ICICI Bank and Fairfax Financial Holdings are looking to sell a part of their stake in ICICI Lombard General Insurance Company through the latters initial public offering (IPO) of equity.
On Monday, in a filing to BSE, ICICI bank said that their board of directors have approved a part in its general insurance company and that the size and other details of the offer would be determined in due course. Recently, ICICI Lombard’s foreign joint venture partner Fairfax sold 12.18 per cent in ICICI Lombard to private equity firms Warburg Pincus, IIFL Special Opportunities Fund and Clermont Group. This deal had valued ICICI Lombard at Rs 20,300 crore.
ICICI Lombard GIC Ltd. is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, a Canada based diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
The bank’s life insurance venture ICICI Prudential Life Insurance is the first and only listed insurance entity in India.
For FY 2017, ICICI Lombard General Insurance collected gross domestic premium income of Rs 10,725.9 crore. Net profit grew by 38.3% to Rs 701 crore for the fiscal.