ICICI Bank increases its ownership in ICICI Lombard General Insurance; acquiring a 1.4% stake

28 Feb 2024 , 10:03 AM

On Tuesday, ICICI Bank purchased an additional 1.4% ownership in ICICI Lombard General Insurance Company through the open market for ₹1,164 Crore.

The lender purchased 69,82,852 shares via several block trades on the stock markets for ₹1,666.35 per share.

As of December 31, the private-sector lender owned 47.91% of the insurance giant. In a separate transaction, Bharti Enterprises sold its 1.3% share in ICICI Lombard General Insurance for ₹1,042 Crore. It sold 62,50,900 shares for ₹1,666.35 per share.

In a separate transaction, Fidelity Funds sold 222,668 shares of the general insurance company for ₹1,666.35 each for ₹37 Crore. Encouraged by promoter purchasing, shares of the general insurance giant closed nearly 5% higher on the BSE at ₹1,728.55.

ICICI Lombard General Insurance Company Limited is a general insurance provider in India. It specialises in general insurance, reinsurance, insurance claims management, and investment management.

The firm has a Gross Written Premium (GWP) of ₹217.71 Billion for FY2023. It provides policy insurance and renewal services through its intermediaries and website. It offers assurance goods such as car insurance, health insurance, international travel insurance, overseas student travel insurance, two-wheeler insurance, home insurance, and weather insurance.

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