The story
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.
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 ₹270 billion or US$2.8 billion in 2026). 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 ₹36 billion or US$370 million in 2026)
ICICI Lombard General Insurance Company partnered with Karur Vysya Bank to sell bancassurance products in 2019.
In August 2020, ICICI Lombard General Insurance Company acquired Bharti Axa General Insurance, through a share swap deal. 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$1.7 billion).
ICICI Lombard General Insurance Company has 13,670 employees, 312 branches(2024) 840 virtual offices spread across India.
From Wikipedia’s article on ICICI Lombard, shared under CC BY-SA 4.0.3