ICICI Lombard General Insurance Company Limited is among India’s leading private sector general insurance companies.Harnessing the power of technology, it offers innovative protection to individuals and businesses of all sizes, in both rural and urban areas.
The ICICI Lombard, ICICI Lombard, as a leading private non-life insurer has released its 2019-20 annual report, which details key statutory financial information and activities of the Company in FY 2020. Report provides insights into strategy, matters that are material, and the challenges and associated risks in achieving longterm objectives in context of the external operating environment. The report contains statements that relate to the Company’s future operations and performance.
It serviced 26.2 million policies in FY 2020 and honoured over 1.8 million claims. A key measure of an insurer’s ability to settle claims efficiently is the claim settlement response time. In FY2020, it settled 99.9% health claims and 93.2% motor claims within 30 days.
It contributed Rs. 50 million to PM CARES Fund.
Employee Gender Diversity: Male (82.5%) 7,419 and Female (17.5%) 1,577. Total CSR Spending stood Rs. 242.3 million. The prescribed CSR expenditure requirement for FY2020 was Rs. 240.0 million.
The average net profit of the Company for the last three financial years calculated as specified by the Act was Rs. 11,999.6 million.
The novel Coronavirus contagion has been the greatest challenge faced in recent memory and urgent for the human society. It is no exaggeration to say that COVID-19 has completely redefined the idea of ‘risk’, both in terms of public health and business continuity.
Gross Domestic Premium Income (GDPI) rose to Rs. 133.02 billion (excluding crop insurance), registering a growth of 10.5% over FY2019. GDPI stood at Rs 133.13 billion in FY2020 compared to Rs 144.88 billion in FY2019, a de-growth of 8.1%.
The reason we did not underwrite crop insurance in FY2020 was primarily due to changes in reinsurance terms which have adversely impacted the ability to produce consistent and sustainable underwriting performance over the medium term., report said.
Profit After Tax (PAT) for the year increased to Rs. 11.94 billion, registering a growth of 13.8%. Return on Average Equity (ROE) remained above 20% mark, coming in at 20.8% in FY2020. Solvency ratio was at 2.17x, higher than the minimum regulatory requirement of 1.50x, report added.
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