ICICI Lombard

Corporate brand

An Indian private-sector general insurer providing motor, health, property, travel and other non-life insurance products.

Last updated August 25, 2026

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Overview

ICICI Lombard General Insurance Company Limited is an Indian general insurance company headquartered in Mumbai, Maharashtra. Its business covers general insurance, reinsurance, insurance claims management and investment management. The company distributes policies and renewal services through intermediaries, banking relationships, other distribution partners and its own website. The business was established in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings Limited, a Toronto-based financial services group. At formation, ICICI Bank held 64% of the venture and Fairfax held 36%. The partnership gave the company the backing of a major Indian banking group while connecting it with Fairfax’s international insurance investment and operating experience. ICICI Lombard subsequently developed into one of India’s largest private-sector general insurance companies. Its portfolio spans several major categories of non-life insurance. These include car insurance, two-wheeler insurance, health insurance, home insurance, international travel insurance, overseas student travel insurance and weather insurance. The company also undertakes reinsurance-related activity and manages claims and investments associated with its insurance operations. Its offerings are therefore aimed at both individual policyholders and broader commercial or institutional insurance needs, although the reference material specifically identifies the consumer product categories above. Ownership and corporate structure have changed over time. In fiscal 2016, ICICI Bank sold a 9% stake in ICICI General to Fairfax at a reported valuation of ₹172.25 billion. After that transaction, ICICI Bank’s holding was approximately 64% and Fairfax’s approximately 35%. On 16 October 2019, FAL Corporation, a Fairfax Financial affiliate, exited the company by selling its shares. The company also entered into a bancassurance partnership with Karur Vysya Bank in 2019 to distribute insurance products through that bank’s channels. In August 2020, ICICI Lombard agreed to acquire Bharti AXA General Insurance through a share-swap transaction. Under the arrangement described in the reference material, Bharti AXA shareholders were to receive two ICICI Lombard shares for every 115 Bharti AXA shares held. The combination was reported as producing a business with combined annual premiums of approximately ₹16,447 crore. The transaction strengthened ICICI Lombard’s position in India’s general-insurance market and expanded the scale of its distribution and policy portfolio. The company has emphasized digital access alongside physical and intermediary distribution. Customers can purchase and renew policies through the company website, while the business also operates through branches and virtual offices across India. The reference material reports 312 branches and 840 virtual offices in 2024, as well as 13,670 employees. These figures indicate a nationwide operating model combining technology-enabled service with local and partner-assisted access. ICICI Lombard is positioned as a large, technology-oriented private general insurer serving mainstream Indian customers across motor, health, travel, property and weather-related risks. The company is listed in India under the ticker ICICIGI. The supplied reference material reports a 2022 general-insurance market share of 8.30%, placing it among the leading insurers in the sector. It also reports increases in profit before tax from ₹16.83 billion in fiscal 2022 to ₹21.12 billion in fiscal 2023, and in profit after tax from ₹12.71 billion to ₹17.29 billion over the same period. No current executive roster or independently verified present ownership details were supplied.

History

ICICI Lombard was established in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings Limited. The original ownership structure gave ICICI Bank a 64% stake and Fairfax a 36% stake. The company was created to operate in India’s general-insurance market, covering non-life risks rather than life insurance. Its activities have included insurance underwriting, reinsurance, claims management and investment management. Over time, ICICI Lombard expanded its offering across personal and commercial insurance categories. Its identified consumer lines include motor insurance for cars and two-wheelers, health insurance, home insurance, international travel insurance, overseas student travel insurance and weather insurance. Policy purchase and renewal have been available through intermediaries and the company’s website, allowing the business to combine traditional insurance distribution with digital access. The ownership structure began to change during the 2016 fiscal year. ICICI Bank sold a 9% stake in ICICI General to Fairfax at a reported valuation of ₹172.25 billion. Following the transaction, the two original partners were reported to hold approximately 64% and 35%, respectively. Fairfax-related ownership changed again when FAL Corporation sold its shares and exited ICICI Lombard on 16 October 2019. The supplied material does not provide a complete subsequent shareholder structure, so no present parent company is assigned here. Distribution partnerships became another part of the company’s development. In 2019, ICICI Lombard partnered with Karur Vysya Bank to sell bancassurance products. This arrangement used a banking channel to broaden access to insurance products and complemented the company’s own website and intermediary network. A major strategic change occurred in August 2020, when ICICI Lombard acquired Bharti AXA General Insurance through a share-swap transaction. The stated consideration provided Bharti AXA shareholders with two ICICI Lombard shares for every 115 Bharti AXA shares held. The combination was reported to create a business with combined annual premiums of approximately ₹16,447 crore. The transaction increased ICICI Lombard’s scale in the Indian general-insurance sector and represented a significant consolidation of private-sector insurance operations. The company has continued to operate as a nationwide Indian insurer. Reference material reports 312 branches and 840 virtual offices in 2024, supported by 13,670 employees. These figures describe a distribution and service model that combines physical locations, digital offices, online policy administration and intermediary relationships. ICICI Lombard became a listed company in India in 2017, although the supplied material does not specify the listing venue or initial-offering details. The company trades under the ticker ICICIGI. The reference material identifies it as the largest private-sector general insurance company in India and reports an 8.30% share of the general-insurance market as of February 2022. It also records profit-before-tax growth from ₹16.83 billion in fiscal 2022 to ₹21.12 billion in fiscal 2023, with profit after tax rising from ₹12.71 billion to ₹17.29 billion over the same period. A separate reference figure reports gross written premium of ₹306.18 billion for fiscal 2026; because the supplied material does not provide additional context or a primary financial-report link for that figure, it is not treated as a verified current financial statistic in this dossier.

2020
Bharti AXA General Insurance acquisition
[1]ICICI Lombarden.wikipedia.org
ICICI Lombard agreed to acquire Bharti AXA General Insurance through a share-swap transaction.
2019
Karur Vysya Bank bancassurance partnership
[1]ICICI Lombarden.wikipedia.org
The company partnered with Karur Vysya Bank to distribute insurance products through bank-based channels.
2019
Fairfax affiliate exits
[1]ICICI Lombarden.wikipedia.org
FAL Corporation sold its ICICI Lombard shares and exited the company on 16 October 2019.
2017
Listed on Indian stock exchanges
[1]ICICI Lombarden.wikipedia.org
ICICI Lombard became a publicly listed company in India. The supplied reference does not specify the exchange or offering details.
2016
ICICI Bank sells an additional stake to Fairfax
[1]ICICI Lombarden.wikipedia.org
ICICI Bank sold a 9% stake in ICICI General to Fairfax at a reported valuation of ₹172.25 billion.
2001
Company founded as an ICICI–Fairfax joint venture
[1]ICICI Lombarden.wikipedia.org
ICICI Lombard General Insurance was established by ICICI Bank and Fairfax Financial Holdings, with reported initial ownership of 64% and 36%, respectively.

Products and positioning

A large Indian private-sector general insurer combining broad non-life coverage with digital policy purchase, renewal and service capabilities.

Motor insurance
Car insurance
Car insurance is one of ICICI Lombard’s principal personal-lines offerings. It forms part of the company’s motor-insurance portfolio and is distributed through intermediaries and online channels. The supplied material identifies car insurance as a core product but does not specify individual cover options, exclusions, pricing structures or claims-service features.
Motor insurance
Two-wheeler insurance
Two-wheeler insurance serves owners of motorcycles and other two-wheeled vehicles in India. It extends the company’s motor offering beyond cars and is listed among the products available through ICICI Lombard’s distribution network and website. Detailed policy variants and historical launch information are not provided in the reference material.
Health insurance
Health insurance
Health insurance is a major ICICI Lombard business line and one of the company’s flagship consumer offerings. It represents the insurer’s participation in India’s private health-risk market. The supplied sources confirm the product category but do not provide enough detail to describe particular plans, benefits, network arrangements or claims conditions without adding unsupported information.
Property insurance
Home insurance
Home insurance covers the company’s property-oriented personal insurance activity. It is listed alongside motor, health and travel products as part of ICICI Lombard’s general-insurance portfolio. The available reference does not identify specific insured perils, property types, policy limits or product launch dates.
Travel insurance
International travel insurance
International travel insurance is designed for customers travelling outside India and is one of the company’s named travel products. It broadens ICICI Lombard’s personal-lines portfolio beyond domestic motor, health and property risks. The supplied material does not specify destination restrictions, assistance services or detailed coverage terms.
Travel insurance
Overseas student travel insurance
Overseas student travel insurance is a travel-oriented product for students studying outside India. Its inclusion indicates a distinct customer segment within the company’s international-travel business. No further details about eligibility, educational destinations, benefits or underwriting terms are supplied by the reference material.
Specialty insurance
Weather insurance
Weather insurance is a specialty product addressing risks associated with weather conditions. It demonstrates that ICICI Lombard’s portfolio extends beyond conventional motor, health, travel and household policies. The reference material names the product but does not explain its target customers, triggers, distribution model or historical development.

Brand decisions

2020
Acquisition of Bharti AXA General InsuranceM&A
Background
ICICI Lombard pursued scale and consolidation in India’s private general-insurance market.
Action taken
It agreed to acquire Bharti AXA General Insurance through a share-swap arrangement under which Bharti AXA shareholders would receive two ICICI Lombard shares for every 115 Bharti AXA shares held.
Aftermath
The transaction was reported to create a combined business with annual premiums of approximately ₹16,447 crore.
Combined annual premiums. Approximately ₹16,447 crore (Reported following the 2020 transaction)
Source
2019
Karur Vysya Bank bancassurance partnershipStrategy
Background
ICICI Lombard sought to distribute general-insurance products through banking relationships in addition to its existing intermediary and online channels.
Action taken
The company partnered with Karur Vysya Bank to sell bancassurance products.
Aftermath
The partnership added a bank-based distribution route, but the supplied sources do not quantify its subsequent contribution.
Source
2016
Stake realignment with FairfaxStrategy
Background
ICICI Bank and Fairfax were the original partners in the insurer, with ICICI Bank holding the larger stake. The ownership structure was adjusted during the 2016 fiscal year.
Action taken
ICICI Bank sold a 9% interest in ICICI General to Fairfax at a reported company valuation of ₹172.25 billion.
Aftermath
Following the transaction, the reported holdings were approximately 64% for ICICI Bank and 35% for Fairfax.
Reported company valuation. ₹172.25 billion (Fiscal 2016)
Source

Recent events

2022.03.23
Reported2022.03.23
ICICI Lombard and Airtel Payments Bank partner to offer smartphone insurance[3]ICICI Lombard与Airtel Payments Bank合作提供智能手机保险freepressjournal.in
ICICI Lombard partnered with Airtel Payments Bank to offer smartphone insurance to Airtel Payments Bank customers through the Airtel Thanks app; customers can now buy the coverage on the platform.
2022.03.10
Reported2022.03.10
ICICI Lombard launches BeFit digital campaign[4]ICICI Lombard推出BeFit数字营销活动freepressjournal.in
ICICI Lombard launched the #UnbelievableButTrue digital campaign to promote its BeFit rider policy, which provides cashless outpatient benefits and related healthcare services.
2021.07.27
Reported2021.07.27
SVAAS Wellness and ICICI Lombard announce outpatient wellness partnership[5]SVAAS Wellness与ICICI Lombard宣布门诊健康服务合作business-standard.com
SVAAS Wellness and ICICI Lombard announced a partnership for the pilot launch of a cashless outpatient offering in India, initially in Hyderabad and Visakhapatnam.
2021.06.01
Reported2021.06.01
ICICI Lombard and Microsoft partner on service-call audit automation[6]ICICI Lombard 与 Microsoft 合作自动化服务通话审计economictimes.indiatimes.com
ICICI Lombard partnered with Microsoft to use Azure artificial tools to automate quality checks of service calls and improve audit accuracy.
2021.02.17
Reported2021.02.17
Flipkart and ICICI Lombard partner to offer group insurance[7]Flipkart与ICICI Lombard合作提供团体保险aninews.in
Flipkart partnered with ICICI Lombard to offer group insurance policies to Flipkart consumers, including the Group SafeGuard product.
2020.12.18
Reported2020.12.18
RazorpayX launches group health insurance[8]RazorpayX推出团体健康保险yourstory.com
RazorpayX launched group health insurance for teams as small as two employees in partnership with Plum and ICICI Lombard. Businesses using Razorpay Payroll can access the offering.
2020.07.02
Reported2020.07.02
ICICI Lombard launches #RestartRight campaign[9]ICICI Lombard推出#RestartRight营销活动indiantelevision.com
ICICI Lombard launched the #RestartRight campaign in mass media, focusing on digital channels and new-age platforms such as OTT video streaming, to raise awareness of its health insurance solutions.
2020.07.02
Reported2020.07.02
ICICI Lombard updates health insurance portfolio[9]ICICI Lombard推出#RestartRight营销活动indiantelevision.com
ICICI Lombard revamped its health insurance portfolio and introduced new-age solutions aligned with the new normal, including tele-consultations, online medicine ordering and delivery, and insurance for treatment at home.
2020.06.09
Reported2020.06.09
PhonePe announces domestic multi-trip insurance service[10]PhonePe宣布推出国内多次旅行保险服务thehindubusinessline.com
PhonePe announced the launch of a domestic multi-trip insurance service in partnership with ICICI Lombard. The cover is available to PhonePe users for domestic trips.
2020.02.20
Reported2020.02.20
Realme PaySa and ICICI Lombard partner on screen protection insurance[11]Realme PaySa与ICICI Lombard合作推出屏幕保障保险businesstoday.in
Realme PaySa announced a strategic partnership with ICICI Lombard to offer an All Risk Insurance Policy, including screen damage cover for Realme phone users through the Realme PaySa app.

Sources16 sources

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