ICICI Lombard General Insurance, a leading general insurance company, has reported a significant increase in its net profit for the quarter ended September 30, 2024. The company’s net profit for the period rose by 20% to Rs 693.95 crore, compared to Rs 577.25 crore in the same period last year.

The insurer’s gross direct premium income, which is a key indicator of its business performance, also saw a significant uptick, increasing by 10.4% year-on-year to Rs 6,721 crore. This growth in premium income is attributed to the company’s strategic initiatives, including the expansion of its distribution channels and the launch of new products.

The company’s total income for the quarter also saw an increase, rising to Rs 5,850 crore from Rs 5,049 crore last year. This growth is a reflection of the company’s increased ability to generate revenue from its diverse range of products and services.

The company’s net claims ratio, which is a key metric for insurance companies, remained relatively stable at 71.4%. This indicates that the company has been able to maintain a balance between paying out claims to its customers and generating profits.

Overall, ICICI Lombard General Insurance’s strong financial performance is a testament to the company’s effective business strategies and its ability to adapt to the evolving market conditions. With its robust distribution networks and wide range of products, the company is well-positioned to continue to grow its business and meet the changing needs of its customers.

ICICI Lombard, a leading general insurance company in India, is proud to announce that its innovative “Game of Life” campaign has been featured in Impact’s “Hall of Fame” – Top 50 Ads of 2024. This prestigious recognition celebrates the most impactful campaigns across industries, with ICICI Lombard being one of the few BFSI (Banking, Financial Services, and Insurance) campaigns to be recognized.

The campaign, which blends the thrill of gaming with the realities of life’s uncertainties, presents insurance as a empowering tool to navigate challenges. The campaign’s success can be seen in its ability to engage audiences across platforms, with over 150 million people reached, 45.54 million views, and 120k+ meaningful engagements. The campaign has also seen significant success on social media platforms, with 72+ million impressions and a #1 trend on Meta (formerly Twitter) with over 3,500 retweets.

The campaign’s creative and innovative approach has not only driven awareness but also delivered tangible business outcomes, with a 36% increase in traffic on the campaign-landing page and a 17% rise in quotes for ICICI Lombard’s insurance products. This demonstrates the campaign’s effectiveness in engaging audiences and driving meaningful actions, reflecting the strategic integration of creativity and business objectives.

Sheena Kapoor, Head of Marketing, Corporate Communications & CSR, ICICI Lombard, commented on the recognition, stating that it is a “proud validation of our efforts to challenge the conventions of insurance marketing.” The campaign is a testament to the company’s commitment to connect with audiences in ways that are relatable, meaningful, and innovative. The company planned to engage millennials and Gen Z with an approach that reflects their world, leveraging the universality of gaming to communicate the vital role of insurance.

The “Game of Life” campaign is a result of ICICI Lombard’s commitment to innovation, leveraging gamification to redefine the perception of insurance and position the brand as a tech-centric ally that empowers individuals to make healthier choices while staying protected from unforeseen events. This accolade underscores the company’s dedication to delivering differentiated and meaningful communication that resonates with consumers, and its mission to enhance its brand equity through creative, relatable, and forward-thinking initiatives.

ICICI Lombard General Insurance Company Limited, a leading insurance firm, has been recognized by AM Best, a credit rating agency, for its strong financial performance and risk-adjusted capitalization. The company’s risk-adjusted capitalization is expected to remain at the strongest level in the medium term, backed by its financial flexibility and ability to raise capital. The company’s investment portfolio, while moderate-risk, includes exposure to higher-risk assets such as equities and unrated fixed-income securities.

The company’s operating performance has been strong, with a five-year average return-on-equity of 17.6% for the 2020-2024 period. Investment income, including capital gains, has offset underwriting losses. Although underwriting performance improved slightly in fiscal year 2024 due to lower motor and health insurance claims, the expense ratio increased. The company has also made progress in remediating its underwriting margins in early fiscal year 2025.

Additionally, ICICI Lombard is expected to enhance its underwriting risk selection through the use of technology and analytics. However, ongoing market competition may challenge its technical margins. Overall, AM Best’s assessment indicates that ICICI Lombard’s strong financial performance and risk-adjusted capitalization position it well for the future, despite the challenges it may face.

This recognition comes as ICICI Lombard continues to grow and expand its operations, and it highlights the company’s commitment to maintaining its strong financial position and underwriting standards.

ICICI Lombard has launched an AI-generated anthem for its travel insurance solution, TripSecure+, which is being played on RadioOne and on the company’s social and digital platforms until March 31. This innovative move marks a new direction in the insurance industry, aiming to make insurance more immersive, relatable, and engaging for modern travelers.

According to Sheena Kapoor, Head of Marketing, Corporate Communication, and CSR at ICICI Lombard, the launch of the AI-generated song is not just a creative experiment but a bold step towards redefining the perception of insurance. The company aims to blend technology, music, and storytelling to create deeper emotional connections with customers. TripSecure+ is not just a travel insurance plan, but a reassurance that provides coverage for travelers, no matter where they go.

TripSecure+ is an AI-powered travel insurance solution that offers several features, including visa rejection protection, adventure sports coverage, car rental protection, and pre-existing condition cover. By using AI and digital engagement, ICICI Lombard is pushing the boundaries of how insurance integrates seamlessly into the customer journey.

The AI-generated anthem is a unique way for ICICI Lombard to stand out in the market and showcase its innovative approach to insurance. With the rise of digital technology, the insurance industry is evolving rapidly, and ICICI Lombard is at the forefront of this transformation. By using AI-generated content, the company is making insurance more accessible, relatable, and engaging for its customers. The innovative approach aims to rebrand insurance as an experience rather than just a necessity, making it more appealing to a younger generation of customers.

ICICI Lombard’s Caring Hands CSR initiative has launched a new campaign to highlight the often-overlooked issue of vision problems affecting millions of schoolchildren in India. The campaign, which is a 100% employee volunteering initiative, aims to raise awareness and encourage solutions to improve children’s sight and future prospects. A powerful story is shared, highlighting the daily struggles of a young student who is unable to see clearly, affecting their academic performance and self-esteem.

According to the World Health Organization, 3.4 million children in India suffer from undiagnosed vision issues. The Caring Hands campaign aims to bring attention to this issue and promote change. The initiative has already made a significant impact, with over 500,000 children tested, 50,000 spectacles provided, and 100% employee volunteering demonstrating corporate India’s commitment to social change.

The campaign is not just about conducting eye tests and providing spectacles, but about bringing to light the invisible struggles of millions of children in India. The initiative incorporates employee volunteering, where ICICI Lombard employees work alongside ophthalmologists to coordinate with schools and ensure children receive prescribed spectacles. The Caring Hands campaign shows that corporate intervention can make a significant difference in addressing critical healthcare challenges faced by India’s young population. As Sheena Kapoor, Head of Marketing, Corporate Communications and CSR at ICICI Lombard, notes, “Caring Hands is not just about eye check-ups; it’s about bringing invisible struggles to light.”

ICICI Lombard General Insurance Company Limited has received a tax demand of ₹273,44,50,284 from the Additional Commissioner of CGST & Central Excise, Palghar Commissionerate. The order relates to an industry-wide issue regarding the applicability of Goods and Services Tax (GST) on salvage and ineligible Input Tax Credit (ITC) on motor claims settled. The order has two main findings:

1. The company’s deduction of the value of scrap/salvage/wreck from motor vehicle claims payable is considered a supply under Section 7 of the CGST Act.
2. The company had mistakenly availed and utilized ITC on the strength of tax invoices issued by repairers/motor garages, in case of claims settled under the reimbursement mode.

The company had deposited an amount of ₹104,13,18,970 under protest, which was disclosed in its financial statements for the financial year ended March 31, 2024. The order seeks to appropriate this amount, which has been deposited by the company without accepting any liability. This development may impact the company’s financial performance and its relationship with its stakeholders. The issue is likely to set a precedent for the insurance industry, and other companies may need to re-evaluate their practices and compliance with GST regulations.