ICICI Lombard has become the first private non-life insurer to overtake a Public Sector Unit (PSU) counterpart in terms of gross written premium. This comes one and a half decades after the Indian insurance industry opened up to private players.
In an industry dominated by PSU companies, ICICI Lombard overtook Oriental Insurance and was ranked fourth with market share of 11% for the quarter ended June 2016. ICICI Lombard reported a gross premium of ₹ 2,880 crore, a 41% increase from the previous year.
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ICICI Lombard also ranks third in the motor insurance segment, which forms a major chunk of the general insurance market, with premium income of ₹ 1,073 crore. Overall, the first quarter of the financial year was lucrative for non-life insurers, with a collective growth of nearly 17%. Private insurers grew at an accelerated rate of 21% compared to public sector companies (approximately 14%).
Mr. Bhargav Dasgupta, the MD and CEO of ICICI Lombard, believes that the growth is sustainable.
ICICI Lombard is India’s largest general insurance company. A joint venture between ICICI Bank and Prem Watsa-promoted Fairfax Financial Holdings, in which Indian promoter holding 73.19% stake, while the foreign promoter has 25.71% stake.