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 contributed Rs. 50 million to PM CARES Fund. The company has spent 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.
As per Section 135 of the Indian Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its average net profit computed as mandated by the Act for the immediately preceding three financial years on CSR activities. The Act prescribes that every company having a net worth of Rs. 500 crore or more, or turnover of Rs. 1,000 crore or more, or a net profit of Rs. 5 crore or more during any financial year shall ensure that it spends, in every financial year, at least 2% of the average net profits computed as mandated by the Act, in pursuance of its CSR Policy.
Also Read: ICICI Lombard serviced 26.2 million policies in FY 2020
