved 13 August 2015.
  5. ↑ Anirudh Laskar (22 August 2020). "ICICI Lombard, Bharti AXA to merge general insurance businesses". Livemint. Retrieved 24 August 2020.
  6. ↑ "ICICI sells 9% stake in general insurance arm to JV partner Fairfax". MyInsuranceClub. Retrieved 4 April 2022.
  7. ↑ "FAL Corp exits ICICI Lombard; sells stake worth Rs 2,627 crore". The Economic Times. Retrieved 4 April 2022.
  8. ↑ "ICICI Lombard, Karur Vysya Bank tie up for sale of insurance products". Business Standard India. Press Trust of India. 30 October 2019. Retrieved 24 August 2020.
  9. ↑ "ICICI Lombard, Bharti AXA to merge in share swap deal to form 3rd largest general insurer". The Indian Express. 23 August 2020. Retrieved 24 August 2020.
  10. ↑ "ICICI Lombard to merge Bharti AXA's non-life insurance biz with self, create 3rd largest player". The Economic Times. 22 August 2020. Retrieved 24 August 2020.
  11. ↑ "ICICI Lombard to acquire Bharti Axa General Insurance; stock slips over 1%". Business Standard India. 24 August 2020. Retrieved 24 August 2020.
  12. ↑ "Link to number of branch's and staff as of 2024". www.icicilombard.com. 31 March 2024. Retrieved 19 August 2024.
  13. ↑ "Performance Review FY2020" (PDF). ICICI Bank. Archived from the original (PDF) on 2 February 2023. Retrieved 24 August 2020.
  14. ↑ "Bharti AXA General Insurance Merger with ICICI Lombard" (PDF). www.icicilombard.com. Retrieved 18 March 2023.
  15. ↑ Rebello, Joel. "PSU general insurers lose market share; New India bucks trend". The Economic Times. Retrieved 4 April 2022.
  16. ↑ "ICICI Lombard General Insurance Company Profit & Loss account, ICICI Lombard General Insurance Company Financial Statement & Accounts" (PDF). www.icicilombard.com. Retrieved 18 April 2023.
  17. ↑ "About Fairfax". Fairfax Financial. Retrieved 25 August 2025.
  18. ↑ "ICICI Bank ends joint venture pact with Fairfax Financial". www.comparepolicy.com. Retrieved 25 August 2025.
  19. ↑ Hospitals, Lombard Memorial. "Lombard Memorial Hospital | Hospitals in Udupi |Leading Hospitals in Udupi". www.lombardhospital.in. Retrieved 25 August 2025.
  20. ↑ "Udupi Mission Hospital to begin centenary celebrations". 16 June 2022. Retrieved 25 August 2025.
  21. ↑ Hospitals, Lombard Memorial. "Nursing | Hospitals in Udupi |Leading Hospitals in Udupi". www.lombardhospital.in. Retrieved 25 August 2025.
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