ICICI Lombard

ICICI Lombard General Insurance Company Limited is a general insurance company in India. It is engaged in general insurance, reinsurance, insurance claims management and investment management. The company has a Gross Written Premium (GWP) of Rs 147.89 billion (FY 2019). The firm offers policy insurance and renewal through its intermediaries and website. It markets assurance products including Car Insurance, Health Insurance, International Travel Insurance, Overseas Student Travel Insurance, Two Wheeler Insurance, Home Insurance and Weather insurance. ICICI Lombard has 265 branches and 910 virtual offices spread across the nation. Recently, it has entered into a strategic tie up with The Karur Vysya bank Ltd for bankassurance products.

Established in 2001, ICICI Lombard General Insurance Company is a joint venture between ICICI Bank- India’s second largest bank and Fairfax Financial Holdings Limited- a financial services company based in Toronto. ICICI Bank had 64% stake in the venture while Fairfax had 36% in the joint venture. ICICI Lombard General Insurance is the largest private sector general insurance company in India. In fiscal 2016, ICICI Bank sold a 9.0% stake in ICICI General to its joint venture partner, Fairfax Financial Holdings, at a company valuation of Rs 172.25 billion. Following the transaction, the share ownership in ICICI Lombard General Insurance Company of ICICI Bank and Fairfax Financial Holdings Limited is approximately 64% and 35%, respectively

ICICI General’s Gross Written Premium (GWP) was Rs 147.89 billion in fiscal 2019. ICICI Lombard led the private sector players in the general insurance sector with a market share of 15.6% and had an overall industry market share of 8.5%. The company witnessed an increase in policy volumes by 12.77% from 23.5 million in fiscal 2018 to 26.5 million in fiscal 2019. ICICI General’s profit before tax increased from Rs 11.96 billion in fiscal 2018 to Rs 15.98 billion in fiscal 2019. ICICI General’s profit after tax increased from Rs 8.62 billion in fiscal 2018 to Rs 10.49 billion in fiscal 2019.

SBI Life Insurance

SBI Life Insurance is a joint venture life insurance company between State Bank of India (SBI), the largest state-owned banking and financial services company in India, and BNP Paribas Cardif. BNP Paribas is a French multinational bank and financial services company with global headquarters in Paris. SBI owns 62.1% of the total capital and BNP Paribas Cardif 22% of the capital. Other investors are Value Line Pte. Ltd. and MacRitchie Investments Pte. Ltd., holding 1.95% of the total capital each and remaining 12% with Public. SBI Life Insurance has an authorized capital of ?20 billion (US$280 million)and a paid up capital of ?10 billion (US$140 million).

In 2007, CRISIL Ltd, a subsidiary of global rating agency Standard & Poor's, gave company a AAA/Stable/P1+ rating.

History

SBI life insurance is Public Limited Listed company. SBI Life Insurance Listed on BSE And NSE (Stock Exchange of India). SBI Life started as a joint venture with BNP Paribas in 2001. While in its initial stage its business was mainly from bancassurance channel, now it is developing its own agency team for selling its life insurance products.

HDFC Life

HDFC Life (HDFC Life Insurance Company Ltd.) is a long-term life insurance provider with its headquarters in Mumbai, offering individual and group insurance.

It is a joint venture between Housing Development Finance Corporation Ltd (HDFC), one of India's leading housing finance institution and Standard Life Aberdeen PLC, leading well known provider of financial savings & investments services in the United Kingdom. On 14 August 2015 HDFC Ltd. entered into a share sale agreement with Standard Life to sell a 9.00% stake in HDFC Life to the latter. The transaction is subject to receipt of regulatory approvals. Post the completion of the above transaction, HDFC will hold 61.65% stake in HDFC Life and Standard Life's stake will increase to 35.00%, with rest to be held by others.

HDFC Life has about 414 branches and presence in 980+ cities and towns in India. The company has also established a liaison office in Dubai.

HDFC Life distributes its products through a multi channel network consisting of Insurance agents, Bancassurance partners (HDFC Bank, Saraswat Bank, RBL Bank), Direct channel, Insurance Brokers & Online Insurance Platform.

Products & Services

HDFC Life's products include Protection, Pension, Savings, Investment, Health along with Children and Women plans. The company also provides an option of customizing the plans, by adding optional benefits called riders, at an additional price. The company currently has 29 retail and 8 group products, along with 7 optional rider benefits (as on 7 May 2018).

The MD & CEO of the company is Vibha Padalkar, Executive Director is Suresh Badami, Chief Financial Officer is Niraj Shah, Chief Operating Officer is Parvez Mulla, Chief Actuary & Appointed Actuary is Srinivasan Parthasarathy, Chief Investment Officer is Prasun Gajri, Bancassurance Alliances head and Chief Marketing Officer is Pankaj Gupta & Vibhash Naik heads the human resources as Head HR, Admin and L&D.

Corporate History

The Insurance Regulatory and Development Authority (IRDA) was constituted in 1999 as an autonomous body to regulate and develop the insurance industry. The IRDA opened up the market in August 2000 with the invitation for application for registrations. HDFC Life was established in 2000 becoming the first private sector life insurance company in India.

By 2001, the company had its 100th customer, strengthened its employee force to 100 and had settled its first claim. HDFC Life launched its first TV advertising campaign 'Sar Utha Ke Jiyo' in 2005. In 2006, a study conducted by the Brand Equity – Economic Times had put HDFC Life at 29th rank in the most trusted Indian Brands amongst the Top 50 Service Brands of 2010.

The Insurance Regulatory and Development Authority (IRDA) gave accreditation to HDFC Life for 149 training centres housed in its branches to cater to the mandatory training required to be given as well as for other sales training requirements in 2009.

In 2012, it the first private life insurance company to bring back pension plans under the new regulatory regime, with the launch of two pension plans - HDFC Life Pension Super Plus and HDFC Life Single Premium Pension Super.