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ICICI Lombard is India’s largest general insurance company with gross written premiums of about $1 billion for the year ended March 31, 2015. 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.
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Finance Minister Arun Jaitley in Union Budget on 29 February 2016 announced that all 49% of foreign investment limit in private insurance companies could come through the automatic route. However, management and control of insurance companies would have to be in the hands of Indian entities.
This is a major positive for ICICI Lombard as it will make raising funds easier following the revised FDI norms. Fairfax Financial Holdings had said in 2015 that it will increase its stake in ICICI Lombard General Insurance to 35%, from 25.7%. That transaction valued the company at Rs 17,225 crore. As per calculation, ICICI Lombard’s per share valuation come at Rs 375 per share. Shares are currently available at much lesser price that that.