ICICI Lombard General Insurance Company is planning on widening its portfolio betting on small and medium enterprises (SMEs) sector now. The big-shot private sector insurance player has set its mind upon widening the net and shift focus on newer areas beyond general insurance for an accelerated growth.
In an interaction with media persons, ICICI Lombard General Insurance Chief Financial Officer (CFO) Gopal Balachandran said, “Insurance penetration in SME sector is very low, so it offers high potential for growth. At present, contribution from this key sector to our business mix is not significant. Going forward, we will focus on this segment.”
The Finance Officer was speaking at the company’s Initial Public Offering (IPO) road-show in Hyderabad.
He informed that the company is attracting a major chunk of its Gross Direct Premium Income (GDPI) from segments like motor, health and personal accident, and crop/weather, which account for 36.5 per cent, 18.2 per cent and 21.8 per cent share respectively.
ICICI Lombard GIC Ltd is one of the leading private sector general insurance companies in India with a Gross Written Premium (GWP) of Rs 109.60 billion for the year ended March 31, 2017. The company issued over 17.73 million policies and settled over 2.18 million claims as on March 31, 2017.
The insurer is all set to hit the capital markets in near future. It plans on raising funds via initial public offering (IPO) through book building process. The IPO will open for subscription on September 15 and close on September 19, with price brand fixed from Rs 651 to Rs 661 per each equity share of face value of Rs 10.