ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings Ltd. The company is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2017. It was valued at Rs 20,300 crore as per the last deal.
The issue consists of offer for sale of up to 3,17,61,478 equity shares by promoter ICICI Bank, up to 5,44,85,709 shares by investor Fal Corporation. The issue also include a reservation of up to 43,12,359 equity shares for purchase by ICICI Bank shareholders.
Canadian billionaire Prem Watsa-led Fairfax Financial Holdings has received approval of Reserve Bank of India (RBI) to acquire up to 51% stake in Kerala-based Catholic Syrian Bank (CSB). Foreign direct investment in private banks continues to be capped at 74%.
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The proposed Rs 1,000 crore investment will allow CSB to increase its assets 10 times. The bank’s focus will be on small and medium enterprises, gold, and retail, while it may not be aggressive on corporate lending.
During the first half of the financial year 2016 -17 Catholic Syrian Bank has registered the highest ever net profits during the first half, in the entire history of the 96 year old organization. Backed by surge in treasury profits on account of favorable interest rate movements, effective management of stressed assets, improvement in CASA and asset growth and strict control over operating expenses, the bank has recorded a net profit of Rs. 53 crore in H1 of 2016-17 as against a loss of Rs. 41 crore during H1 of previous year. The operating profit of the Bank for the first half was Rs. 95 Crore.
Some of the well known shareholders of Catholic Syrian Bank include LuLu Group MD Yusuffali M.A., Federal Bank, Bridge India Fund, and Edelweiss Finance and Investments.
Catholic Syrian Bank is a full service bank offering Neighborhood Banking, NRI Services, SME and Wholesale banking services through it’s 430 branches and 240 ATMs across the country.
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.
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.