PREM WATSA OWNED FAIRFAX SOLD 12.18% STAKE IN ICICI LOMBARD GENERAL INSURANCE

ICICI LOMABRD GENERAL INSURANCE COMPANY LIMITED, incorporated in Year 2000, is a Joint Venture between ICICI Bank Limited and Fairfax Financial Holdings Limited, a Canada based diversified financial services company. ICICI Lombard provides all types of insurance services to customers across the country and beyond with its 257 no. of branches as on March 2016.

Fairfax Owned by Prem Watsan sold 12.18% stake in ICICI Lombard General Insurance Company. Fairfax sold stake to three parties’ i.e Red Bloom Investment Ltd – 9%, Tamarind Capital Pte. Ltd – 1.59% and IIFL Special Opportunity Fund – 1.59%. The Stake sale is subject to government and regulatory approval.

This Share Transfer agreement shall bring down the shareholding of Fairfax to 22.13 % & ICICI Bank shall hold 63.31% holding. Valuation of the company has almost increased by 20% since 2016 when Fairfax had bought 9% stake from ICICI Bank on FDI approval at valuation of 17000+ crs and today Fairfax is selling 12.18% stake valuing the company at 20,300 crs.

RESULT HIGHLIGHTS FOR YEAR ENDED MARCH 2017

PARTICULAR	MARCH 2017	MARCH 2016
NET PREMIUM	6163.61	4821.62
TOTAL INCOME	1018.49	722.09
PAT	701.88	507
EPS	15.66	11.35
RESERVES	3271.14	2728.11
INVESTMENT	15078	11562
RONW (%)	19%	16%
NET EARNING (%)	11%	11%
SOLVENCY RATIO	2.10X	1.82X

(Read – Audited Result Year 2017)

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