ICICI Lombard – Leading Private General Insurer in India

Started as a Joint venture between ICICI Bank and Fairfax Financial Holdings in 2001

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(A) About the Company

ICICI Lombard General Insurance Company Ltd is one of the leading private sector general insurance company in India and Subsidiary of ICICI Bank.

ICICI Lombard was promoted through a JV with ICICI Bank and FairFax Financial Holdings Limited- a financial services company based in Toronto

Company offers a comprehensive and well-diversified range of products and risk management
solutions such as insurance coverage for motor, health, travel, home, student travel and many more.

The Company 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. 

Above all, ICICI Lombard has 273 branches and 840 virtual offices spread across the nation.

(B) Journey Since Inception

ICICI Lombard General Insurance Company Limited - Journey since Inception

(C) Management of the Company

(i) Bhargav Dasgupta - Managing Director and CEO

Mr Bhargav Dasgupta is the current Managing Director and CEO of ICICI Lombard General Insurance Company Limited since May 2009.

Mr. Bhargav Dasgupta holds a PGDBA from the Indian Institute of Management Bangalore and a B.E (Mechanical) degree from Jadavpur University.

He began his career with the erstwhile ICICI Limited in 1992 and he has held key leadership positions in diverse business areas in the ICICI Group including Project Finance, Corporate Banking, E-commerce & Technology Management, International Banking, and Life Insurance.

Mr. Bhargav Dasgupta received Remuneration in the FY21 of Rs. 7.97 Crores i.e. 0.04% of Net Sales and 0.62% of Net profits

(ii) Alok Agarwal - Executive Director (Wholesale)

Mr. Alok Kumar Agarwal is the Executive Director-Wholesale since January 19, 2011, He is 52 Years old.

Mr. Agarwal has completed a Bachelor of Engineering course from Jadavpur University. He has also Post Graduation in Management from the Indian Institute of Management, Kolkata.

He had started his career in year 1989 with Reliance Industries Ltd as an Engineer. Subsequently, he worked with ICICI Ltd for 9 years in the project finance department before shifting to ICICI Lombard General Insurance Company Limited

Now he holds the Wholesale Group at ICICI Lombard which includes the corporate and financial inclusion business.

Mr. Alok Agarwal received Remuneration in the FY21 of Rs. 4.69 Crores i.e. 0.02% of Net Sales and 0.36% of Net profits

(iii) Sanjiv Mantri - Executive Director (Retail)

Mr. Sanjeev Radheyshyam Mantri is currently at the position of Executive Director in the company.

He spearheads the retail division of the Company and is responsible for the distribution of products across agencies, bancassurance, and digital & alternate channels along with retail strategy.

He is also in charge of marketing and corporate communication verticals at the Company.

Mr. Sanjeev Mantri had held key leadership positions with BNP Paribas and ICICI Bank Limited during a career spanning more than 20 years.

Mr. Sanjeev Mantri joined the Bank in 2003, where he led various businesses including Bank’s Small & Medium Enterprises Group. He was a Senior General Manager at the Bank and led Bank’s Rural and Inclusive Banking Group.

Under his leadership, the Bank was awarded the Asian Banker Award for the Best SME Bank-Asia Pacific in 2010.

Mr. Sanjiv Mantri received Remuneration in the FY21 of Rs. 5.05 Crores i.e. ~0.03% of Net Sales and 0.39% of Net profits

(D) Shareholding Pattern

(E) Business of ICICI Lombard

ICICI Lombard has a very wide and comprehensive range of Portfolio which includes services related to non-life insurance i.e, General insurance.

Company provides dedicated solutions, Distributions, customer services and formulate strategic opportunistic investment into a well-diversified portfolio of debt, equity, and AIFs to generate superior risk-adjusted returns.

Although, ICICI Lombard Practices disciplined underwriting while minimizing risks, with strong processes and tools to maintain business quality and strength.

Further, it works for Designing new and value-added products to faster responsible behavior and drive sustainability.

(F) Products of ICICI Lombard GICL

(i) Travel Insurance

Travel Insurance is a type of insurance that covers different risks while traveling. It covers medical expenses, lost luggage, flight cancellations, and other losses that a traveler can incur while traveling.

Travel Insurance is usually taken from the day of travel till the time the traveler reaches back to India. Taking Travel Insurance ensures comprehensive coverage in case of any emergency in another country. Travel Insurance is also available for trips taken in the home country of the traveler like Bharat Bhraman & E-Travel, but it is a more popular option for travel abroad.

(ii) Motor Insurance

Motor insurance is a unique insurance policy meant for vehicle owners to protect them from incurring any financial losses that may arise due to damage or theft of the vehicle. Whether you have a private car, a commercial vehicle, or a two-wheeler, you can purchase a motor insurance policy

You will come across three different types of insurance policies in the market that provides coverage for motor vehicles:

  • Third-party insurance policy
  • Own-damage insurance policy
  • Comprehensive insurance policy

(iii) Health Insurance

A health insurance policy offers sufficient medical convergence during an unexpected medical emergency.

Different types of health insurance policies are available that either offers individual cover or cover for the entire family.

It is wise to buy a comprehensive cover to enjoy extensive coverage and lessen the burden of hospitalization costs on your savings.

ICICI offers the ICICI Lombard Complete Health Insurance (ILCHI) cover which has a comprehensive policy structure. The floater benefit of this policy offers health coverage to a maximum of five family members with a large sum insured.

With this policy, you can select a policy period of 1 year or a policy period of two years.

(iv) Other Products

Business Insurance

Business insurance, also known as commercial insurance, helps protect business owners from unexpected losses. We offer different types of insurance for businesses, including coverage for property damage, legal liability, and employee-related risks. No matter what industry you are in, your company faces risks every day. That’s why ICICI Lombard offers a wide range of business insurance covers, designed to identify and reduce those risks.

Crop Insurance

The scheme has extended coverage under localized risks, post-harvest losses, etc., and aims to the adoption of technology for the purpose of yield estimation. Through increased farmer awareness and low farmer premium rates, the scheme aims at increasing crop insurance penetration in India.

NRI Insurance

If you are a non-resident Indian (NRI), you can purchase term insurance plans designed specifically for people who reside outside India. further, You can purchase a plan which would secure the future of your loved ones and protect them in your absence.

Cyber Insurance

We live in a world that’s becoming more digitally dependent. Right from our social interactions to professional interchanges and financial transactions, most take place digitally. While digital resources are enabling, they also leave us vulnerable to cybercriminals as a lot of information regarding our personal and professional lives rests in the digital domain. Cyber insurance or cyber security insurance provides coverage for activities such as identity theft, unauthorized transactions, and more.

ICICI Bharat Griha Raksha Policy (Home Insurance)

Home insurance, or property insurance, covers your residence against natural calamities. It’s natural to want the best for your home because home is where the heart is

That’s why having a home insurance policy is crucial to financial safety in the face of risks. ICICI Bharat Griha Raksha Policy acts as a safety net, covering your home and belongings. Moreover, It comes with the promise of financial security and support when you and your family need it the most.

(G) Revenue segmentation

(i) Segment wise Net Earned Premium

During FY21, Motor OD and Motor TP both contributed ~32 and 29% in Net Earned Premium (NEP). However, Health insurance segment which is 2nd Largest segment after Motor, contributed ~22% in NEP.

(ii) Premium mix in the industry

(H) Product Mix

ICICI Lombard General Insurance Company Limited - Product mix

ICICI Lombard product mix includes almost all category under the general insurance space.

The onset of the Coronavirus pandemic changed the landscape of the Indian non-life insurance industry.

Besides increasing the insurance penetration rate, the ongoing changes due to the pandemic have brought about a conscious shift in the insurance product mix.

However, company Motor segment has the highest motor Segment followed by Health and then Fire by almost ~16%.

ICICI Lombard General Insurance Company Limited - Investment portfolio mix

Investment portfolio mix for FY2022 has been recorded for Corporate bonds 38.3%, G-Sec 42.5% and equity 12.2%

(I) Distribution Network

ICICI Lombard General Insurance Company Limited - Distribution Network

ICICI Lombard is one of the key player in General Insurance sector in india, which enjoys high trust from the distribution point of view.

Meanwhile, the company had built a robust distribution network of ~90k of Individual agents, 908 Virtual offices and strong collaboration with Hospital chains and Garages chains.

furthermore, with the aim of increasing penetration, Now they are looking to foray into 3 Tier and 4 Cities.

During the years, Co. Launched digital portal iPartner for the convivence of distribution channel partners –dealers, insurance agents and corporate agents.

(J) A step Into Digital Space

(i) IL Take Care App

ICICI Lombard General Insurance Company Limited - IL Takecare app

IL Take Care app was launched in the Year 2018. The app was developed with the help of Practo - a leading healthcare platform with the aim of increasing penetration in Tier three and four cities in India.

Moreover, this app helps in accessing to qualified doctors, Chat with Expert to query related diet and nutrition, simplified blogs and health Trackers.

Furthermore, IL Take care has been download by 5,00,498 users, and registered by 4,09,513 users.

(ii) InstaSpect

ICICI Lombard General Insurance Company Limited - Instaspect

In March 2021, company’s 'InstaSpect' feature for vehicle damage assessment reached the milestone of more than 10 lakh motor insurance claim approvals since its launch in 2018.

The feature eliminates the need for vehicle damage assessment through a physical survey and includes a live stream feature that allows virtual assessment.

(iii) Enabling Cashless Health services

Dr Reddy

In July 2021, ICICI Lombard collaborated with Dr. Reddy’s to introduce cashless digital health solutions in India at pilot scale

(K) Market Share

(i) Market Share of Key players in the Industry

ICICI Lombard General Insurance Company Limited- Market Share of key players in the Insurance industry

ICICI Lombard is a part of Private sector general insurance industry, wherein Private sector has dominating market share of ~65% and within IL has market share of ~13%.

IL climbed to No. 2 Position, in terms of market share, which rose to 8.30% from 7.26% a year earlier.

Furthermore, Bharti Axa which is key subsidiary of IL has a market share of 1.5% in Health Insurance industry. (whereas, Star health has highest market of 5% in Health Insurance segment)

(ii) Market Share across segment

ICICI Lombard General Insurance Company Limited- Market Share across segment

As of Mar 2022, ICICI Lombard has highest market segment in the Marine Cargo Segment of ~18% followed by 15.20% in Engineering segment.

Additionally, its Motor and Fire segments has a very closed market shares of ~12%.

further, You will surprise to get to know that its Motor segment contributes ~45% in Top line and Health/Travel segment contributes 22% and fire segment contributes 17%.

(ii) Market Share of Private and Public Sector

ICICI Lombard General Insurance Company Limited - Market Share of Private and Public Sector

In FY2021, the private insurers across India held around 49% of the industry's market share, compared to 36%by public sector multi-line insurers.

And in FY2002, public insurers held over 93% of the market share, Further, In FY2019, the private insurers took the lead for the first time.

Meanwhile in Feb 2022, The total market share for Public sector general insurance companies fell to 34.29% in February 2022 from 36.31% a year earlier.

Standalone health insurers had a market share of ~8% and specialized insurers had a market share of over 6%.

Whereas, Private health insurers and Specialized insurers gained market share compared to the previous year, the public sector insurers lost slightly.

(L) Cost Structure

(M) Financial Parameters

  • The Company’s Net Sales has shown a robust growth over last 9-10 Years, 9 Years net Sales grew at a CAGR of 16%.
  • However, Company PAT grew at a CAGR of 10% over past 10 Fiscal years, showing significant and regular growth.
  • Additionally, In FY22 PATM has Decreased by more than 4% from the previous year.

(N) Management discussion and Concall Highlights


  • Company expects rise in the Gross Premium to ~20% for FY22-FY24E.
  • IL Take Care - that offers the insurance services has reached 14 Lacs Downloads and Management is expecting it to double by next year.
  • further, The company has stated that it will restrained itself from entering into high loss making segments such as Group Corporate health insurance.
  • During last Fiscal year, Company has added ~8000 Agents
  • Co. Witnessed 20% Growth through Website, And Under This : Health business Grew by 23%, Travel Grew by 130% and Motor Grew by 10%
  • In June 2021, Bharti AXA Life Insurance reported a 10% renewal premium increase of Rs. 1,498 crore in FY21.


  • IL has 13% Market share in the Private General insurance space, with the No. 2 position.
  • During FY22, Company Market share increased from 7.26% to 8.3% because of the completion of the acquisition of Bharti AXA General Insurance, a joint venture between Bharti Enterprises Ltd and French insurer AXA.
  • IL is Focusing more on Health insurance segment, which is 2nd Largest segment in the portfolio with the contribution of ~20%
  • Going forward, Company's Business is expected to grow due to cyclical recovery in the motor segment as the new registration.

Capex and Partnership

  • Company intended to infuse Additional Investment during this Year of Rs 100-150Cr for expanding distribution network, digital, technology Particularly in Tier3 and 4 cities.
  • In Feb 2022, ICICI Lombard and Airtel Payments bank have entered into a partnership for providing cyber insurance.
  • Furthermore, in Nov 21, ICICI Lombard collaborated with Vega to provide a personal accident insurance cover with every online Vega helmet purchase to increase road safety awareness among customers.

-Concall Highlights

  • Gross Direct Premium Income (GDPI) was at Rs 5370 crore in Q1 FY23 as against Rs 4188 crore in Q1FY22, Growth of 28.2%. This increase was driven by growth in the motor and healthcare segment.
  • Gross Written Premium (GWP) was at Rs 18562 crore in FY22 as against Rs 14320 crore in FY21, Growth of 29.62%
  • ICICI Lombard recorded 14 Years GDPI CAGR at 12.9%.
  • however, In the coming quarters, the management is expecting to see a decline in the re-insurance commission numbers.
  • Investment portfolio mix for FY2022 : Corporate bonds 38.3%, G-Sec 42.5% and equity 12.2%
  • During the quarter, OD (own damage) GDPI and TP (third party) GDPI accounted for 47.5% and 52.5% respectively, of the total motor GDPI.
  • For Motor Segment, The advance premium as on 30th June 2022 stood at ₹3,471 crore as compared to ₹3,368 crore as on 31st March 2022.
  • In Q1 FY23, the company registered sales of ~₹10 crore through their online IL TakeCare application.
  • In the bancassurance front, the ICICI Bank distribution channel grew by 30.5% and the non-ICICI Bank distribution grew by 65.1%, during the quarter.

(O) Strengths and Weakness


(i) Support from ICICI Bank Ltd

ICICI Lombard's strategic importance to ICICI Bank is underpinned by the former's leadership position among private sector general insurance companies.

Furthermore, ICICI Lombard being the general insurance arm of ICICI Bank makes it a key element of the latter's bouquet of financial service offerings.

ICICI Lombard benefits from common branding with its parent, which is one of the large private sector banks in India with a strong retail and corporate presence, established franchise, and large customer base.

(ii) Leadership position among private general insurers

with a market share of 8.3% based on gross direct premiums written during fiscal 2022, ICICI Lombard has retained its leadership among private general insurers in India and, climbed to the 2nd largest non-life insurer in the country.

(iii) Acquisition of Bharti Axa

Bharti Axa which is specially categorized into Health Insurance segment, has a leading Team Network, strong chain of hospital networks that helps in building stronger business. in addition, Health is the 2nd largest segment that contributed ~20% in top line in Q3FY22.


(i) Intense competition in industry

ICICIL faces stiff competition from private as well as public sector general insurance companies in India. The industry has witnessed price wars across business segments, resulting in high loss ratios and underwriting losses for most of the companies.

(ii) Integration challenges for Bharti Axa acquisition

In August 2020, ICICIL’s board of directors had approved a scheme of arrangement, which entailed the demerger of BAXA-GI’s non-life insurance business along with all assets and liabilities forming a part thereof into ICICIL.

ICICIL received final IRDAI approval for the scheme of arrangement on September 3, 2021. Integration challenges such as retention of employees and customers would be a key point to monitor. Moreover, as BAXA-GI’s expense ratio is higher, it would have a short-term impact on the combined ratio of the merged entity.

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References:  Annual Reports, News Publications, Investor Presentations, Corporate Announcements, Management Discussions, Analyst Meets & Management Interviews, Industry’s Publications.

Disclaimer: The report only represents personal opinions and views of the author. No part of the report should be considered as recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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