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ICICI Lombard Reviews

Mumbai, Maharashtra

5.0/ 5

1 review

ICICI Lombard General Insurance Company Limited, established in 2001, is India's leading private sector non-life insurer and the second-largest general insurance company overall. Headquartered in Mumbai, Maharashtra, the company operates as a key subsidiary of ICICI Bank, which holds a 51.6% majority stake. Originally formed as a joint venture between ICICI Bank and Toronto-based Fairfax Financial Holdings, the company witnessed a major structural shift when Fairfax completely exited its investment in 2019. A further significant expansion occurred in 2020, when ICICI Lombard acquired the general insurance business of Bharti AXA through a strategic share-swap deal, significantly boosting its consolidated premium base and market share. The company offers a comprehensive and well-diversified portfolio of insurance products designed for individual, corporate, and rural customers. Its core product lines include motor insurance—spanning private cars, two-wheelers, and commercial vehicles—as well as robust health insurance offerings tailored for individuals, families, and corporate groups. Additionally, ICICI Lombard provides coverage for property, marine cargo, engineering, liability, travel, home, and crop insurance. As of early 2025, the company held an estimated 8.7% market share based on Gross Direct Premium Income (GDPI), maintaining commanding positions across several commercial lines, such as marine and liability underwriting. Operationally, the company utilizes a powerful multi-channel distribution network. This infrastructure consists of 328 physical branches and 992 virtual offices spread across India, supported by an expansive workforce of over 140,000 individual agents, 800 brokers, and more than 300 corporate agents, including major banking partners. In tandem with its physical footprint, ICICI Lombard is a pioneer in digital transformation within the Indian financial sector. It is recognized as one of the first large-scale insurers in India to transition its core legacy architecture entirely to a cloud-native platform. This digital-first framework is anchored by its flagship wellness and customer utility application, IL TakeCare, which recorded over 18.4 million downloads. Reflecting this digital pivot, nearly 99.9% of the company's policies were issued electronically. Financially, ICICI Lombard is publicly traded on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) under the ticker ICICIGI. For the fiscal year ended March 31, 2026, the company demonstrated exceptional performance, reporting a Gross Written Premium (GWP) of INR 28,258 crore and a consolidated Profit After Tax (PAT) of INR 2,508 crore. The company maintains a remarkably strong capital position with a Solvency Ratio of 2.69x, well above the statutory regulatory requirement of 1.50x. Led by Managing Director and CEO Sanjeev Mantri, ICICI Lombard continues to emphasize customer-centricity and technological innovation under its core brand philosophy of 'Nibhaye Vaade'.