|
Report Date : |
22.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
30.10.2000 |
|
|
|
|
Com. Reg. No.: |
11-129408 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4365.839
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67200MH2000PLC129408 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMI03974F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Insurance Services. |
|
|
|
|
No. of Employees
: |
4264 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 60000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Joint Venture between ICICI Bank Limited, The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Claims Paying Ability = iAAA |
|
Rating Explanation |
Highest claims paying ability fundamentally strong position, Prospect
of meeting policy holder obligations is the best |
|
Date |
January 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non Co-operative (91-22-61961100)
LOCATIONS
|
Registered Office : |
ICICI Bank Towers, Bandra-Kurla Complex, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-26531414 |
|
Fax No.: |
91-22-26531230 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Zenith House Keshav Rao, Khadye Marg, 2nd Floor, Opposite
Race Course, Mahalaxmi, Mumbai – 400 034, |
|
Tel. No.: |
91-22-24906999 |
|
E-Mail : |
|
|
|
|
|
Mailing Address : |
ICICI Lombard House, 414, Veer Savarkar Marg, Prabhadevi, Mumbai – 400
025, |
DIRECTORS
As on 31.03.2012
|
Name : |
Chanda Kochhar |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
R. Athappan |
|
Designation : |
Director |
|
|
|
|
Name : |
B.V. Bhargava |
|
Designation : |
Director |
|
|
|
|
Name : |
Dileep Choksi |
|
Designation : |
Director |
|
|
|
|
Name : |
Zarin Daruwala |
|
Designation : |
Director (w.e.f. October 18, 2010) |
|
|
|
|
Name : |
N.S. Kannan |
|
Designation : |
Director |
|
|
|
|
Name : |
S. Mukherji |
|
Designation : |
Director |
|
|
|
|
Name : |
Chandran Ratnaswami |
|
Designation : |
Director |
|
|
|
|
Name : |
M.K. Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
H. N. Sinor |
|
Designation : |
Director |
|
|
|
|
Name : |
Bhargav Dasgupta |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Alok Kumar Agarwal |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
|
|
|
|
Name : |
Neelesh Garg |
|
Designation : |
Executive Director (w.e.f. January 19, 2011) |
KEY EXECUTIVES
|
Board Governance
Committee : |
v M.K. Sharma (Chairman) v Chanda Kochhar v Chandran Ratnaswami v
H. N. Sinor |
|
|
|
|
Investment
Committee : |
v Chandran Ratnaswami (Chairman) v N.S. Kannan (Director) v Bhargav Dasgupta v
Liyaquat Khan Appointed
Actuary v S. Gopalakrishnan v Rakesh Jain (upto October 20, 2011) v Rajive Kumaraswami (upto April 13, 2012) v
Gopal Balachandran (w.e.f. October 20, 2011) |
|
|
|
|
Audit Committee
: |
v Dileep Choksi (Chairman) v R. Athappan v S. Mukherji v
H. N. Sinor |
|
|
|
|
Risk Management
Committee : |
v S. Mukherji (Chairman) v R. Athappan v H. N. Sinor v
Bhargav Dasgupta |
|
|
|
|
Policyholder
Protection Committee : |
v M.K. Sharma (Chairman) v S. Mukherji v Chandran Ratnaswami v
Bhargav Dasgupta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters |
|
|
|
- Indian |
320635518 |
73.44% |
|
- Foreign |
112655031 |
25.80% |
|
Others - Employees |
3293364 |
0.76% |
|
|
|
|
|
Total |
436538913 |
100.00% |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance Services. |
|
|
|
|
Services : |
General Insurance |
GENERAL INFORMATION
|
No. of Employees : |
4264 (Approximately) |
|
|
|
|
Bankers : |
ICICI Bank Limited |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
PKF Sridhar and Santhanam Chartered Accountants |
|
|
|
|
Name 2 : |
Khandelwal Jain and Company Chartered Accountants |
|
|
|
|
Holding Company : |
ICICI Bank Limited |
|
|
|
|
Fellow Subsidiary : |
· ICICI Bank UK PLC · ICICI Eco-net Internet and Technology Fund · ICICI Emerging Sectors Fund · ICICI Equity Fund · ICICI Home Finance Company Limited · ICICI Prudential Asset Management Company Limited · ICICI Prudential Life Insurance Company Limited · ICICI Securities Limited · ICICI Securities Primary Dealership Limited · ICICI Strategic Investments Fund · ICICI Venture Funds Management Company Limited |
|
|
|
|
Venture in Joint
Venture : |
FAL Corporation (Affiliate of Fairfax Financial Holdings Limited) |
CAPITAL STRUCTURE
As on 14.06.2012
Authorised Capital: Rs.4500.000 Millions
Issued, Subscribed & Paid-up Capital:
Rs.4370.031 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.10/- each |
Rs.4500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
436583913 |
Equity Shares |
Rs.10/- each |
Rs.4365.839 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4365.839 |
4045.672 |
4036.327 |
|
|
2] Share Application Money (Pending Allotment) |
1.882 |
3402.304 |
1.870 |
|
|
3] Reserves & Surplus |
14201.514 |
11262.593 |
12694.906 |
|
|
4] (Accumulated Losses) |
(3986.753) |
0.000 |
0.000 |
|
|
5] Fair value change account |
495.909 |
729.314 |
1191.293 |
|
|
NETWORTH |
15078.391 |
19439.883 |
17924.396 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15078.391 |
19439.883 |
17924.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3995.973 |
3881.266 |
1433.378 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
60336.193 |
46652.974 |
37605.728 |
|
|
DEFERRED TAX ASSETS |
261.721 |
472.868 |
452.876 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000
|
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000
|
|
|
Cash & Bank Balances |
4257.374
|
3900.055
|
503.447
|
|
|
Other Current Assets |
0.000
|
25948.950
|
26257.374
|
|
|
Loans & Advances |
36400.293
|
1430.752
|
1067.365
|
|
Total
Current Assets |
40657.667
|
31279.757
|
27828.186 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1841.090 |
1801.418 |
1423.852 |
|
|
Other Current Liabilities |
68288.545
|
46614.085
|
35312.528
|
|
|
Provisions |
20043.528
|
14431.479
|
12659.392
|
|
Total
Current Liabilities |
90173.163
|
62846.982
|
49395.772
|
|
|
Net Current Assets |
(49515.496)
|
(31567.225)
|
(21567.586)
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15078.391 |
19439.883 |
17924.396 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
1. Operating profit/(loss) |
|
|
|
|
(a) Fire
Insurance |
(236.023) |
(270.698) |
51.145 |
|
(b) Marine
Insurance |
(209.368) |
(222.018) |
52.525 |
|
(c)
Miscellaneous Insurance |
(4223.486) |
(1313.590) |
47.850 |
|
|
|
|
|
|
2. Income from
investments |
|
|
|
|
(a) Interest
/Dividend & Rent – Gross |
872.639 |
915.583 |
783.696 |
|
(b) Profit on
sale/redemption of investments |
179.494 |
452.785 |
858.855 |
|
Less : loss on sale/redemption
of investments |
(50.551) |
(20.401) |
(95.566) |
|
|
|
|
|
|
3. Other income |
|
|
|
|
(a) Interest
income on tax refund |
32.381 |
13.410 |
0.000 |
|
(b) Profit on
sale/discard of fixed assets |
15.467 |
11.399 |
2.422 |
|
Total (A) |
(3619.447) |
(433.530) |
1700.927 |
|
|
|
|
|
|
4. Provisions
(Other than taxation) |
|
|
|
|
(a) For
diminution in the value of investments |
0.000 |
0.000 |
0.000 |
|
(b) For doubtful
debts |
279.591 |
270.369 |
30.670 |
|
(c) Others |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
5. Other
expenses |
|
|
|
|
a) Expenses
other than those related to Insurance Business |
|
|
|
|
(i) Employees’
remuneration and benefits |
10.098 |
11.615 |
6.345 |
|
(ii) Managerial
remuneration |
9.206 |
1.206 |
0.000 |
|
(iii) Directors’
fees |
0.660 |
0.740 |
0.640 |
|
(b) Bad debts
written off |
0.735 |
25.000 |
0.000 |
|
(c) Loss on
sale/discard of fixed assets |
32.408 |
80.960 |
80.219 |
|
Total (B) |
332.698 |
389.890 |
117.874 |
|
|
|
|
|
|
Profit / (Loss)
before tax |
(3952.145) |
(823.420) |
1583.053 |
|
Provision for
taxation: |
|
|
|
|
(a) Current tax
/MAT payable |
0.000 |
0.000 |
227.180 |
|
Tax for earlier
year- MAT |
0.000 |
0.000 |
28.794 |
|
Less : MAT
credit entitlement |
0.000 |
0.000 |
(255.974) |
|
(b) Deferred tax
(Income) / Expense |
211.147 |
(19.992) |
143.774 |
|
(c) Fringe
benefit tax |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
after tax |
(4163.292) |
(803.428) |
1439.279 |
|
|
|
|
|
|
Appropriations |
|
|
|
|
(a) Interim dividends
paid during the year |
0.000 |
565.889 |
645.248 |
|
(b) Proposed
final dividend |
0.000 |
0.000 |
0.000 |
|
(c) Dividend
distribution tax |
0.000 |
93.994 |
109.660 |
|
(d) Transfer to
General Reserves |
0.000 |
105.190 |
107.946 |
|
|
|
765.073 |
862.854 |
|
|
|
|
|
|
Balance of Profit / (Loss) brought forward from
last year |
176.539 |
1745.040 |
1168.615 |
|
|
|
|
|
|
Balance carried forward to Balance sheet |
(3986.753) |
176.539 |
1745.040 |
|
|
|
|
|
|
Earning Per Share (Rs.) |
|
|
|
|
- Basic |
(9.56) |
(1.99) |
3.57 |
|
- Diluted |
(9.56) |
(1.99) |
3.51 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.85)
|
(2.34)
|
5.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.26)
|
(0.04)
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45
|
0.50
|
0.56 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Sundry Creditors |
1841.090 |
1801.418 |
1423.852 |
|
|
|
|
|
|
Total |
1841.090 |
1801.418 |
1423.852 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CHARGES DETAILS
|
Entity |
Competent Authority |
Regulatory Charges |
Regulatory Action(S) / Date of Order |
|
|
IRDA |
Did not exercise due diligence in terms of clause 5 of guidelines in matter of renewal of licence of corporate agents Did not refer application to irda for exercising powers vested in it under IRDA act, 1999 and IRDA (licensing of corporate agents) regulations, 2002 in matter of grant of license to corporate agents |
Imposed penalty Rs.0.500 Million |
|
|
IRDA |
Did not follow proper claim procedure
|
Directed to modify claim procedure Rs.0.00 |
|
|
IRDA |
Allowed maximum discount in pravasi bharatiya bima yojana policies across the board without exercising discretion to the facts of each case |
Imposed penalty Rs.0.500 Million |
|
|
IRDA |
Did not follow file and use guidelines at the time of renewal of mega risk policy for refineries division of Indian Oil Corp. Limited. Did not submit photocopy of placement slip to IRDA in matter of renewal of mega risk policy for refineries division of Indian Oil Corp. Limited. |
Imposed penalty Rs.0.500 Million |
BACKGROUND
Subject was incorporated on October 30, 2000 and is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. The Company obtained Regulatory approval to undertake General Insurance business on August 3, 2001 from the Insurance Regulatory and Development Authority (‘IRDA’) and has also obtained its certificate of renewal of registration with validity until March 31, 2013.
INDUSTRY OVERVIEW
The gross premium of the industry for the period April 2011 - March 2012 grew from Rs.445.35 billion to Rs.547.62 billion on a year-on-year basis, a growth of about 23%. The market share of private sector General Insurance companies for the corresponding period grew marginally from 40.1% to 41.1%. ICICI Lombard led the private players in General Insurance sector with a market share of 22.9% and an overall industry market share of 9.4% (including specialised health insurance companies).
FINANCIAL HIGHLIGHTS
Insurance Regulatory and Development Authority (IRDA) in FY2011 had instructed all General Insurance companies to provisionally provide for pool losses at 153% loss ratio for underwriting years 2008 to 2011, subject to peer review of the report. Accordingly, Subject had provided additionally Rs.2.72 billion in FY2011 towards third party pool reserves and infused capital to maintain the desired solvency ratio.
IRDA had carried out the peer review of the report of consultant actuary to evaluate the liabilities of the third party pool reserves and assess the adequacy of reserves through Government Actuary’s Department (GAD), U.K. Based on the report, IRDA vide order dated January 3, 2012 had directed all General Insurance companies to provide reserves based on the ultimate loss ratios at the lower end i.e. 159%, 188%, 200% and 213% respectively for underwriting years 2008 to 2011.
IRDA vide its order dated March 22, 2012 further directed all insurers that liabilities related to the Pool for underwriting years 2008 and 2009 be accounted and recognised in full in FY2012. In respect of the liabilities pertaining to underwriting years 2010 to 2012, IRDA has given a choice to either recognise the liabilities in FY2012 itself or treat it as an expense over a period of three years on straight line basis, beginning FY2012. Further through a separate order issued on same date, IRDA declared the ultimate loss ratio for underwriting year 2012 at 145%.
The Company recognised additional liability of Rs. 6.85 billion pertaining to motor third party pool in FY2012. This includes provision of additional liability for underwriting year 2008 of Rs. 0.98 billion since the actual loss experience has exceeded the ultimate loss ratio prescribed at the lower end of GAD estimate.
Based on above, the Company has reported loss after tax of Rs. 4.16 billion in FY2012. The solvency margin ratio of the Company at March 31, 2012 stood at 136% which is above the requirement of 130% prescribed by IRDA for FY2012.
IRDA had also ordered for dismantling of existing Indian Motor Third Party Insurance Pool (IMTPIP) with effect from March 31, 2012 and set up a framework for Indian Motor Third Party Declined Risk Insurance Pool (Declined Risk Pool) for commercial vehicles. The Declined Risk Pool is effective from April 1, 2012.
IRDA vide its order dated March 27, 2012 also announced an increase in the premium of motor third party liability cover effective April 1, 2012 in order to give effect to the higher loss ratios. The increase in premium rates with annual adjustments is based on the cost inflation index and other parameters such as average claim amount, frequency and expenses involved in servicing motor third party business.
WHISTLE BLOWER POLICY
Subject has a whistle blower policy which is designed to provide its employees, a channel for communicating instances of breach in the code of conduct, legal violation, actual or suspected fraud and other irregularities. The framework of the policy strives to foster responsible and secure whistle blowing.
REGISTRATION
The certificate of registration of Subject has been renewed by IRDA for FY2013.
CAPITAL
The total capital invested by shareholders till March 31, 2012 including share premium, was Rs. 18.25 billion. The net worth of Subject stood at Rs. 15.07 billion at March 31, 2012 as compared to Rs. 19.44 billion at March 31, 2011.
CONTINGENT LIABILITIES:
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Statutory
demands/liabilities in dispute, not provided for (Note) |
728.615 |
392.421 |
|
|
|
|
Note: The Company has disputed the demand raised by Income Tax authorities of Rs. 655.071 Millions and Service Tax authorities of Rs. 73.544 Millions (previous year: Income tax of Rs. 392.421 Millions), the appeals of which are pending before the appropriate Authorities.
FIXED ASSETS
v Goodwill
v Intangibles – Computer Software
v Land – Freehold
v Leasehold Property
v Buildings
v Furniture and Fittings
v Information Technology Equipment
v Vehicles
v Office Equipment
AS PER WEBSITE
PRESS RELEASES
ICICI LOMBARD AWARDED
PRESTIGIOUS PORTER PRIZE
OCTOBER 11, 2012
MUMBAI, October 11, 2012 /PRNewswire/ --
Award Conferred in the Category 'Creating Shared Value' for Achieving
Responsible Economic Success Through Sustainable Business Models
Recognizes ICICI Lombard's Initiatives in the Area of Mass and Micro Insurance for Economically Weaker Sections of Society
ICICI Lombard General Insurance Company Limited (ICICI Lombard), India's largest private sector General Insurance Company, has been awarded the prestigious Porter prize in the category 'Creating Shared Value'. The award bestowed by the Institute of Competitiveness and named after Professor Micheal E. Porter recognizes ICICI Lombard's efforts in achieving responsible economic success in the area of mass and micro insurance for the economically weaker sections of the society.
Commenting on the occasion, Mr. Bhargav Dasgupta, MD and CEO, ICICI Lombard GIC Limited. said, "We are honored to receive the coveted Porter Prize in the category 'Creating Shared Value'. ICICI Lombard has been the frontrunner in terms of product innovation in the insurance industry having pioneered the Weather Based Crop Insurance Scheme which has covered over 3 million farmers across 11 states till date. This award is a testimony to the fact that companies can meet social needs while better serving existing markets, accessing new ones, or lowering costs through innovation."
Dr. Amit Kapoor, Honorary Chairman, Institute for Competitiveness, India said, "The awards are a fitting recognition towards the efforts of industry leaders like ICICI Lombard who have been able to showcase exemplary strategic acumen for the larger benefit of society."
The award, being conferred for the first time in India, selected the best Indian companies through a three stage process assessing them on a robust framework. The central idea of the Porter Prize is to propel companies to compete on the basis of value creation, innovation and strategy. The premise behind creating shared value is the ability of a company in creating an efficient and mutually dependent ecosystem benefiting the associated communities while enhancing the competitiveness of the company. ICICI Lombard has successfully recognized and capitalized on this to foster societal and economic progress.
The Financial Inclusion Solutions Group at ICICI Lombard which manages the Weather Insurance portfolio has been continuously leveraging its product expertise and offering cost effective services supported by innovative technology solutions to reach the economically weaker sections of society.
About ICICI Lombard
General Insurance Company Limited.
ICICI Lombard GIC Limited is a joint venture between ICICI Bank Limited, India's second largest bank with consolidated total assets of over USD 91 billion at March 31, 2012 and Fairfax Financial Holdings Limited, a Canada based USD 30 billion diversified financial services company engaged in general insurance, reinsurance, insurance claims management and investment management.
ICICI Lombard GIC Limited is the largest private sector general insurance company in India with a Gross Written Premium (GWP) of Rs 53580.000 Millions for the year ended March 31, 2012. The company issued over 76 lakh policies and settled over 44 lakh claims and has a claim disposal ratio of 99% (percentage of claims settled against claims reported) as on March 31, 2012.
The company has been conferred the "Golden Peacock Award 2012" for
Corporate Social Responsibility, "Golden Peacock Innovation
Award-2010" for Rashtriya Swasthya Bima Yojana. It also received the
"Skoch Financial Inclusion Award-2011" in the micro finance category.
The company has been conferred with 'NASSCOM - CNBC TV18 IT User Award 2010'
for Best Technology Implementation in the Insurance Sector. It has been awarded
CNBC Awaaz Consumer Award 2010 for being the 'most preferred brand' in the
General Insurance category. ICICI Lombard Auto Insurance has been rated highest
in customer satisfaction by J.D. Power Asia Pacific in India among 11 auto
insurance providers. It was awarded Customer and Brand Loyalty award in the
'Insurance Sector - Non-Life' at the 3rd Loyalty awards, 2010 and the 'General
Insurance Company of the Year' at the 11th Asia Insurance Industry Awards.
ICICI LOMBARD GENERAL
INSURANCE OVER RS. 15000.000 MILLIONS GROSS WRITTEN PREMIUM (GWP) IN Q2-FY '13
NOVEMBER 02, 2012
Maintains Leadership Position Among Private Players in GI Industry
Gross Written Premium at Rs. 1517.000 Millions
2 Mn Policies Issued in Q2-FY '13
Profit After Tax (PAT) at Rs. 1010.000 Millions
ICICI Lombard General Insurance Company Limited maintained its leadership position among the private sector General Insurance (GI) companies in Q2-FY '13 having garnered GWP of Rs. 15170.000 Millions. The impressive performance in GWP was on the back of robust growth (26.3%) in the number of policies issued (2 Mn) over the corresponding period in the previous financial year.
Registering a strong performance on the profitability front, the company crossed the Rs. 1000.000 Millions mark in profit after tax for a quarter having recorded PAT of Rs. 1010.000 Millions compared to Rs. 560.000 Millions for Q2-2012.
Commenting on the performance, Mr. Bhargav Dasgupta, Managing Director and CEO, ICICI Lombard General Insurance Company Limited said, "We are deeply encouraged by our performance last quarter as it reinforces the customer's confidence in our products and claim servicing capabilities. As we progress through the year, we shall strive hard to further enhance our service capabilities and launch new initiatives which will meet the constantly evolving needs of our customers."
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.48 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.72.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.