ICICI Lombard General Insurance Company Ltd
ICICI Lombard General Insurance Company Ltd (ICICIGI)

ICICI Lombard General Insurance Company Ltd (ICICIGI)

₹1151.151.27%

Key Stats

₹1148
Day's Price Range
₹1166
₹1071
52-Week Price Range
₹1628
1 Month Return-8.31 %
3 Month Return1.76 %
1 Year Return-26.65 %

Company Financials

  • Annual
Value in ₹ crore

Peer Comparsion

EPS
Rank 16
BVPS
Rank 16
Dividend Yield
Rank 15
ROE
Rank 6
15.36%
Debt To Asset
Rank 9

Company Information

ICICI Lombard General Insurance Company Limited is the largest privatesector nonlife insurer in India based on gross direct premium income in fiscal 2018. The company offers a comprehensive and welldiversified range of products including motor insurance health insurance personal accident insurance crop insurance fire insurance marine insurance and engineering and liability insurance through multiple distribution channels. The key distribution channels of the company include direct sales individual agents bank partners other corporate agents brokers and online through which the company service its individual corporate and government customers.The company was established as a joint venture between ICICI Bank Indias largest private sector bank in terms of consolidated total assets at Rs 9.9 trillion end March 2017 and Fairfax Financial Holdings Canadian based holding company which through its subsidiaries is engaged in property and casualty insurance and reinsurance and investment management with US 43.38 billion of total assets end December 2016.The Company was incorporated on October 30 2000 as ICICI Lombard General Insurance Company Limited a public limited company. The Company obtained the certificate of commencement of business on January 11 2001 from the Registrar of Companies Mumbai. It is registered with IRDAI for carrying out the Class of Business pursuant to the registration certificate dated August 3 2001. At that time ICICI Bank and Lombard Canada Ltd. a nominee of Fairfax held 74 and 26 of the companys then issued and paidup capital respectively. On July 6 2017 FAL Corporation Affiliate of Fairfax Financial Holdings Limited transferred 48101387 Equity Shares constituting 10.60 of the Companys issued and paidup capital to certain private equity/financial investors. On July 7 2017 FAL transferred 7211596 Equity Shares constituting 1.59 of the Companys issued and paidup capital to a financial investor. Thereafter ICICI Bank and FAL held 285605284 Equity Shares and 99464479 Equity Shares constituting 62.92 and 21.91 the companys issued and paidup capital respectively. ICICI Lombard General Insurance Company started operations during the year 20002001. During the year 200304 it became the largest private sector general insurer in India. During the year 200506 the company crossed the mark of 1 million policies and crossed the receipt of Rs 1000 crore of Gross Direct Premium Income GDPI. In 200910 the company settled more than 5 million claims. During the year 201314 the companys profit after tax crossed Rs 500 crore mark and the number of policies issued by the company crossed 10 million. During the year 201415 the companys investment book size crossed Rs 10000 crore mark. During the year 201516 the company became the first general insurance company in India to issue subordinated debt. During the year 201617 ICICI Lombard General Insurance Company crossed Rs 10000 crore GDPI mark. In September 2017 ICICI Lombard General Insurance Company Limited came out with an initial public offer wherein ICICI Bank and FAL proposed to sell 31761478 Equity Shares and 54485709 Equity Shares constituting 7.00 and 12.00 of the Companys issued and paidup capital to the public respectively. There was no fresh issue of shares from ICICI Lombard General Insurance Company. The shares of ICICI Lombard General Insurance c were listed on the bourses on 27 September 2017 and it became the first pure play general insurance company in India to list on the stock exchanges. On 5 April 2018 Ola Indias leading and one of the worlds largest ridesharing companies announced the launch of a comprehensive intrip insurance program for its customers across India in partnership with Acko General Insurance Ltd and ICICI Lombard General Insurance Company. The firstofitskind program is being rolled out for customers in major metros and will be scaled up to all cities covering the entire base in the coming weeks. The comprehensive insurance program provides benefits in cases of loss of baggage or laptops missed flights accidental medical expense ambulance transportation cover and much more. The optional intrip insurance program can be purchased through the Ola app. The claims can be made through the Ola app as well as the providers website mobile app and call center.On 2 May 2018 ICICI Lombard General Insurance Company announced that it has become the 1st company in India to be certified by the British Standard Institution BSI for compliance with the revised ISO 31000:2018 Enterprise Risk Management ERM Guidelines released in February 2018. ICICI Lombard has been awarded Certificate of Compliance for a period of 3 years from 16 April 2018 to 15 April 2021 on successful completion of the ISO 31000:2018 compliance process for its ERM systems. On 20 August 2018 ICICI Lombard General Insurance Company announced that it has launched Indias first Artificial intelligence AI based technology to facilitate instant health insurance claims approval. As a result the traditional cashless claim request which takes an average of 60 minutes of processing has been drastically brought down to a minute using AI.On 23 August 2018 ICICI Lombard General Insurance Company announced that it has implemented host of initiatives to support the customers affected by Kerala floods. The company has written premium of Rs. 85.98 crs primarily motor property health insurance during FY 201718 which comprises 0.7 of gross direct premium income GDPI during FY 201718 1.57 of the GDPI for all nonlife insurance companies from Kerala State and Rs. 19.24 crs during Q1 FY 201819 which comprises 0.51 of gross direct premium income GDPI. As of now the number of claims received are limited considering that the flood waters are yet to recede in the State of Kerala. The company has put in place a welldefined retention limit for each product segment which defines its maximum per risk and per event exposure to protect its balance sheet and reduce volatility of its earnings.On 17 September 2018 ICICI Lombard General Insurance Company announced the launch of the industrys first application to facilitate speedier claim verification process. Currently claim settlement cases that need to be verified takes from a day to more than a week in some cases. This time intensive process will be reduced drastically to a few hours with the app. The state of the art technology deployed in the app will also benefit the company as it will be able to identify incidents of fraud claim quickly making the process more efficient and ensuring that genuine cases are resolved in a speedy manner. Further the solution will integrate with the companys health claims management system that has inbuilt alerts to trigger suspect claims for verification.On 30th October 2019 the Company entered into a business transfer agreement to acquire proprietary software platforms and underlying intellectual property assets developed by Unbox Technologies Private Limited along with ancillary movable assets for housing the Software and employees for operations maintenance and development of the Software for an aggregate consideration of Rs 2248500 thousands on a slump sale basis being managements estimate of fair value of the identifiable assets.The COVID19 has been declared a pandemic by the World Health Organization on 11 March 2020. The pandemic has led to a significant impact on the Indian Financial markets and an overall decline in the economic activities all across the world. On 24 March 2020 the Union Government of India has announced a 21day lockdown which was further extended by 19 days across the country for containment of the pandemic.Gross Direct Premium Income GDPI of the Company stood at Rs 133.13 billion in FY2020 compared to Rs 144.88 billion in FY2019 a degrowth of 8.1.Excluding crop segment GDPI of the Company increased to Rs 133.02 billion in FY2020 compared to Rs 120.36 billion in FY2019 registering a growth of 10.5.The Board of Directors of the Company at its Meeting held on 21 August 2020 have inter alia approved a Scheme of Arrangement amongst Bharti AXA General Insurance Company Limited Demerged Company or Bharti AXA and ICICI Lombard General Insurance Company Limited Company and their respective shareholders and creditors Scheme prepared pursuant to Sections 230 to 232 other applicable provisions of the Companies Act 2013 read with the rules framed thereunder and Section 35 to 37 and other applicable provisions of the Insurance Act 1938 read with the rules and regulations framed thereunder. The Scheme provides inter alia for the demerger of the general insurance business of the Demerged Company into the Company as a going concern with effect from the Appointed Date i.e. 01 April 2020 and as consideration for the demerger the issue of 35756194 equity shares of the Company to the shareholders of the Demerged Company once the Scheme becomes effective.The Scheme is subject to inter alia applicable statutory and regulatory approvals including from Insurance Regulatory and Development Authority of India IRDAI Competition Commission of India Stock Exchanges Securities and Exchange Board of India shareholders and creditors of the companies involved in the Scheme and the relevant jurisdictional benches of the National Company Law Tribunal NCLT and will take effect when final approval is received from IRDAI in accordance with the Insurance Act 1938 read with the Insurance Regulatory Development Authority Scheme of Amalgamation and Transfer of General Insurance Business Regulations 2011 and other rules and regulations framed thereunder.The Company has received approval from a CCI b an inprinciple approval from IRDAI under Section 35 to 37 of the Insurance Act 1938 read with IRDA Scheme of Amalgamation and Transfer of General Insurance Business Regulations 2011 c Observation letters issued by BSE Limited and National Stock Exchange of India Limited enabling the Company to file the draft Scheme with NCLT.During the quarter ended 31 March 2021 the equity shareholders of the Company at its Meeting held on 23 February 2021 as per the directions of the NCLT have approved the Scheme of Arrangement with requisite majority.Gross Direct Premium Income GDPI of the Company stood at Rs 140.03 billion in FY2021 compared to Rs 133.13 billion in FY2020 growth of 5.2.
OrganisationICICI Lombard General Insurance Company Ltd
HeadquartersMumbai
IndustryInsurance