Fy 2019

financial manufactured intellectual human social and relationship
Creating
long-term value
Annual Report 2018-19
Basis of Reporting
Our approach to the adoption of Integrated Reporting <IR> Approach to materiality
Starting FY2019, ICICI Lombard has taken its first step towards The Report, while covering ICICI Lombard’s business and
<IR>, which is aligned with the International Integrated Reporting associated activities that assist in value creation, identifies
Council (IIRC) and the Securities and Exchange Board of India’s mminent issues and their possible impact on the operations.
(SEBI) circular dated February 6th, 2017. Through this Report, we This will enable investors and other interested stakeholders
intend to provide our stakeholders, an all-inclusive depiction of our to take informed decisions regarding their engagement with
value creation process using financial and non-financial resources. the Company.
We provide insights into our key strategies, operating environment,
material issues emanating from stakeholder concerns, operating Board approval
risks and opportunities, mitigation strategies and our approach to The Board, supported by the Audit Committee, accepts
long-term sustainability. Certain <IR> related data in this Report responsibility for the integrity and completeness of this <IR>.
may be management estimates. The Board and the executive management in assistance with a
dedicated reporting team have put in their collective minds in
Reporting principle the preparation, presentation and validation of information of this
The financial and statutory data presented in this Report Report. The Board is of the opinion that this Report provides a
comply to the requirements of the Companies Act, 2013 (and fair and balanced view of our performance and prospects within
the Rules made thereunder), the Insurance Regulatory and the <IR> framework. We believe this Report shows that we are
Development Authority (Preparation of Financial Statements and creating sustainable value and prosperity for our stakeholders.
Auditor’s Report of Insurance Companies) Regulations, 2002,
Indian Accounting Standards, the SEBI (Listing Obligations and Feedback
Disclosure Requirements) Regulations, 2015 and the Secretarial For any questions or feedback regarding this Integrated Annual
Standards. The Report is guided by the IIRC’s framework. Report or its content, please write to investors@icicilombard.com
Reporting period, scope and boundary

The Report covers the key statutory financial information and
activities of ICICI Lombard for FY2019. Any material events after
March 31, 2019 up until the Board approving the Report as on
April 18, 2019 have been included. Also, since the Report intends
to capture the long-term value creation process, notable events
have also been captured from over the past 11 years. Comparative
figures of the past years have been reported to provide the
stakeholders’ a holistic view.
Forward-looking Statements
The report contains statements that relate to the Company’s future operations and performance. These statements can be identified by usage of words such
as ‘believes’, ‘estimates’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, ‘plans’, ‘outlook’ and other words of similar meaning in connection with a discussion
of future operating or financial performance.
These forward-looking statements are dependent on assumptions, data or methods that may be inaccurate or imprecise and hence are not guarantees of
future operating, financial and other results. They constitute our current expectations based on reasonable assumptions. The Company’s actual results could
materially differ from those projected in any forward-looking statements due to various future events, risks, and uncertainties some of which are beyond our
control. The Company does not assume any obligation to update or revise any forward-looking statements, whether as a result of new information, future
events or otherwise.
What’s Inside
Corporate Overview 02-59 Statutory Reports 60-123
02 Creating Long-Term Value 60 Directors’ Report
04 ICICI Lombard - One of India’s Leading Corporate Governance Report

Private Insurance Companies Secretarial Auditors' Report
08 Awards and Accolades
110 Management’s Discussion and
10 Performance Highlights of the Year Analysis Report
12 Message from the Chairperson
14 Message from the Managing Director & CEO
16 Board of Directors
Financial Statements 124-211
18 Leadership Team
19 Corporate Information
124 Management Report
132 Independent Auditors’ Report
140 Independent Auditors’ Certificate

Integrated Reporting
142 Balance Sheet
20 How we Create, Sustain and Deliver Value 143 Profit and Loss Account
21 Business Model showing Principal Activities 144 Revenue Account
22 Interlinkages of Multiple Types of Capital in 146 Schedules

Business Model and Value Creation
24 Our Operating Environment 202 Receipts & Payment Account
25 Strategic Objectives 204 Glossary
26 Our Stakeholder Engagement
28 Materiality
30 Enterprise Risk Management - Framework &

Approach
34 Reserving Disclosures
38 Organisation Structure
54 Nurturing and Leveraging Human Capital

for Organisational Goals
58 Corporate Social Responsibility

002 Corporate Overview 060 Statutory Reports 124 Financial Statements
Creating Long-Term Value
financial manufactured intellectual human social and relationship
To sustain, companies must create For business sustainability, it is vital that a company also
creates long-term value for its stakeholders. Cognizant
long-term value for society and their
of this, our value creation model and strategy embrace
stakeholders.
a long-term and multi-stakeholder view. Along with
creating better value for our customers, we believe in
At ICICI Lombard, we provide innovative
being a responsible employer, staying committed to the
risk mitigation and loss minimisation success of our business partners and delivering better
solutions that help prevent risk incidents returns for our shareholders. We remain steadfast towards
proactively working for the benefit of the community at
and at the same time, meet the risk
large, consistently making a difference in their lives. We
management needs of our customers. are also focused on partnering with the Government and
We are continually evolving our product working in collaboration with regulatory authorities to drive
greater insurance inclusion and financial stability across
portfolio, enhancing our services,
the country.
expanding our reach and embedding the
As an insurer, while we help our customers manage their
latest technology to make our insurance
risks, we recognise the business imperative to efficiently
solutions comprehensive, simpler, manage our own. Only when we do this, can we be there
convenient and faster for our customers. when our customers need us. Accordingly, we have a solid
and proven foundation of risk assessments, management
By staying true to our purpose of
and governance with continuous emphasis on the same.
customer-centricity, we believe we are on Our strong business fundamentals position us well for
the right path for creating long-term value. creating long-term value.
002 ICICI Lombard General Insurance Company Limited

The value created by our Company cannot
be measured in financial terms alone. The
Long-Term Value Creation
relationships with our stakeholders also
impact our ability to create and sustain
value. By transitioning towards <IR>, as
done in this year’s Annual Report, we
Our purpose for all our stakeholders
aspire to provide our stakeholders a
holistic perspective of our organisation’s
value creation.
A promise reinforced as we take our
first step towards <IR>
Annual Report 2018-19 003

ICICI Lombard - One of India’s Leading Private

Insurance Companies
In our 18 years of operations, we have

enriched our knowledge, deepened our
understanding of risks and uncertainties
Our vision is to be the most
and enhanced our capabilities towards
value-creating and admired risk
offering risk management solutions. We
solutions Company in India, with
know the importance of insurance in our
a global footprint.
customers' lives. We are leveraging this
experience to serve our customers better
in the markets where we are present.
What Why
we do customers prefer us
We offer a range of innovative and technology- We are a customer-centric organisation offering

enabled solutions across business lines to protect best-in-class technology-enabled solutions infrastructure
individuals, small businesses and body corporates, aided by a team of dedicated employees. With our relentless
and rural customers from uncertainties. drive for excellence, we are continuously working towards
anticipating and exceeding customer expectations. We are
committed to the values of integrity and transparency across
customer relations, right from policy advisory to claims
settlement and renewals.
55.87%
Ownership structure Promoters

as at March 31, 2019 Public Shareholding
44.13%

Business Structure
1 Corporate Solutions Group
Provides integrated solutions to

body corporates, small, micro and medium
enterprises.
Insurance solutions:
2 Government Business Group
Provides insurance solutions to state, central

governments and rural customers.
Insurance solutions:
Crop, Cattle, Mass Health and Personal
Fire, Marine, Engineering, Accident etc.
Liability, Group Health and Personal
Accident etc.
3 Retail Group
Provides insurance solutions to

individuals and small enterprises through
multiple channels like Agents, Brokers,
Bancassurance, Telesales, Direct Alliances,
Motor Insurance Service Providers (MISPs)
4 Shared Services
Support functions are leveraged

across the organisation to improve
customer services and drive business
efficiency.
and Online Platforms. Services:

Underwriting and Claims, Customer
Insurance solutions: Relationship, Technology, Operations,
Health, Home, Motor, Travel, Cyber and Reinsurance, Finance and Accounts,
Personal Accident etc. Human Resources, Legal and Compliance,
Actuarial, Marketing, Business Analytics,
Administration and Fraud Control.

ICICI Lombard - One of India’s Leading Private

Insurance Companies
Revenue Growth Combined Ratio Policy Growth Claims Settled

(Gross Direct (%) (Number of policies (Number of Claims
Premium Income issued*) settled)
[GDPI] in ` billion)
144.88
103.9
26,484,078
2,149,533
100.2
98.5
23,519,863
123.57
107.25
1,567,596
1,537,044
17,732,491
FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019
Investment Assets Profit After Tax Solvency Return on

(in ` billion) (in ` billion) (Times) Average Equity
(%)
21.3
222.31
10.49
2.24
20.8
20.3
2.10
2.05
8.62
181.92
7.02
149.50
FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019 FY2017 FY2018 FY2019
*on GDPI basis
ICRA iAAA rated Crisil AAA/Stable

indicating highest claim-paying ICRA AAA/Stable
Our ability and a fundamentally for subordinated debt indicating the highest
rating strong position degree of safety regarding timely servicing of
financial obligation

Well-Balanced Product Mix (GDPI basis)
7%
24%
17% Motor Own Damage Marine
Motor Third Party Crop
3% Product-mix Health & Personal Accident Fire
9%
Others
21%
19%
265 910
No. of Branches No. of Virtual Offices
10,197 7,800
Headcount Network Garages
5,025
Network Hospitals

Awards and Accolades
Best General Insurance Firm 2018

Coveted with the award for the Best
Insurance Firm of the Year 2018 - General
Insurance at MoneyControl Wealth
Creator Awards
Money Today Financial Awards

Our Company was selected as the joint winner in the
‘Best Motor Insurance Provider of the Year’ category.
The recognition, a part of the Business Today-Money
Today Financial Services Awards, was instituted in
2013 to reward the best companies in various financial
categories including insurance and mutual funds.
Most Broker Friendly Insurer - 2019

We were adjudged the Most Broker
Friendly Insurer – 2019 in the Top
Quartile by the Insurance Brokers
Association of India.
Golden Peacock National Training Award 2019

& Business Excellence Award 2018
We were conferred with these awards, which were
instituted by the Institute of Directors (IOD) in 1998.
National Training Award recognises excellence in
training practices in organisations and rewards training
that brings tangible benefits to the organisation.
Business Excellence Award recognises an entity
embarking on a journey to continuously improve and
innovate on our management systems and processes
to achieve world-class performance.
Effie Silver Award 2019

We were conferred with the Effie ‘Silver’ Award
2019 for the health insurance campaign “Tension
nahin, Insurance lijiye”.
The award is organised by the prestigious
Advertising Club, which stands for effectiveness in
marketing communications.

Kaleido Awards 2019
Our campaign #IWillDriveYouHome won the award under
the Best Use of Digital/Social Media category.
The award is organised by ET Brand Equity and recognises
the achievements of brands in the space of Corporate
Communication, PR and Social Media.
ET Aspire 2 Good Awards

We were conferred the ‘ET ASPIRE
2 GOOD’ award for exhibiting
All-Round Excellence in Corporate
Social Responsibility for the years
2016-17 and 2017-18.
Best Corporate Social

Responsibility Practices
We received accolades under the Best
Corporate Social Responsibility Practices
category organised by BFSI Awards. This
recognition celebrates our CSR efforts.
LACP Spotlight Awards

Conferred with the 2018 Spotlight Awards for our
Annual Report 2017-18. We won a Gold Award –
and were recognised for developing one of the Top
100 Communications Materials – worldwide.
The awards are organised by the League of

American Professionals (LACP), USA, a coveted
forum within PR industry to facilitate best-in-class
communication practices.

Performance Highlights of the Year
Revenue Profit After Tax

(Gross Direct Premium Income)
Financial Capital
Our Financial Capital
`144.88 billion ` 10.49 billion
17.2% 1
21.8%1
comprises the capital
employed in the business
to support business Return on Average Equity Combined Ratio
21.3% 98.5%
operations and generate a
surplus from it to maximise
value for all stakeholders.
20.8% 2 100.2%2
Number of Branches Number of Call Centre Executives
265 371
Manufactured Capital
Our Manufactured Capital
comprises the branch
253 2
3452
offices, call centres, and
physical infrastructure
through which we provide Number of Virtual Office (VO)
services to the customers. Branches
We are continually
investing in it to enhance
customer experience and
910
achieve higher operational 1352
efficiency.
New Products Launched Investment in Technology

Intellectual Capital
Our Intellectual Capital
comprises our knowledge,
16 ` 0.43 billion
skills and technical 32 ` 0.35 billion2
expertise in critical areas
of underwriting, risk,
Specialised Manpower
investment management,
customer servicing and claim
settlement. It also includes 1,679
specialised manpower 1,6812
comprising Inhouse Claims
Managers- Motor & Health
and Actuarial Team. This
gives us a competitive
advantage and ensures
customer-centric operations.

Total Headcount Revenue Generated per Headcount
10,197 0.01 billion (GDPI basis)

Human Capital
Our Human Capital `
comprises our motivated
23.1% 1
` 0.01 billion2
and committed employees.
They ensure the Company’s
smooth business Workforce Diversity No. of Hours of Training Imparted
operations and drive our (Women Employees) to Employees
business growth. We
invest in their competency
building, engagement,
16.8% 283,046
welfare, and health and 17.4% 2
170,5502
safety.
CSR Spending Net Promoter

(Total Spends) Score (NPS)
Social and
Relationship Capital
Our Social Capital
` 183.7 million 40
encompasses our efforts to ` 149.7 million 2
372
invest in the development
and betterment of the
Lives Covered No. of Individual Agents
communities around
us. Relationship capital
(including POS)
denotes our relationships
across the value chain 10.4 million 35,729
on which our business 6.3 million2 24,3792
relies. These include the
customers, business
associates, brokers, agents, Claims Settled No. of Shareholders
1.6 million
employees as well as the
government, trade bodies
and industry associations.
Our relationships enable
1.5 million2 230,419
us to provide efficient
services.
Note:
1. Pertains to the percentage growth over the previous financial year.
2. Pertains to the absolute number in the previous financial year.

Message from the Chairperson
“
Dear Shareholder, changing risk environment. Our
The year 2018 symbolises the growing approach has been to offer better
risk environment in which we live today. value as a risk manager instead of
It is imperative On one hand, we faced risks related limiting ourselves to risk financing. We
for the sector to keep evolving, to environmental changes and global are helping our clients and customers
not only in terms of enhancing warming. On the other hand, new-age prepare for risk incidents through a
its service capabilities but risks such as cyber events and data gamut of innovative products and
also by expanding its bouquet frauds emerged as a significant threat, services. At the same time, we have
of solutions to be able to not just to businesses but to consumers been harnessing technology to
effectively address the growing as well. Adding to these, were risks empower our customers to manage
spectrum of risks relating to cross-border trade issues, and address risks more effectively. Our
“
as was demonstrated between the focus during the last few years has been
economic powers with the imposition on using the Internet of Things (IoTs),
of tariffs and retaliatory measures. As technology and advanced analytics to
per the estimates, the trade war that mitigate logistics, property and health-
emanated between the US and China led related risks.
the International Monetary Fund (IMF) to
revise down global growth for 2018 by As a responsible corporate citizen,
0.2% to 3.7%. we have been ensuring that we play a
contributing role in the development of
On the domestic front, India was largely the community as well. During FY2019,
aligned to the global scenario as far we continued to invest in this cause by
as the risk landscape is concerned. participating in the skill development
The country experienced floods and
earthquakes throughout the year. In fact,
as per estimates, Kerala floods displaced
around 1.5 million people, the most,
compared to any other disaster in the Our approach
world in 2018. On the emerging risks
front as well, India ranked high. Between
has been to offer
2015 and 2017, our country was the better value as
target of 17% cyber attacks, second only
to the US.
a risk manager
instead of limiting
For the non-life insurance industry, this
clearly indicates that the scale and ourselves to risk
nature of risks will keep increasing and
expanding in the future. It is imperative
financing.
for the sector to keep evolving, not
only in terms of enhancing its service
capabilities but also by expanding
its bouquet of solutions to be able
to effectively address the growing
spectrum of risks.
At ICICI Lombard, we continue to

transform ourselves to cater to this

initiatives of the ICICI Foundation for non-life insurance at around 0.93% of industry on many fronts and address our
inclusive growth. At the same time, we GDP, against a world average of 2.80%. customer requirements effectively.
expanded the scope of our direct CSR
initiatives, namely ‘Ride to Safety’, We have consciously strived to build We thank our shareholders for
aimed at road safety for children, an institution that rests on a robust reposing their trust in us and look
and ‘Caring Hands’, an employee platform and benefits from a flexible forward to continually adding value in
volunteering initiative focussing on and pragmatic management approach the years to come.
eye care for children. This year, our to embrace new practices in sync with
endeavour to increase the awareness the rapidly changing times. Our thrust Regards,
for these social causes led us to remains on investing in a talent pool,
attempt a Guinness World Record. across the leadership team and the other Lalita D. Gupte
Our unique effort, while setting a new levels of management and business Chairperson
record, enabled us to multiply the reach operations. It is this resource base
and impact of our CSR programmes. that enables us to continue to lead the
As we look forward in our journey,

we are confident of the long-term
prospects of the industry. Despite having
grown at a CAGR of approximately
17.0% for the last 18 years, there is
ample headroom for further growth,
owing to the favourable demographic
dividend and lower penetration of
17.0%
18 years GDPI CAGR for
the industry
0.93%
Penetration of non-life
insurance industry in India
as a percentage of GDP

Message from the Managing Director & CEO
we use this as the base year as it marks float. This is an unknown territory for the
the beginning of the de-tariffed regime industry as the impact of each of these
– our Gross Direct Premium Income factors can only be estimated today. The
We have consistently
(GDPI) has grown at a compounded rate extent of variance from estimates would
focused on introducing
of 14.4% from ` 33.07 billion in FY2008 determine the economics of the motor
innovative, technology-
to ` 144.88 billion in FY2019. During the insurance business in the years ahead.
enabled insurance solutions,
same period, our Profit after Tax (PAT)
setting outstanding
has grown at a compounded rate of Turning to our performance highlights,
customer service standards
23.5% from ` 1.03 billion to ` 10.49 our GDPI rose by 17.2% from ` 123.57
and strengthening our
billion. Further, on the investments front, billion in FY2018 to ` 144.88 billion in
distribution capabilities
our philosophy of generating superior FY2019. PAT grew by 21.8% from
amidst a rapidly changing
risk-adjusted returns along with ` 8.62 billion in FY2018 to ` 10.49 billion
industry landscape in FY2019. Combined Ratio, which is
protection of capital has resulted in an
annualised# portfolio return of 10.4%. a measure of profitability from core
operations, improved from 100.2% in
Before I share our performance FY2018 to 98.5% in FY2019. Return on
Dear Shareholder,
highlights for FY2019, let us review Average Equity (ROAE) improved from
I am delighted to be writing to you the key industry developments. In a 20.8% in FY2018 to 21.3% in FY2019.
having completed a full year as a listed path-breaking judgement, the Hon’ble Solvency Ratio was recorded at 2.24x
general insurance company. While we Supreme Court made long-term third- in FY2019, which is higher than the
have a brief history as a listed entity, party insurance compulsory for new minimum regulatory requirement
we have an 18-year track record in the four-wheelers and two-wheelers from of 1.50x.
general insurance industry. During this September 1, 2018. This was based on
period, we have consistently focused the apex court’s road safety committee Given our focus on customer-centricity,
on introducing innovative, technology- observation that accident victims or their we place a significant emphasis on our
enabled insurance solutions, setting legal representatives were often not customer service standards. In FY2019,
outstanding customer service standards getting compensated as around half of we continued to excel on this front. We
and strengthening our distribution the vehicles plying on the roads were sourced 26.5 million* policies, 12.8%
capabilities amidst a rapidly changing doing so without mandatory third-party higher than in FY2018 and honoured
industry landscape. We have also cover. In line with the judgement, the around 1.6 million claims. A key
set industry-leading benchmarks for insurance regulator, IRDAI introduced measure of an insurer’s ability to settle
transparency and disclosure across third-party insurance cover for new claims efficiently is the claim settlement
regulatory, financial and other areas. four-wheelers and two-wheelers for a response time. We settled 99.87%
A case in point is our disclosure of period of three years and five years, health claims in FY2019 (99.90%
reserving triangles since FY2016, being respectively. This will offer convenience in FY2018) and 93.14% motor own
the first insurer to do so. In the same to customers, removing the hassle of damage claims (90.84% in FY2018)
spirit, this year, we are voluntarily taking annual renewals. For insurers, it will help within 30 days.
the first step towards <IR>. address the under-insurance problem. At
the same time, it will change the motor Our business performance is driven by
The other important aspect of our insurance product structure and its various initiatives undertaken over the
management philosophy has been our economics. On one hand, with a larger past few years, including scaling up of
relentless focus on long-term value insured pool, motor insurance loss our distribution network, sales force
creation. Insurance can be volatile – incidence rates should see a decline. On and geographic footprint. In FY2019,
driven by catastrophic events and the other hand, as the premium is fixed we further enhanced our reach through
pricing aggression on the underwriting for the entire period, claim ratios would phygital presence. By the end of the
side or market disruptions on the increase as claim inflation plays through. year, we had 910 Virtual Offices (135
investment side. However, due to our The increase in claims cost would be at the end of FY2018), set up primarily
disciplined approach, we have delivered partially compensated by investment in remote towns to increase market
significant long-term value. From 2008 - income due to a higher investment penetration. Expansion of our agency
*on GDPI basis

network will continue in the coming year, efforts, spending more than 2% of our talent development and CSR, among
aligned with our objective of increasing average profit of the last three years others, were recognised on leading
our reach. on Corporate Social Responsibility, platforms. These awards serve as a
thereby going beyond the statutory testament to the high standards with
Evolving our products and services requirements. We expanded the scope which we operate and reflect the hard
to meet the changing needs of and of our ‘Ride to Safety’ initiative, being work and dedication of our team.
to make life simpler for customers is executed in seven cities, by introducing
fundamental to our business. Building ISI-marked helmets for parents, in As we look ahead, we are excited about
on our technological and service addition to offering helmets to the the continued long-term growth potential
capabilities, we introduced several ‘first- children. In a unique endeavour, we of the non-life insurance industry and our
of-its-kind’ customer-oriented solutions. organised a gathering of 4,999 children business prospects. Even as we pursue
On the health insurance claims front, to spread road safety awareness and in new business milestones, we will stay
we launched an Artificial Intelligence the process, created a new Guinness focused on creating long-term value for
(AI) based claim settlement engine that World Record for the ‘largest gathering our stakeholders.
reduced cashless pre-authorisation of people wearing helmets at one
approval time from around an hour to location’. Our employees continued Best Regards,
few minutes. During the year, 6% of to voluntarily lead the ‘Caring Hands’
cashless approvals were done using programme as we screened more Bhargav Dasgupta
the AI engine. We also introduced an than 36,000 underprivileged children Managing Director & CEO
AI-based solution to facilitate instant for deficiency of vision and provided
renewal of lapsed motor insurance spectacles free of cost to over 5,500
policies. Driven by our commitment children diagnosed with poor vision.
to offer better value to our customers,
we will continue to harness the latest We were honoured to receive several
technologies and risk mitigation tools. accolades at domestic and international
levels for our customer-focused
During the year, we made further initiatives. Our initiatives in best
progress on our community outreach business practices, product innovation,
The important
aspect of our
14.4%
GDPI CAGR#
management
philosophy has
been our relentless
focus on long-term 23.5%
value creation. PAT CAGR#
#
CAGR (FY2008-FY2019)

Board of Directors
Lalita D. Gupte Ved Prakash Chaturvedi Uday Chitale

Chairperson, Non-executive, Non-executive, Independent Director Non-executive, Independent Director
Independent Director
Suresh Kumar Vishal Mahadevia Ashvin Parekh

Non-executive, Independent Director Non-executive, Independent Director Non-executive, Independent Director

Vishakha Mulye Sandeep Batra Bhargav Dasgupta
Non-executive, Non-independent Director Non-executive, Non-independent Director Managing Director & CEO
Alok Kumar Agarwal Sanjeev Mantri

Executive Director - Wholesale Executive Director - Retail

Leadership Team
Bhargav Dasgupta Alok Kumar Agarwal Sanjeev Mantri JV Prasad

Managing Director & CEO Executive Director - Wholesale Executive Director - Retail Appointed Actuary
Gopal Balachandran Lokanath Kar Jerry Jose Vinod Mahajan

Chief Financial Officer & Chief Legal & Compliance Officer Head - Human Resources Chief Investment Officer
Chief Risk Officer
Girish Nayak Sanjay Datta

Chief Customer Service, Chief Underwriting,
Technology & Operations
Reinsurance & Claim

Corporate Information
Board of Directors Investment Committee Stakeholders Relationship

Lalita D. Gupte, Chairperson Suresh Kumar, Chairman Committee
Ved Prakash Chaturvedi, Director Sandeep Batra Suresh Kumar, Chairman
Uday Chitale, Director Bhargav Dasgupta Ved Prakash Chaturvedi
Suresh Kumar, Director JV Prasad Bhargav Dasgupta
Vishal Mahadevia, Director Vinod Mahajan Sanjeev Mantri

(w.e.f. April 25, 2018)
Gopal Balachandran
Ashvin Parekh, Director Strategy Committee
Vishakha Mulye Uday Chitale, Chairman
(w.e.f. October 17, 2018) Risk Management
Committee Vishal Mahadevia
Sandeep Batra
(w.e.f. October 17, 2018) Lalita D. Gupte, Chairperson Ashvin Parekh
Bhargav Dasgupta, Ved Prakash Chaturvedi Vishakha Mulye

Managing Director & CEO Uday Chitale Bhargav Dasgupta
Alok Kumar Agarwal, Suresh Kumar
Executive Director - Wholesale
Ashvin Parekh Statutory Auditors
Sanjeev Mantri,
Sandeep Batra Chaturvedi & Co.
Executive Director - Retail
Chartered Accountants
Bhargav Dasgupta PKF Sridhar & Santhanam LLP
Chartered Accountants
Board Nomination &
Remuneration Committee Policyholders Protection
Uday Chitale, Chairman Committee Secretarial Auditors
Lalita D. Gupte Ashvin Parekh, Chairman Dholakia & Associates LLP
Vishal Mahadevia Ved Prakash Chaturvedi
Ashvin Parekh Uday Chitale Company Secretary

Vishakha Mulye Bhargav Dasgupta Vikas Mehra
Audit Committee Corporate Social

Ashvin Parekh, Chairman Responsibility Committee
Uday Chitale Uday Chitale, Chairman
Lalita D. Gupte Ved Prakash Chaturvedi
Sandeep Batra Bhargav Dasgupta

How we Create, Sustain and Deliver Value

The <IR> aims to capture how is the organisation creating, sustaining and delivering
value over the short, medium and long term horizons:
How we Principal Activities and Revenue Streams

Create Value
Vision, Mission, Ethos, Vishvas philosophy
Employer of Choice -
attracting the right talent, building their capability,
How we creating an enabling environment and retaining talent
Sustain Value
Governance Framework and Policies
Stakeholder Engagement
Risk Management & Opportunities
Sustainability, Business Responsibility and CSR
Disciplined approach to value creation
Customised technology-enabled solutions and products
Customer engagement with high value proposition

– commitment to customers with a fast, friendly, fair
approach
How we Happy and motivated employees with long-term career

prospect and plans
Deliver Value Consistent financial performance and long-term wealth
creation for investors – through its strong capitalisation
level, prudent underwriting and reinsurance strategy,
and a satisfactory underwriting performance
Regular contribution to the state and national exchequer
Responsible use of environment and natural resources

Business Model showing Principal Activities
Mission, Vision,
Values, Code of
Governance Conduct and
Policy Framework
Key Aspects
Strategy &
Stakeholder Risks and
Resource Performance Outlook
Engagement Opportunities
Allocation
Principal Activities
Insurance activities Investment activities
Business Service Support Fixed Income Equity Alternative

Groups Groups Groups Investments Investments Asset
Investments

Interlinkages of Multiple Types of Capital in

Inputs
FINANCIAL CAPITAL1
Total Capital Employed Equity (Share Capital + Share Premium) ` 20.24 billion
Total Capital Employed Subordinated Debt ` 4.85 billion
Manufactured Capital1
Capex for New Offices & Branches ` 4.48 billion
No. of call centre facilities 2
- No. of call centre executives 371
Intellectual Capital1
Capex on Technology Infrastructure ` 4.46 billion
Specialised Resources
- Inhouse Claims Managers-Motor 593
- Inhouse Claims Managers-Health 130
- Actuarial Team 22
Human Capital1
Functional diversity
- Top Management and Leadership 10
- Business Groups 5,076
- Service, Support and Corporate Groups 3,358
Gender diversity-employees
- Male (83.2%) 7,030
- Female (16.8%) 1,414
Age groupwise bifurcation
- Below 30 (37.5%) 3,170
- 30-45 (61.2%) 5,162
- Above 45 (1.3%) 112
Training, learning & development
Total Training Hours 283,046
Social Capital2
CSR Spend
- Direct ` 0.04 billion
- Through ICICI Foundation ` 0.14 billion
Social Focus areas
- Road safety initiatives (Workshops to influence behavioural change 250+ direct contact workshops to raise awareness on
on Road Safety) road safety
- Caring Hands (Eye check-up camps for eye screening of 288 eye check-up camps across 105 locations pan-India
underprivileged children)
- Wellness (Camps on promoting the cause of Safe Drinking Water) Camps in 50 schools
- NGO Partnerships 9
Relationship Capital1
Individual Agents (including POS) 35,729
Corporate Agents 95
Network Hospitals 5,025
Network Garages 7,800
Analyst / Investor meets held 300
Note: 1. As on March 31, 2019 2. For FY2019

Business Model and Value Creation
Outputs Outcomes
FINANCIAL CAPITAL
Number of Gross Direct Premium Income ` 144.88 billion
Policies issued Market Share
in FY2019*:
- Overall 8.5%
26,484,078
- Private Sector 15.6%
Combined Ratio 98.5%
PAT ` 10.49 billion
EPS (Basic) ` 23.11
ROAE 21.3%
Solvency Ratio 2.24 times
Dividend Payout Ratio 21.64%
Investment Leverage 4.09x
Credit Rating Rated iAAA by ICRA on the Claims paying ability
AAA/Stable by Crisil and ICRA, for Subordinated
Number of Debt
Claims Settled CAGR# GDPI - 14.4%
in FY2019: PAT - 23.5%
1,567,596 Manufactured Capital
Number of Branches 265
Virtual Offices 910
First Call Resolution Rate 81.5%
Intellectual Capital
New Products approved during the year 16
Policies Processed Electronically 97.4%
In-housing of Motor Claims 89.2%
In-housing of Health Claims 95.6%
No. of Customers receiving VAS 1,752
Investment Net Promoter Score 40

Assets: Human Capital
` 222.31 billion Revenue generated per headcount ` 0.01 billion (GDPI basis)
Code Maroon, Code Maroon+, Code Blue 1,414
certified employees
Social Capital
Lives Impacted with CSR interventions (Caring Hands) 36,517 children screened, 5,582 children provided
with spectacles
Ride To Safety - Helmets distributed 25,000
Wellness - Water Purifiers installed 50
Rural and social sector obligations 0.76 million policies covering 10.4 million lives
Relationship Capital
Total taxes paid to Government (Direct & Indirect) ` 23.63 billion
Premium contribution through channel partners 23.5%3
(individual agents + corporate agents)
*on GDPI basis Note: 3. % of Total GDPI #

FY2008-FY2019

Our Operating Environment
The Indian Insurance well-diversified range of products,

including motor, crop, health,
sector has seen a fire, personal accident, marine,
engineering and liability insurance.
major growth over Our key distribution channels are
the last two decades direct sales, individual agents,
corporate agents - banks, other
since it was liberalised corporate agents, brokers, MISPs
in fiscal 2000. The and digital, through which we serve
individual, corporate and government
sector is divided into customers.
two categories − life
During FY2019, we issued 26.5
insurance and non- million* policies and our GDPI
life insurance. Both stood at ` 144.88 billion. Our strong
The non-life insurance industry has performance enabled us to capture
segments are governed grown at a CAGR of approximately a market share of 8.5% among all
by the Insurance 17% for the last 18 years. While the non-life insurers in India and 15.6%
development has been impressive, among private sector non-life insurers
Regulatory and there is ample headroom for in India. We have maintained a
leadership position among private
Development Authority further growth as non-life insurance
sector non-life insurers in India
penetration in India is about 0.93%
of India (IRDAI). against the world average of 2.80%. across motor (own damage and third-
India’s favourable demographic party liability), health and personal
dividend, with 65% of the population accident, crop, fire, engineering and
The non-life insurance sector offers
below the age of 35, is a strong driver marine segments in FY2019.
financial protection for cargo, travel,
health, motor vehicles, equipment, of growth for the coming years.
homes and buildings, amongst (Source: GI Council & Sigma 2017
others, against risks such as Swiss Re)
accidents, theft, damages, fire and
natural calamities. New products During FY2019, the non-life industry
such as mobile insurance, cyber registered a growth of 12.9%. This
liability are being launched to meet was driven by broad-based growth
the evolving customer requirements. across motor third party, retail health
The insurance sector is also and crop insurance segments.
reshaping with the penetration of Motor third party, retail health and
internet and the emergence of new crop insurance segments grew by
technologies. For instance, artificial approximately 15.4%, 15.7% and
intelligence, blockchain technology 11.7%, respectively for FY2019.
and machine learning are facilitating The industry also witnessed several
the assessment of real-time risk, regulatory changes during the year.
enabling instant policy renewals and
real-time claim processing. Purchase ICICI Lombard is the fourth largest
of online insurance has also non-life insurer and the largest
increased as new-age customers private-sector non-life insurer in India
prefer the speed, convenience of based on Gross Direct Premium
online policies that match their Income (GDPI) in FY2019. We offer
changing lifestyle. our customers a comprehensive and *on GDPI basis

Strategic Objectives
At ICICI Lombard, we aim to grow our business and sustain long-term value for
our customers, channel partners, employees, shareholders, community and all
other stakeholders. Aligned with this overarching purpose, our strategic intent is
to strengthen our overall position in the non-life insurance space and grow our
profitability. This strategic intent is being pursued through an unwavering focus
on the following objectives:
Reinforce market leadership Deliver excellence in Capture new opportunities

• Leverage our strong brand and customer-centricity • Focus on cross-sell opportunities
competitive advantage • Continuous product innovation
• Expand footprint in small towns
to meet evolving needs
• Expand customer base and and rural areas
offerings • Deliver Value-Added Services
• Increase penetration in the
and customised solutions
• Capitalise on our broad network digital eco-system
of distribution partners • Leverage technology to
• Monitor emerging risk segments
facilitate customer convenience
• Empower and enable
employees and channel
partners
Ensure robust risk selection Maintain technology

and management leadership
• Embed data-driven risk • Harness AI, Robotic Processes
selection and Data Analytics tools for best-
in-class customer experience
• Follow prudent underwriting
practices • Use of digital platforms to
increase distribution and
• Drive best practices in reserving
servicing capabilities
and quality reinsurance
• Use of new and emerging
technologies to increase
operational efficiency

Our Stakeholder Engagement
Customers What Matters Innovative products

to Them Customised solutions
Value-Added Services
Customer service and experience
Competitive prices
Efficient claim settlement
Simplification of processes
Engagement Reaching out through different channels

Methods Regular engagement at all stages of the product life cycle
through multiple direct contact options such as email, SMS,
app, telephone calls, postal communication, and call centre
Toll free number, trained customer relationship managers
Sales, service and claims processes on digital platform
Special engagement services for senior citizens, women
customers etc.
Customer relationship management platforms
Regular measurement of customer satisfaction
Business Partners What Matters Partnership/relationship

to Them Quick and efficient reimbursement
Product and value proposition
Speedy response to queries
Engagement Channel partner meets, workshops, conferences and forums

Methods One-to-one meetings
Telephonic and email communication
Channel partner management portals
Employees What Matters Career development opportunities

to Them Availability of training and mentoring
Work atmosphere
Enabling culture
Engagement Senior leaders’ communication/talk

Methods Town hall briefings
Performance updates
Workshops, learning and training interventions
Wellness initiatives
Intranet
Internal publications and circulars
Employee perception survey

Shareholders What Matters Clear and consistent business strategy
and Investors to Them Strong governance, ethics and transparency
Long-term business value
Engagement Quarterly results

Methods Investor presentations
Annual Report
Annual General Meeting
Investor/analysts meet
Media releases
Regulators What Matters Statutory and legal compliance

to Them Transparent and full disclosures of business activities
Effective and efficient management of regulatory change
Responsible development of insurance sector
Insurance inclusion
Engagement Meetings
Methods Written communication
Presentations
Business associations
Workshops
Rating Agencies What Matters Stable, consistent and conservatively-managed

to Them balance sheet
Robust risk management and risk mitigation
Engagement Written Communication

Methods Presentations
Communities What Matters Proactive engagement

to Them Contribution to community welfare
Safety and health matters
Engagement Direct CSR interventions

Methods Employee volunteerism towards community welfare
Awareness workshops

Materiality
Materiality is one of the underlying concepts of integrated thinking and reporting and a
differentiating factor compared to financial reports. Under materiality, we periodically
evaluate our material issues. Material matters are those that are most important to the
business and its key stakeholders, and which can affect our ability to create value over
the short, medium and long term. In order to continue creating a positive impact on the
society, materiality serves as a compass to guide us through our journey and helps to
establish our priorities.
The first step in determining material filtered on the basis of their needs, Our ability to create value is impacted
issues is stakeholder identification, demands and expectations. These by a multitude of factors ranging from
followed by the development of an issues are further rated by the level of customer-centricity to economic to
engagement mechanism in order to importance, by us and our stakeholders. responsible business practices.
communicate with them on a regular Basis this, we arrive at the materiality
basis. The stakeholder responses are matrix for our business.

Materiality Matrix
Parameters of high importance
Customer-centricity Economic Responsible business practices
• Customer service and claim • Product pricing • Ethical practices, anti-bribery and
settlement corruption
• Risk modelling
• Customer privacy and data • Transparency
protection • Reserving
• Responsible underwriting, finance
• Stability of system and processes • Financial performance and investment policies
• Innovation and IT deployment • Sustainable future

Enterprise Risk Management –

Framework & Approach
Risk is inherent to the insurance business. Our risk management and internal
control systems are designed to ensure that these risks are managed effectively and
efficiently, aligned with our overarching objective of creating long-term value for all
our stakeholders.
Post becoming the first company in India to achieve the ISO 31000:2018 Risk Management certification last year,
ICICI Lombard successfully renewed the prestigious globally recognised certification in Risk Management for FY2020.
This reflects the continual commitment of the Company to have Risk Management embedded in its strategy and operations.
default is assessed through tracking

solvency margin numbers, re-insurer
downgrades and investment asset
classes downgrade, below the defined
threshold.
CREDIT MARKET UNDERWRITING 2. Market Risk:

Market Risk refers to the exposure
we face on our assets, liabilities,
income and expenditure on account
of market movements. These risks
majorly lie in the investment portfolio of
the Company. The investment portfolio
is managed by the investment function
and monitored by the investment
OPERATIONAL STRATEGIC committee at the Board level.
An internal committee for Market

Risk Management is also in place to
I. Risk Management Framework evaluate and identify key market
We have developed a risk universe risks with appropriate mitigation plans.
consisting of 29 enterprise-wide risk
areas, broadly categorised into 5 3. Underwriting Risk:
distinct groups of Credit Risk, Market Underwriting Risk refers to the risk
Risk, Underwriting Risk, Operational
We have developed a associated with terms of selection and
Risk & Strategic Risk. retention of risks on our books and
risk universe consisting
product offerings.
of 29 enterprise-wide II. Broad Risk Categorisation
risk areas, broadly The criteria for measuring each of the 4. Operational Risk:
categorised into risk heads are summarised below: Operational Risk refers to the risk of
5 distinct groups loss on account of inadequate or
1. Credit Risk: failed internal processes, systems
Credit Risk refers to the risk we and people or from external events.
are exposed to on account of
our re-insurance placements and We have a detailed Operational Risk
investment asset classes. The risk of Management Policy which broadly

covers within its ambit:- The claims investigation teams are
• The Risk and Control Assessment specialised at managing claims across
framework LOBs. In addition, there is salvage team
to bring additional value to the net
• Incident Management and Reporting
realisation amount.
• Operational Loss Appetite Levels
• Operational Risk Capital Charge The function engages with specialists
for its activities, to bring in rigour and Our ERM function
• Strategies/Plans/Mechanisms continually conducts
quality in its delivery. We have created a
for monitoring and mitigation of
talent pool working together to deliver risk and control
Operational Risk
the set goals. assessments for all units
Our Enterprise Risk Management (ERM) across the Company.
Apart from the traditional approach for
function continually conducts risk and
fraud detection based on heuristic
control assessments for all units across
techniques based either on a checklist
the Company. Training is imparted on
or a scoring algorithm, we are utilising
Operational Risk Management across
advanced technologies and algorithms
the organisation to create awareness
based on machine learning and Artificial
and ensure sensitisation.
Intelligence in identifying fraudulent
activities faster with increased accuracy.
Critical updates with respect to
The continuous self-learning approach
Operational risk are also presented
of these techniques helps us to
to the Operational Risk Management
implement solutions that auto-correct;
Committee (ORMC) of the Company,
reducing the time for learning and
comprising the C-Suite executives of
execution.
the Company.
Two other critical components which

are of significance to our organisation
include Fraud Prevention & Cyber
Security.
Fraud Prevention is managed by the

IC & LM (Internal Control and Loss
Minimisation) function.
IC & LM was established in fiscal year

2006, with following objectives:
• To check claims and premium related
leakages
• Prevention, Detection, Correction of
internal irregularities and frauds
• Support claims team with loss
minimisation efforts
The approach is to have an objective

driven team with domain experts to
manage various risks emanating from
different Lines of Business (LoBs).

Enterprise Risk Management –

Framework & Approach
Cyber Security has become an universal did not only consider the available
area of importance in recent times. technology, but also involved
human factors and implemented
Organisations generally, and insurers necessary policies and procedures
in particular, remain vulnerable to to detect, mitigate and prevent cyber
highly targeted cyber attacks aimed threats.
at exploiting security weaknesses due
to the amount of sensitive information Controls as below are put in place to
they hold. An important consideration address the core parameters of CIA
is the various states in which the triad i.e. Confidentiality, Integrity,
information resides in a system, namely, and Availability:
storage, transmission and processing.
• Board-approved Information and
Over a period of time, We are committed to providing Cyber Security policy in-line with the
we have introduced secure services to customers and IRDAI guidelines
various technology-led safeguarding of customer’s information.
• Information Security Committee
innovative services. Over a period of time, we have
(ISC) to oversee governance,
introduced various technology-led
implementation of the security
innovative services to ensure the same
controls and adherence to the
by using industry-accepted security
Information and Cyber Security
practices and controls.
policy
To devise a robust information • ISO:27001 compliant Information
assurance control mechanism, we Security Management System

• Enterprise-wide information security
architecture and defense-in-depth
principle to address security
concerns at various levels
• Risk-based security assessments:
- Vulnerability Assessment (VA) of
applications
- Vulnerability Assessment and
Penetration Testing (VAPT) of
infrastructure
• Awareness programme for
employees such as regular
awareness mailers, simulation
and tabletop exercises, classroom
trainings, etc.
5. Strategic Risk
Strategic Risk refers to the risk
associated with the long-term strategy
of the Company. The same is tracked
stakeholders across the Company to IV. The review process and
and reported to the Risk Committee.
assess and identify new and emerging feedback loop
risks, including continually evaluating Periodic stakeholder meetings are
III. Approach adopted to identify and
changes in systems, processes and conducted with respective business
manage new and emerging risks
procedures. Risks & Controls are heads, as part of the risk assessment
The Enterprise Risk Management (ERM) identified, measured and updated activities, for assessing emergence
function continually engages with on a continual basis through risk of new risks and reviewing all risks
assessment activities. New products including those previously classified
and processes are always approved by as very high, high, medium or low, to
the risk management function prior to assess the latest position of the risks.
roll out. The review has four important steps:
The Enterprise Risk

Management Function
continually engages
with stakeholders 1. Assessing the applicability of 2. Evaluating emergence of new
across the Company current risks risks, if any
to assess and identify
new and emerging risks,
including continually 3. Grading the risks, basis
4. Monitoring and verifying the
evaluating changes in implementation of defined
efficacy of mitigation plans,
systems, processes and mitigation plans including
including undertaking controls
evaluation of reasons for non-
procedures. testing, as applicable
implementation, if any

Reserving Disclosures
Insurance companies are required to expenses is complex, as it takes about ultimate exposure to losses
establish liability in their accounts for into consideration many variables are an integral component of the
the unpaid portion of ultimate costs that are subject to the outcome of loss reserving process. Significant
(including loss adjustment expenses) of future events. Reserves do not reporting lag may exist between
claims that have been ‘incurred but not represent an exact calculation of the occurrence of an insured event
reported’ (IBNR) and ‘incurred but not liability. Reserves represent estimates, and the time it is actually reported.
enough reported’ (IBNER) as at the end generally involving actuarial projections The Company adjusts reserve
of each reporting period. at a given time, of what the Company estimates regularly as experience
expects the ultimate settlement of develops and further claims are
There are several possible methods claims will cost. Estimates are based reported and settled.
for the determination of this ultimate on assessments of known facts
cost. The method most appropriate in and circumstances, assumptions A significant proportion of the
a particular case depends on the nature related to the ultimate cost to settle Company’s reserves are for motor
of business and the development of the such claims, estimates of future trends third-party liability, which tends to
claim pattern. The provisions for IBNR in claims severity and frequency, involve longer periods of time for the
and IBNER are calculated separately changing judicial pronouncements, reporting and settlement of claims.
for each year of occurrence and are and other factors. These variables are This may increase the inherent risk
aggregated to arrive at the total amount affected by both internal and external and uncertainty associated with loss
to be provided, by line of business. The events, including changes in claims reserve estimates. One of the
approach taken by ICICI Lombard is handling procedures, economic significant factors involved in
consistent with regulatory guidelines, inflation, the unpredictability of court estimating future claims liability is the
which do not permit discounting of decisions, risks inherent in major effect of inflation on claims. The
reserves or negative provisions for any litigation and legislative changes. anticipated effect of inflation is
particular year of occurrence. Many of these items may not be implicitly considered when estimating
directly quantifiable, particularly on a liabilities for unpaid losses and loss
The process of establishing the liability prospective basis. As a result, informed adjustment expenses. Estimates
for unpaid losses and loss adjustment subjective estimates and judgements of the ultimate value of all unpaid
losses are based in part on the
development of average paid losses,
which reflects inflation. Inflation is also
reflected in the case estimates
established on reported open
claims, which, when combined with
paid losses, form another basis
for the derivation of estimates of
reserves for all unpaid losses.
Specific factors that may impact
losses, such as changing trends
in medical costs, minimum wages
and other economic indicators,
and changes in legislation and
social attitudes that may affect the
decision to file a claim or the
magnitude of court awards are
also taken into consideration. There
is no precise method for subsequently
evaluating the adequacy of the
consideration given to inflation
since claim settlements are affected
by many factors.

This estimate of losses and
their corresponding provision is
increased or decreased as more
information becomes known about
the development of losses for each
individual accident year. The increase or
decrease is reflected in the operating
results during the period in which the
estimate is changed. The accident
year’s outstanding provisions reflect
remaining unpaid claims for the
Company pertaining to the accident
year, but that is yet to be settled. These
are a combination of case reserves for
reported claims and IBNR provisions.
Development of insurance losses, including loss adjustment

losses, net of reinsurance expenses, at the end of each accident
The development of insurance liabilities (occurrence) year, and each accident
determines the Company’s ability to year’s provision for losses and loss
estimate the ultimate value of claims. adjustment expenses in subsequent
The loss development table which years. This information has been
follows shows the estimate of ultimate provided for 10 years in the table below:
Incurred Losses and Allocated Expenses (Ultimates movement)

(in ` billion)
As at March 31, 2019 Prior* AY 10 AY 11 AY 12 AY 13 AY 14 AY 15 AY 16 AY 17 AY 18 AY 19
End of First year 39.01 15.13 20.66 22.53 27.97 35.96 34.16 39.13 49.49 52.41 65.27
One year later 39.86 15.23 20.44 21.97 27.02 34.63 33.95 38.58 49.20 51.10
Two years later 39.88 15.39 20.41 21.74 26.52 34.37 33.53 38.07 48.84
Three years later 40.49 15.52 20.36 21.85 26.40 34.29 32.91 37.78
Four years later 41.18 15.55 20.47 21.83 26.46 33.85 32.73
Five years later 41.30 15.66 20.48 21.81 26.21 33.73
Six years later 41.88 15.91 20.53 21.83 26.18
Seven years later 42.11 15.96 20.67 21.83
Eight years later 42.23 16.02 20.67
Nine years later 42.38 16.05
Ten years later 42.42
Deficiency/ 8.8% 6.1% 0.1% -3.1% -6.4% -6.2% -4.2% -3.5% -1.3% -2.5%
(Redundancy) (%)
AY – Accident Year
*For AY 09 and prior, End of first year implies valuation of all accident years for AY 09 and prior as at March 31, 2009 and so on.

Reserving Disclosures
Unpaid Losses and Loss Adjustment Expenses

(in ` billion)
As at March 31, 2019 Prior* AY 10 AY 11 AY 12 AY 13 AY 14 AY 15 AY 16 AY 17 AY 18 AY 19

End of First year 7.74 5.31 7.18 7.98 12.01 17.32 17.10 20.44 26.84 32.58 37.37
One year later 3.85 1.83 2.67 3.33 6.11 9.70 11.58 14.06 16.86 18.03
Two years later 2.67 1.34 2.00 2.46 4.72 7.92 9.61 11.46 13.04
Three years later 2.40 1.15 1.58 2.12 3.84 6.73 7.80 9.69
Four years later 2.44 0.96 1.39 1.76 3.39 5.58 6.77
Five years later 2.06 0.90 1.13 1.47 2.77 4.82
Six years later 2.22 0.83 1.00 1.28 2.42
Seven years later 2.08 0.76 0.97 1.08
Eight years later 1.89 0.69 0.84
Nine years later 1.74 0.63
Ten years later 1.53

*For AY 09 and prior, End of first year implies valuation of all accident years for AY 09 and prior as at March 31, 2009 and so on.
Loss Development Table – For Erstwhile India Motor Third Party Insurance (Dismantled) Pool
Incurred Losses and Allocated Expenses (Ultimates movement)
(in ` billion)
As at March 31, 2019 AY 08 AY 09 AY 10 AY 11 AY 12 AY 13
End of First year 2.71
One year later 3.85 2.72
Two years later 4.49 3.85 2.73
Three years later 5.81 4.49 3.98 2.73
Four years later 6.16 5.81 4.63 4.12 2.74
Five years later 2.61 6.16 5.85 4.67 4.41 3.16
Six years later 2.61 6.46 5.96 4.99 5.12 3.17
Seven years later 2.86 6.55 6.05 5.45 5.12
Eight years later 2.95 6.69 6.55 5.45
Nine years later 3.00 6.98 6.55
Ten years later 3.09 6.98
Eleven years later 3.09
Deficiency/ (Redundancy) (%) 18.4% 13.2% 12.9% 21.3% 32.8% 16.7%

Unpaid Losses and Loss Adjustment Expenses
(in ` billion)
As at March 31, 2019 AY 08 AY 09 AY 10 AY 11 AY 12 AY 13
End of First Year 2.67
One year later 3.41 2.30
Two years later 3.14 2.57 1.87
Three years later 3.17 2.38 1.98 1.37
Four years later 2.67 2.51 1.84 1.51 0.98
Five years later 0.86 2.05 2.03 1.32 1.22 1.13
Six years later 0.63 1.89 1.56 1.19 1.63 0.91
Seven Years later 0.72 1.50 1.26 1.31 1.29
Eight Years later 0.65 1.23 1.39 1.03
Nine Years later 0.55 1.19 1.07
Ten Years later 0.52 0.89
Eleven Years later 0.43
Note: The accident year losses and expenses, as well as the reserves outstanding, for both the above tables do not include
the claims on the policies serviced by the Company on the inward received from the Commercial Vehicle Declined Risk Pool
arrangement.

Organisation Structure
ICICI Lombard caters to its key stakeholders − customers, shareholders,

employees, channel partners and other stakeholders − through a well-defined
operating matrix. The matrix broadly revolves around three major pillars,
namely Business Groups (Corporate, Retail etc.), Support Groups (Investments,
Marketing, Finance, HR etc.) and Service Groups (Underwriting and Claims,
Reinsurance, Actuarial etc.).
Corporate Government Retail Shared

Solutions Group Business Group Group Services
Integrated solutions Insurance solutions Insurance solutions are This unit includes a
are provided to body are provided to State, provided to individuals suite of services that are
corporates, small, micro Central governments and small enterprises in leveraged across the entire
and medium enterprises. and rural customers. The the health, home, motor, organisation, such as
Tailored solutions such as product category includes travel, cyber and personal underwriting and claims,
fire, marine, engineering, cover for crop, cattle, accident space. Agents, customer relationship,
liability, group health mass health and personal brokers, bancassurance, technology, operations,
insurance schemes and accident among others. telesales, direct alliances, reinsurance, finance and
personal accident covers MISPs and online accounts, human resources,
enable client requirements platforms are influential legal and compliance,
to be precisely met. to connect with and serve actuarial, marketing,
customers. business analytics unit,
administration and fraud
control. Providing support
to other functions, Shared
Services improve business
efficiency.

Corporate Solutions Group
The Corporate Solutions Group caters to body corporates across industries and provides every
client with customised solutions. It comprises four divisions:
Corporate Solutions Specialised Industry Small, Micro and International

Group to provide Group to cater Medium Enterprises Business Group to
insurance solutions to large clients in Group to serve cover international
to body corporates specialised business MSMEs risks of Indian
across industries segments business interests
Increased market share across product lines
Fire Engineering Marine Liability
Our market share Our market share Our market share Our market share
increased from 8.5% in increased from 11.1% increased from 12.7% increased from 14.4%
FY2018 to 9.2% in FY2019 in FY2018 to 11.5% in in FY2018 to 13.7% in FY2018 to 14.8% in
for this segment. The FY2019 for this segment. in FY2019 for this FY2019 for this segment
increase in market share This was achieved segment. This was because of our ability to
was led by our focused through extensive achieved by leveraging envisage new-age risks
approach in large and direct engagement and innovations under the and structure complex
mid-sized accounts and domain-driven expertise aegis of our Marine solutions.
investments in emerging complemented by Value-Added Services
geographies. continuing opportunities (VAS), including anti-
in the Indian infrastructure theft and anti-hijacking
space. programmes, monitoring
of temperature-sensitive
cargo, supply-chain
solutions, and through
our proprietary Marine
Loss Control Engineering
(MLCE).

Corporate Solutions Group
The Corporate Solutions Group is focused on enhancing client engagement by providing value-added services.
Health Value-Added
Services
Wellness
We offer primary healthcare and
specific disease management
programmes to clients and implement
wellness activities across corporate
accounts.
Cashless OPD ‘IL TakeCare’

Cashless OPD has been
made more convenient by
making it available on an
application, ‘IL TakeCare’. The unique
platform facilitates easy access to
doctors, diagnostics labs, pharmacies
and provides real-time claim approval
making it a truly cashless experience.
It also stores health records digitally
for future reference. This offering is
currently available in metro cities and
will be scaled up gradually.
Emergency Services
We provide ambulance
services to our clients, in Marine Value-Added the complexity or length of the journey,
collaboration with a global Services and strategic solutions for project
leader operating in 46 countries and material handling and multi-modal ODC
The marine segment is among
having 4,000+ ambulances in its fleet. logistics are some of our value-added
our most important business drivers.
We also coordinate with healthcare offerings in this segment.
Our value proposition lies in our loss
facilities at the time of an emergency
control consulting services and the
and ensure that all concerned members During the year, integrated insurance
ability to customise our solutions to
are apprised of the situation. Our and risk engineering solutions for
meet the needs of our clients. These are
emergency services are available in reducing high-frequency losses resulted
underpinned by extensive experience
28 cities. in significant risk improvement for
in logistics planning and execution of
clients. Complex cargo claims were
Over Dimensional Consignments (ODC)
settled in a prompt and hassle-free
across India for several industries. Anti-
manner.
hijacking cover (using GPS devices),
tracking services to minimise delay and Additionally, our logistic specialists
losses due to accidents or unforeseen shared detailed recommendations
events, cover for ODCs irrespective of based on in-depth analysis.

Property Value-Added
Services
Property risk visits,
management of risk measures and
customised solutions such as anti-fire
and anti-theft are provided to lessen the
client’s risk exposure in the property
segment. We also extend customised
coverage to multiple corporate clients.
Our risk management solutions such
as First Notification of Loss (FNOL)
system and fire mitigation infrastructure
have proven to be beneficial for
many clients.
IoT (Internet of Things) in Insurance

Keeping pace with advanced solutions,
we have been leveraging IoT technology
to continuously monitor the efficacy
of critical fire-fighting systems in
manufacturing units. A real-time
Drone-Based Inspection
dashboard and complete reporting
system provide transparency around We offer advanced drone-based
the performance of the fire-fighting technology for inspection of wind
system and ensure its functionality and turbines and solar PV modules. The
timely usage in case of emergency. entire activity of identifying defects is
The monitoring system comes with a carried out in a matter of a few hours
unique inbuilt communication module as compared to days in a traditional
to transfer the information to the method with greater accuracy.
monitoring platform and advanced
diagnostic for swiftly identifying the Account Level Planning
problem areas. We continue to invest in training of
sales personnel to help them make
the transition from product selling
to solution selling. Our firm focus on
solution selling has reinforced our
corporate relationships and established
ICICI Lombard as the ‘Risk Engineering’
Company.

Government Business Group
Our Government Business Group (GBG) provides solutions in the areas of crop, cattle
and motor insurance to rural India. While crop insurance premium is subsidised by the
Government under its flagship scheme Pradhan Mantri Fasal Bima Yojana (PMFBY),
cattle insurance operates on both, subsidised and non-subsidised models. Our
endeavour is to deliver effective risk management solutions by creating awareness,
leveraging technology and public-private collaboration.
As CSCs provide Crop Insurance around 6.9% market share currently

last-mile service delivery PMFBY provides coverage and around 17% of the overall GDPI. In
to both loanee and non- the Kharif 2018 season, our Company
in rural India, they
loanee farmers. Under this was the implementing agency in
present a significant scheme, the farmers are eligible for Maharashtra (9 districts), Madhya Pradesh
opportunity to expand crop insurance for both crop seasons, (10 districts), Uttarakhand (7 districts)
our footprint in the i.e. Kharif and Rabi. FY2019 marked and J&K (4 districts) and enrolled 27.08
the third year of operations of the Lakh farmers. In the Rabi 2018-19
non-subsidised rural
government-sponsored crop insurance season, our Company was the
segment. scheme. implementing agency in Madhya
Pradesh (10 districts) and J&K
We have been a participant in the crop (4 districts) and enrolled 9.90 lakh*
insurance segment since its launch with farmers.

Crop Insurance CSC Cattle Insurance
Cattle Insurance
Cattle insurance is another
emerging business segment
for our Company. The business
registered a growth of almost 100.7%
in FY2019 on the back of increasing
funding by partner banks and Micro
Finance Institutions (MFIs) in this
segment. New technology like Radio
Frequency Identification (RFID) along
with strong vendor partnerships are
our key differentiators in this business.
This year, our exposure was in as many
as 13 states, with major states being
Rajasthan, Karnataka and Punjab.
Common Services Centres

(CSC)
CSC e-Governance Service
India Limited is a Special
Purpose Vehicle (CSC SPV) incorporated
by the Ministry of Electronics and
Information Technology (MeitY),
Government of India to monitor the
implementation of Common Services
Centres (CSC) scheme. It provides a
centralised collaborative framework
for delivery of e-governance services
to rural citizens, thereby contributing
to the mandate of a digital India.
As CSCs provide last-mile service
delivery in rural India, they present a
significant opportunity to expand our
footprint in the non-subsidised rural
segment. During the year, we focused
on increasing CSC engagement and
simplifying the policy issuance process
to drive sourcing.

Retail Group
Motor Insurance Travel Insurance
Motor Insurance AI-based solution for instant renewal

Motor insurance continues of expired or lapsed motor insurance
to be among the most policies was launched during the year.
dominating segment in The solution empowers customers to
the non-life insurance sector. Motor capture images of their vehicle and
insurance contributed to 37.9% of the upload it using ICICI Lombard’s ‘Insure’
overall general insurance premium. mobile application. Each image is
Within this, motor own damage analysed further by the cloud-hosted
segment contributed to 15.6% of the AI module to detect the damages in
industry GDPI in FY2019. Our Company the vehicle, after which the break-in
holds 12.9% market share in the motor policy proposal is either accepted by
own damage segment. the Company or recommended for
verification. This industry-first feature
The year witnessed regulatory changes has been developed in collaboration
in the motor insurance segment, which with Microsoft.
had a direct impact on the motor
Travel Insurance
insurance portfolio.
The travel insurance portfolio
1. With effect from September 1, 2018, of the Company stood at
third-party insurance was made a GDPI of ` 1.73 billion for
compulsory for new four-wheelers FY2019. During this period, we issued
and two-wheelers. The coverage is 10.0 million policies including both
applicable for a period of three years domestic and overseas policies. With
for new four-wheelers and five years 21% market share, we have maintained
for new two-wheelers. our position as a leading insurer in travel
insurance space. We have continued
2. The minimum sum insured under
our focus on profitable growth in the
Compulsory Personal Accident cover
(CPA) for owner-driver liability was
enhanced to ` 1.5 million, effective
37.9%
September 20, 2018. The tariff for
compulsory personal accident
cover was de-tariffed, effective
Motor Insurance share of the January 1, 2019. We continue to leverage
overall general insurance
Amidst these industry developments, technology for driving
premium
we continued to invest in enhancing customer-centricity. An
our distribution network in the motor AI-based solution for
segment with a balanced focus on instant renewal
the channels of automobile dealers,
12.9% agency, direct business and MISPs. Our

of expired or lapsed
focus is to build a sustainable motor motor insurance policies
Market share in the motor own
portfolio driven by loss cost based was launched during
damage segment micro-segmentations which results in the year.
profitable business from the market.
We continue to leverage technology
for driving customer-centricity. An

Home Insurance Health Insurance SME
Our existing products are under

revision for which regulatory approval is
awaited. The proposed enhancements
have been made keeping customer-
centricity in focus and will make the
products more comprehensive.
We had experienced a positive trend

for our ‘Group Safeguard’ product.
This encouraged us to explore similar
avenues to boost our B2B2C business.
Accordingly, we launched two new
products, ‘Income Protect’ and
‘Hospifund’, to enable us to cater to the
various customer segments.
Analysing and ideating for innovative

products remains a constant process to
build a product basket that contributes
to our topline.
domestic travel insurance segment Health Insurance

and registered a growth of nearly With the strategic approach
16% in terms of GDPI compared to the of our channels to capitalise
previous financial year. on varied markets, we grew
our indemnity business from ` 4.23
Home Insurance billion in FY2018 to ` 4.83 billion in
The Home Insurance FY2019, registering an increase of
segment at an industry 14.3%. The number of policies saw We had experienced
level grew as customer an increase of 11.8%, of which a a positive trend
awareness and realisation for the large portion is now sourced digitally for our ‘Group
need of this type of product increased. by harnessing our robust mobile
The number of policies issued have application. FY2019 witnessed
Safeguard’ product.
gone up consistently over the years, relatively slower growth on the This encouraged us to
marking a 68% increase in FY2019. The benefit health insurance segment explore similar avenues
same was a result of the growing in view of muted loan disbursements to boost our B2B2C
significance of Home Insurance by Non-Banking Financial Companies
throughout the country after severe (NBFCs) in the second half of
business.
floods in Kerala in August 2018. the year.

Retail Group
SME
The SME sector has
witnessed robust growth
over the past decade and
continues to offer huge opportunities.
The emergence of digitisation and
new technology has provided the
much-needed impetus to this sector.
At ICICI Lombard, mindful of the
unfolding sector opportunities, we
have made SME among our key
focus areas.
As part of our focus on the SME

sector, we are continually enhancing
our product and service offerings to
seize the market potential and increase
customer satisfaction. We continue to
engage with our customers through
multiple channels, i.e. agents, brokers
and bancassurance. Additionally,
aligned with customers’ preference
for a quick turnaround time, we have
embedded technology across our to customer requirements in the most policy. This empowers customers to
business functions. These technology efficient and effective manner. decide on the offerings while reducing
solutions have also been made available operational expenses and saving time in
to our partners so that they can respond During the year, we were well-equipped policy issuance at our end.
to fully capture the market opportunity
with several initiatives. The success Empowering through Knowledge: In
of our efforts is reflected in the 26.7% our journey to move from policy sales to
increase in the SME portfolio growth solutions sales, we have been imparting
in FY2019, over the previous year. The product and process knowledge,
different business aspects that we including digital advancement, to
focused on include: channel partners. Transmitted through
a series of webinars, this knowledge
New Products: An innovative basket sharing empowers our partners to
At ICICI Lombard, of products like mobile insurance, provide a superior customer experience.
mindful of the unfolding business shield, cyber insurance and
sector opportunities, we title insurance enables us to serve the
new needs of the market. This has
have made SME among helped us to penetrate varied customer
our key focus areas. segments.
Customisation: We leveraged
technological and digital advancement
to customise our solutions. For
instance, we are using the digital
platform for the issuance of quotes and

Shared Services
Reinsurance also introduced the industry’s first

During FY2019, our AI-based solution to facilitate instant
reinsurance programme renewals of expired or lapsed motor
continued to be a insurance policies. In FY2019, we
combination of proportional and non- continued with our centralised approach
proportional programmes for both for underwriting retail health products. We have been using
conventional and specialty lines of market trends and
business. Our reinsurance programme In the group health insurance segment,
we launched the Health Endorsement analytics to understand
has been structured by maintaining
the philosophy of buying an adequate
Module to empower our partners - and restructure our
cover to protect value at risk at all
intermediaries as well as clients – to underwriting guidelines
initiate online endorsement requests.
times. A well-defined retention limit on a timely basis.
A “Do it Yourself” model with the
for each product segment that defines
necessary checks built within the
its maximum ‘per risk’ and ‘per event’
system, the new module facilitates
exposure has been formulated. We
endorsements on a seamless basis.
continued to buy appropriate risk and
The first-of-its-kind initiative in the
catastrophe reinsurance as a shield
industry, the module has improved our
against single large losses and natural
operational efficiency and will further
disasters. Our net retained exposures
strengthen customer relationships.
were modelled by international
agencies to ensure the adequacy of the
limit of catastrophe reinsurance. We
maintained our association with top
global reinsurers for our key reinsurance
programme, with General Insurance
Corporate of India (GIC Re) being our
largest reinsurance partner.
Underwriting
In motor insurance, we
continue to practice risk-
based pricing and maintain
an appropriate mix of models and
geographies through selective sourcing.
In private motor class, there has been a
change wherein market share for some
of the brands have increased thereby
changing the overall mix. A sizeable
portion of the business is also garnered
from the premium segment cars. We
also review and set an appropriate
target mix of new vis-à-vis renewal
portfolios based on the make, model
and geographical performance on a
periodic basis. We introduced long-term
policy for private cars and two-wheelers
from September 2018. In FY2019, we

Shared Services
We have been using market trends and In liability, we launched a new

analytics to understand and restructure product Title Insurance. The Real
our underwriting guidelines on a timely Estate (Regulation and Development)
basis. Additionally, robust underwriting Act, 2016 has mandated that all
practices backed by advanced developers obtain title insurance
technology continue to be of prime for their projects. The policy may
importance. additionally be purchased by the
land owners, society or owners’
In crop insurance, selection of a associations, plot purchasers, lenders
well-diversified portfolio is of prime and any other third parties with an
importance. At ICICI Lombard, we take interest in the title to the insured
utmost care to select clusters which property.
ensure our presence in diversified agro-
climatic areas within the state. Selection The Marine Cargo book for FY2019
of risk is done by analysing different witnessed double-digit business
agro-climatic conditions as well as growth, exceeding the industry
agricultural parameters like soil type, performance and placing ICICI Lombard
vegetation, irrigation facilities, rainfall, at number one position among private
temperature, relative humidity and wind players and at second position at an
speed. In addition, calamity history such industry level.
as drought, flood, hailstorm, pest and
disease occurrence are also considered. Claims
The cluster selection model plays an In health insurance, we
important role in pricing optimisation. processed over 45,000 health
claims during the year using
In the property space, to further ICR/OCR data extraction, resulting in
strengthen the risk selection faster settlement of claims. We also
process, we are keenly monitoring processed more than 8,200 group
the technological changes in the health cashless approvals in the year
construction and manufacturing using artificial intelligence for medical
process of the major mid-size industry and surgical treatments, an initiative
segments. Based on our claim started in FY2018. Cashless approvals'
experience and the technological time is reduced from one hour to few
advancement in these industries, we minutes from the request received
In motor insurance, we have done sub-segmentation of the time. Automated approval of claims will
continue to practice occupancies as defined in tariff to continue to be our focus by onboarding
risk-based pricing and optimise risk selection. Further, we retail health claims and reimbursement
have adopted a solution-based claims on the new technology platform.
maintain an appropriate
approach of customising the policies We also maintained our attention on
mix of models and with appropriate risk-based add on reasonable and customary charges,
geographies through covers and are working with our case management and management of
selective sourcing. customers for the implementation of length of stay to positively impact our
suitable risk mitigation measures. claims cost.
For high hazard occupancies, a
specialised underwriting team is in In motor insurance, we continued
place, focused on building quality our strong performance, settling more
risk selection. than 1 million claims in the year, with

more than 90% settled within one portfolios, settling over 82% of the
month. We serviced more than 200,000 outstanding claims within one month.
claims during the year through
'InstaSpect'. We were the first to launch Augmentation of technology, as always,
the live video streaming feature for remains a key focus area to tackle the
motor claims. Adding to the portfolio of increased volume of claims and also
innovative solutions for servicing claims, to improve efficiencies so as to reduce
we also launched ‘eClaims’, a feature the claim settlement turnaround time.
enabling the motor insurance customer ‘I-Claim’, a robotic process automation
to fill and submit a digital claim form initiative along with ICR/OCR was
and upload relevant documents. introduced specifically for the Marine
This feature allows the insured to Cargo portfolio. The technology
authenticate the submission with an intervention has enabled us to process
nearly 8,000 claims in FY2019 with an
In health insurance, we
OTP, allowing for a completely paperless
claim process. average of 5 claims per hour. `I-Claim’ processed over 45,000
was also used for monitoring the health claims during the
Remote sensing technology was used shipment status of various logistics year using ICR/OCR data
for crop health monitoring along with companies, previously carried out
manually, thereby increasing the
extraction, resulting in
tracking the progress of area covered
under crop insurance. This helps in early efficiency manifold. It has taken us to faster settlement
detection of pest, disease attack and a different level to identify duplications of claims.
sowing failure. and frauds in voluminous frequency
losses driven proposals, leading to
In commercial lines of insurance, improved efficiency in the working
we processed over 78,000 claims environment for both the insurer
in property and casualty insurance and insured.

Shared Services
Risk Management
We continue to drive
innovation and leverage the
latest technology across
all our products to better manage
risks. Be it AI chatbots enabling us
to deliver instant health status to
our customers or innovative way
of conducting onsite breast cancer
screening helping in early detection
and management of malignancies, we
are deploying advanced solutions to
drive timely medical intervention. In
the corporate sector, risk management
through onsite medical clinic ensures
early diagnosis and treatment of acute
diseases, which if delayed could have
led to hospitalisation.
In motor insurance, through

‘InstaSpect’, we are encouraging
customers to connect with a claims clients and provide risk management of cost data. We also promote the
manager immediately upon meeting solutions to them. use of latest and sophisticated cost-
with an accident, enabling the expert effective tools to improve functionality
to advise the customer on-the-spot. In marine insurance, we are using and to reduce costs, energy usage
This is a step towards ensuring the GPS for tracking the movement of and environmental impact. Raising
customer’s safety and reducing the consignments to monitoring the awareness of cost control among
chances of aggravating any damage variation of ambit temperature of employees has also helped to lower
to the vehicle. high-value pharma consignments. organisational and marketing
Deployment of advanced technology overheads.
In commercial lines of insurance, to provide infrastructure monitoring
we devised innovative ways of (in the form of route survey), along During the year, the Company
identifying and mitigating key risk with risk management for high-value introduced a new application to carry
parameters around electrical and large projects and other cargoes, out e-bidding, which enabled us to
process safety. Various risk safety demonstrate our formidable strength make 7% savings on our budgeted
indices such as Electrical Risk Safety as a complete logistical risk solution marketing spends.
Index and Advanced Mathematical company.
models have been deployed to identify Investments
the improvement areas in the key Cost Management As on March 31, 2019,
processes of the clients and partner The Cost Management Team ICICI Lombard had one of
with them to improve the same. is keenly driven to improve the largest total investment
Internet of Things (IoT) technology has on its past performance and assets among the private-sector
been further utilised to control and deliver better value to all stakeholders. non-life insurers in India. We had
monitor critical risk parameters. These Cost optimisation is achieved through ` 222.31 billion in total investment
advances in analytics and technology the methodologies of cost planning, assets with an investment leverage
has helped us work closely with coordination, control and reporting of 4.09x. The investment policy is

designed with the objective of for new recruitments at the agent
capital preservation and achieving level and also started a separate
superior total returns within identified Agent Help Desk module in our
risk parameters. Listed equities made branches for providing product and
up 10.8% of the Company's total industry level knowledge.
investment assets, by carrying value, We continue to drive
as at March 31, 2019. Since FY2004, This will not only help us to innovation and leverage
our listed equity portfolio has returned increase ground water availability,
the latest technology
an annualised total return of 27.8% but also improve the quality of water
through dilution when recharged to across all our products
as compared to an annualised return
of 16.9% on the benchmark S&P ground water. to better manage risks.
NIFTY index.
Process Excellence
Operations Group (PEG)
During the year, we With the new world

continued to invest in being hyper-connected,
building scale and capability our constant endeavour is to increase
in the operations function to facilitate customer engagement by integrating customer’s perceived value to
business growth and serve various operational efficiencies with omni- create a competitive advantage in
business verticals. We also focused channel customer experience this digitised world.
on enhancing the quality of our solutions to provide real-time
services by aggressive usage of digital responses, faster resolutions and
platforms. User-friendly interfaces best-in-class service. We also
work towards understanding our
and developments were introduced to
improve overall transaction experience
and empower the end-user. ‘Direct
Client Interaction’ platform was
launched in which the customer or
intermediary can directly coordinate
for policy service requests. Further,
in order to focus on SME products
and increase penetration, online
policy renewal was made available.
Communication through SMS and
mails has been further extended for
timely information. The increased use
of digital technology has helped to
reduce processing Turn Around Time
(TAT) and improve overall customer
and business partners’ experience.
A key long-term strategy for us is to

continuously improve agent servicing
and widen our distribution network.
Aligned with this strategy, we
introduced a mobile application

Shared Services
internationally established standards

for quality systems and assurance.
Our commitment to excellence

was recognised and lauded by the
Institute of Directors where we won
the Golden Peacock Award for
Business Excellence.
Information Technology
Artificial Intelligence &
Machine Learning for Health
Claims
ICICI Lombard has become the first
Indian non-life insurance company to
pioneer the use of artificial intelligence
and machine learning in health claim
processing. Understanding medical
diagnosis is a significantly complex
activity, we have deployed the use of
AI technology for this difficult task. This
During the year, we launched has resulted in reducing cashless claim
#DoTheDigital, an innovative campaign request approval time from the earlier
to bolster our presence in the digital average of 60 minutes to few minutes.
ecosystem of the general insurance This response time improvement is
market. The campaign aimed at inviting extremely helpful in cases requiring
ideas with differentiated digital product emergency medical attention, since
offerings and new digital business the cashless request can be processed
sourcing techniques. We received 346 without any time lapse and treatment
ideas in a span of 15 days with active can start immediately. Also, with AI
participation from employees, who taking over the medical admissibility
suggested ideas in the new and existing decisioning currently done by doctors,
product categories. #DoTheDigital it will enable our doctors to focus on
focused on providing employees an more complex jobs. In March 2019,
opportunity to lead the change that they over 9,000 cashless requests were
wanted to make in the organisation. received, out of which 2,200 requests,
The top seven ideas were presented to almost 25% cases, were successfully
the Managing Committee and winners adjudicated by the AI engine.
were felicitated at the Frontier Award
ceremony. Framework-based configurable
product development
We successfully completed the second We successfully developed and
periodic audit cycle of our quality deployed a framework that is highly
management system post-upgradation configurable for quick deployment of
to the most recent ISO 9001:2015 products to our customers. The
standard. This demonstrates our platform is being used for building
continued commitment to conform to simple sachet products where

the requirement is to have a To promote frictionless business conducted for policy proposals where
minimum time to market with highly and service, AI solutions have been there is a lapse in continuous policy
customised rating parameters. implemented along with automation. insurance. Before the launch of this
The platform also provides an out-of- This results in further reduction in solution, around 14,000 monthly
the-box solution for channel partner TAT and manual errors. For instance, inspections were being handled by
integration. An easy-to-use and well- claim processing is data intensive our team for lapsed policies. The
developed application programming with the information needed to be replacement of manual inspection
interface (API) facilitates partners to sourced from several documents. The with AI processing enables immediate
integrate standard cancellation/ implementation of AI solutions has approval and policy issuance,
endorsement/renewal modules and removed manual intervention in the significantly enhancing the customers’
batch processing capability for task of data collection, leading to fewer policy purchase experience. The AI
offline processing. inconsistencies and faster processing solution, developed in partnership
of claims. with Microsoft, operates in the
Long-Term Motor Policy following way:
During the year, IRDAI made it On Cloud
• Vehicle inspection photos/videos are
mandatory for new vehicles to get With a long-term strategy and vision uploaded by the customer
long-term third-party motor insurance for the future, we are moving to a
new operating model and culture by • Automatic computer vision-based
(three years for new four-wheelers
inspection
and five years for new two-wheelers). adopting a cloud-based solution. By
The formation of small sprint teams moving our technology workload on • Machine learning algorithms to
enabled us to speed up the product the cloud, we will add more agility and detect damages in break-in cases
development cycle. Further, the speed to innovation. It will also help to
• If affirmative AI feedback, then
Business, Technology and Product ensure that our customers have access
policy copy is generated; else, if
Teams worked in close collaboration to to the latest technology, improvement
AI detects damages, then the case
deliver in agile mode. The system of our IT security posture, boosting
is recommended to the technical
development ensured that customers enterprise productivity and enhancing
expert
were provided with the flexibility to user experience.
avail multiple year own damage and
third-party policy as well as bundled Customer Engagement
cover with a three or five-year term for We are using a dedicated, scalable
the third-party component and a and integrated contact centre platform
one-year term for own damage, as to offer a seamless experience to
permitted by the regulator. Further, the our customers. The incorporation Robotics is being
development supported policy selection of easy-to-use new communication used across verticals
through various channels and platforms channels enables us to engage with our
to automate manual /
such as OEM, branch, agent portal, customers through the medium and at
customer portal, mobile and a time they prefer, respond accurately repetitive tasks. This
chatbots. and increase internal efficiency. This, helps to improve
in turn, has helped us to build stronger TAT, drive error-free
BOT Journey relationships with our customers.
operations and
Robotics is being used across verticals
Artificial Intelligence Break-In Process promote self-help
to automate manual / repetitive tasks.
This helps to improve TAT, drive error- We launched an AI-based break-in option for internal and
free operations and promote self-help inspection solution during the year external users.
option for internal and external users. to facilitate real-time policy issuance
As of date, 150 BOTs have been for expired motor insurance policies.
implemented across verticals. A break-in inspection is generally

Nurturing and Leveraging Human Capital for

Organisational Goals
certification of employees, employee

satisfaction scores, culture surveys,
and employee cost, among others are
tracked.
Talent management processes are

designed to attract, develop, motivate
and retain productive, engaged
employees to enable them to perform
and thereby contribute to meeting our
operational and strategic goals and
objectives.
The following important steps

are involved in developing our
organisational talent pool:
• Review of business plans and
capabilities needed to deliver our
organisation goals
• Assessment of existing talent to
Human capital is the collective required. Several tangible outcomes identify the strengths and gaps
knowledge, skills, experience and such as diversity and mix of talent, needed to meet our business plans
abilities of employees working together average tenure of employees, internal
with the other critical growth drivers talent occupying leadership positions, • Develop a talent strategy to leverage
to accomplish organisational goals. average experience of leadership team the strengths and address the gaps
At ICICI Lombard, our human capital and senior management, employees • Create a robust plan and framework
plays a pivotal role in the achievement who have been retained, time invested to deploy the strategy and measure
of our organisational goals. We have in learning, skill and leadership the progress
an ongoing robust talent management
process to facilitate grooming, building Human Capital Formation at ICICI Lombard
and effective deployment of human Human Capital Formation
capital. The methodology includes
aspects such as acquiring talent,
building their capabilities, engaging External Culture &
Talent Talent Mindset
them, developing a collective mindset Acquisition
Onboarding &
Engagemenet
to align with stakeholder expectations
and deploying talent in the right roles to
drive high performance. As an outcome,
the process enables talent to realise
Quantity of Workforce Talent Develop
its full potential while enabling the Planning Management Development
Talent Skill
organisation to achieve its goals.
Measuring the progress

Succession
While an ongoing process is necessary Planning Performance
for human capital development, it is Internal Management Drive High
equally important to review and monitor Talent Performance
the progress made. Metrics help track
the outcomes and course-correct if Measurement parameters

Talent management sub- employees. Apart from these
processes and outcomes certifications, structured induction for
new recruits and skill development Workplace diversity is
1. Acquiring internal and external programmes for employees in our key differentiator
talent expanding business segments were enabling us to win
Based on the business plans, there is an also carried out.
in the marketplace.
assessment of existing talent to identify
Talent Councils comprising leaders It is manifested in
key strengths and gaps. Understanding
these requirements is essential to from cross-functional teams review our efforts towards
develop talent plans at a business and the quality of talent and the adequacy building an inclusive
of the internal talent pipeline at
functional level. This involves acquiring
every level. The Councils deliberate
and multi-dimensional
the right talent from within and outside
on the quality of talent and their workforce, leading to
the organisation.
readiness for critical roles using 360° increased profitability
Workplace diversity is our key feedback and other inputs to agree on and opportunities for
succession plans for these roles.
differentiator enabling us to win in the employees.
marketplace. It is manifested in our Appropriate developmental feedback
efforts towards building an inclusive is shared to groom and prepare
and multi-dimensional workforce, talent and improve their readiness for
leading to increased profitability and such positions.
opportunities for employees. Diversity
ensures that the work environment
promotes acceptance, respect, and
teamwork even though there are
differences in race, age, gender, native
language, political beliefs, religion,
sexual orientation, or communication
styles among employees. Our
endeavour to have a young and diverse
workforce is reflected in the fact that
37.6% of our team are millennials and
16.8% of our workforce are women.
The average age of our employees is
below 31.8 years.
2. Building capabilities
A focused and structured approach to
talent development is fundamental to
enable employees to perform. This
involves investment in employee
learning–primarily through the 70-20-10
development approach with the
majority of the learning happening
while they are on-the-job, followed by
structured classroom learning and
e-learning. During the year, we invested
in 283,046 training hours across

Nurturing and Leveraging Human Capital for

Organisational Goals
3. Building culture and mindset

Overall alignment of employees to organisation priorities and stakeholder expectations and building a collective mindset is a
key enabler to drive the common organisational goals. This collective mindset and ethos are reflected in Vishvas - our guiding
principles with respect to all our key stakeholders. Vishvas was co-created with all employees.
Vishvas - Our Guiding Principles
Everyday
hvas
s
Vi l Pa e rtne
ann
Vi
r
Ch
sh
vas
Ot
veryday
ployees
her Stake H
Everyday
I
Em
as E
ld
v
er er
ish
Custom
Vi
V sh
vas
Everyday
Share-
Channel holders &
Customer Employees Partners
Community
We are friendly, fair and fast We are empowered We are responsive to our We consistently deliver
in our interactions and are workforce which thinks of channel partners needs and long-term shareholder value
responsive to our customers, ways, to get the job done. actively engage with them and strive to set standards
especially during their We are accountable for to work on their feedback. for the industry while
time of need. We leverage our actions and inactions We gain trust to be their contributing to the welfare of
customer insights to create and always act in the best preferred partner through fair the community.
differentiated solutions and interest of the Company. and transparent interactions.
deliver on our promises. We risk smartly and tolerate We deploy technology
honest mistakes. We practice to empower and provide
meritocracy where awards convenience to our partners.
are aligned to performance. We help them build and
We respect and care for the nurture sustainable business.
well-being of our colleagues,
celebrate wins and significant
moments in each other’s
lives, helping each other.
Vishvas is brought to life on a day-to-day basis through employees demonstrating the behavioural standards for the four pillars
of our guiding principles – Fast and Nimble, Taking Charge, Working Together and Celebrating Wins. Teams demonstrating the
Vishvas behaviours for successfully achieving organisational priorities are recognised, which reinforces Vishvas. Annual Vishvas
surveys and interim dipstick surveys measure employee’s perception and feedback on the four pillars and how these behaviours
are being demonstrated. Action plans to address the issues highlighted by employees are rolled out, thereby aligning the
employees collectively to the changing needs and expectations of the stakeholders.

4. Employee Engagement 5. Delivering superior performance employee, which equips them
Employee engagement is all about Employees have defined goals that to meet their in-year deliverables
creating the right work environment for are aligned to ensure the realisation as well as the medium- and long-term
all members of an organisation to give of organisational goals and their career goals through an Individual
their best each day, stay committed progress of delivery is reviewed Capability Plan (ICP). Performance
to their organisation's goals and periodically and assessed objectively improvement plans are also rolled
values, stay motivated to contribute every year. This process helps drive out to enable underperforming
to organisational success, with an superior performance year-on-year by employees to get their performance
enhanced sense of their well-being. continuously raising the bar. back on track. Differentiation of
performance and linkage to reward
Employee engagement initiatives are Besides driving individual performance, along with recognition of top
refreshed and strengthened every year employee development and growth are performers at national and regional
based on employee feedback, evolving other vital aspects. ’Sarvottam’ is an levels help in driving and reinforcing the
engagement practices and business initiative for capability building of every performance culture.
needs. The annual business plans to
deliver the organisational goals are
reviewed and cascaded to employees.
In addition, various strategic projects
and initiatives are also deliberated and
co-created with senior employees
through a forum called Ignite. Apart
from strategic priorities, the forum
also covers action planning on the
employee satisfaction survey results.
The outcomes are cascaded to the rest
of the organisation through another
forum called Ignite Wave. In this forum,
employees also share their inputs and
suggestions for action planning on the
survey results. Under the ‘Great Place
for All’ initiative, based on employee
survey scores and action planning,
multiple initiatives are launched on
an ongoing basis. These include
initiatives relating to work-life
harmony, periodic recognition events,
employee assistance programmes for
well-being, emergency services for
assistance and leave donations and
smoother new employee joining and
onboardings, among others. The line
manager is critical for ongoing
engagement and to strengthen the
bond between the manager and
employee, there are several initiatives
such as Skip meetings, Gift at Work
and Town Halls.

Corporate Social Responsibility
At ICICI Lombard, our continuous

endeavour is to go beyond our business
focus and contribute to the well-being
of all our stakeholders, including the
community at large. As a responsible
corporate citizen, we undertake
interventions in the areas of Preventive
Healthcare, Road Safety and Wellness.
Our CSR projects are underpinned

by the voluntary contributions of our
people, an approach we encourage
and support year-round. Further, we
have successfully implemented several
projects in coordination with ICICI
Foundation in the tribal districts of India.
These programmes demonstrate our
commitment to promote non-profit
humanitarian work to bring a positive
change in the society
and passion for this initiative as it ’Caring Hands Day’ at ICICI Lombard.
Caring Hands
is extremely close to their heart. In The campaign has grown tremendously
‘Caring Hands’ is an initiative eight years since its inception in 2011, over the years and has been
launched by ICICI Lombard aimed the campaign, with the support of instrumental in building a sense of
at providing preventive healthcare thousands of our employee volunteers, social responsibility and camaraderie
services to underprivileged children. has been a catalyst in affecting the lives among the employees.
Our employees volunteer with pride of 2,00,000 children in more than 300
schools in over 100 locations across Ride to Safety
the country. ‘Ride to Safety’ is a nationwide initiative
launched by ICICI Lombard to generate
200,000
No. of lives impacted through the
Approximately, 50% of our employees
volunteer for this activity every year,
which reflects the overall support that
awareness on road safety in India. In
a country where a life is lost every 4
minutes in a road accident*, inculcating
the initiative has garnered within the sensible road behaviour among parents
Caring Hands initiative.
Company. In FY2019, our volunteers and their children is necessary to make
identified 5,582 cases of poor vision and them responsible citizens.
provided these children with corrective
lenses. We have distributed almost To promote understanding of road
25,000 spectacles to underprivileged safety at the formative ages, workshops
70,000
children so far. targeted at children are initiated by
us every year. The workshops impart
Although the activity demands appropriate road safety values to the
Specially-designed ISI-mark helmets equipment and ophthalmologists, the young generation so as to inculcate
were distributed to the parents employees successfully organised all safe road practices throughout their
and children attending the the aspects to conduct eye check-up lives. Child-specific helmets are also
workshops to date.
camps in December on a scheduled given to children riding as pillion riders
date. This day is now earmarked as the on two-wheelers.

More than 500 workshops have been ISI-marked helmets that had been in these schools on the importance
conducted in Mumbai, Pune, Delhi, distributed during our Ride to Safety of drinking clean water. An annual
Nagpur, Chennai, Bengaluru and workshops. The earlier record for the maintenance contract is also done
Ahmedabad since September 2015, largest gathering of people wearing to ensure smooth functioning of the
touching the lives of over 1,00,000 helmets at one location was 3,921, machines. We installed 75 purifiers in
children and their parents. ISI-marked held by the Ministry of Interiors in Abu schools in Mumbai and around 20,000
specially-designed helmets have been Dhabi. This recognition will help us kids benefited through this initiative
given to 70,000 children post the further the cause of road safety among in FY2019.
workshops. In FY2019, we introduced Indian children.
ISI-marked helmets for both children *Source: Study published in the medical
and their parents, thereby ensuring Niranjali journal Lancet and Ministry of Roads
protection to the family while riding a ‘Niranjali’ is an initiative under Wellness Transportation Highways.
two-wheeler. During the year, we thus providing clean and pure drinking water
distributed 25,000 specially-designed for school children. According to a
ISI-marked helmets to the parents and survey, India has one of the world’s
children attending the workshops. highest rate of child mortality due to
The response of the attendees to our diarrhoea with more than 100,000
intervention was heartening, and their under-five deaths reported on account
attitude encourages us to conduct such of it in 2015*. Our intervention aims at
workshops frequently. providing better access to clean water
to prevent such deaths. Niranjali was
This year, we set a new Guinness initiated in FY2017 and has been well-
World Record with our ‘Ride to Safety’ received in schools. We have tied-up
initiative. The record was set by 4,999 with Eureka Forbes for water purifiers
kids who assembled at an open and installed these water purifiers in
ground to form the shape of a helmet. schools where drinking water is scarce.
The children wore specially designed Dedicated sessions are conducted
We installed 75 purifiers
in schools in Mumbai
and around 20,000 kids
benefited through this
initiative in FY2019.

Directors’ Report
To the Members, SECRETARIAL STANDARDS
During FY2019, the Company is in compliance with the
Your Directors have pleasure in presenting the
applicable Secretarial Standards issued by the Institute of
Nineteenth Annual Report of ICICI Lombard General
Company Secretaries of India with respect to Board and
Insurance Company Limited (“the Company”) along
General Meetings. The same has also been confirmed by
with the audited financial statements for the year ended
the Secretarial Auditor of the Company. The Company
March 31, 2019.
has devised proper systems to ensure compliance with
its provisions and is in compliance with the same.
INDUSTRY OVERVIEW
The gross direct premium income (“GDPI”) of the CAPITAL
industry grew from ` 1,506.62 billion in FY2018 to
The total capital invested by shareholders till March 31,
` 1,701.12 billion in FY2019, a growth of 12.9% (Source:
2019 including share premium was ` 20.24 billion. The
IRDAI). The Company’s GDPI increased from
net worth of the Company increased from ` 45.41 billion
` 123.57 billion in FY2018 to ` 144.88 billion in FY2019,
at March 31, 2018 to ` 53.20 billion at March 31, 2019.
a growth of 17.2%. The Company led the private players
The solvency position of the Company at March 31,
(including standalone health insurers) in the general
2019 was 2.24 times as against minimum of 1.50 times
insurance sector with a market share of 15.6% and had
prescribed by IRDAI.
an overall industry market share of 8.5%. The Company
is the 4th largest player in the general insurance sector at PARTICULARS OF LOANS, GUARANTEES OR
March 31, 2019 and continued to lead the private players INVESTMENTS
in General Insurance Sector.
The provisions of Section 186(4) of the Companies Act,
FINANCIAL HIGHLIGHTS 2013 (“CA2013”) requiring disclosure in the financial
statements of the full particulars of the loans given,
The financial performance for FY2019 is summarised in
investment made or guarantee given or security
the following table:
provided and the purpose for which the loan or guarantee
(` billion)
or security is proposed to be utilized by the recipient of
FY2018 FY2019 the loan or guarantee or security are not applicable to
Gross written premium 126.00 147.89 the Company.
Earned premium 69.12 83.75
Income from investments 14.82 17.55 SIGNIFICANT AND MATERIAL ORDERS PASSED
Profit before tax 11.96 15.98 BY THE REGULATORS OR COURTS OR
Profit after tax 8.62 10.49 TRIBUNALS IMPACTING THE GOING CONCERN
EPS- Basic (`) 19.01 23.11 STATUS OF THE COMPANY AND ITS FUTURE
EPS- Diluted (`) 18.99 23.06 OPERATIONS
There are no significant and/or material orders passed by
APPROPRIATIONS the Regulators or Courts or Tribunals impacting the going
The profit after tax for the year ended March 31, 2019 is concern status and future operations of the Company.
` 10.49 billion. The profit available for appropriation is
` 35.26 billion after taking into account the balance of DIRECTORS AND OTHER KEY MANAGERIAL
profit of ` 24.77 billion brought forward from the PERSONNEL
previous year. The Company had declared and paid The Board of Directors of the Company at March 31,
` 2.50 per equity share as a final dividend for FY2018 2019 consisted of eleven (11) Directors, out of which six
and interim dividend for FY2019 respectively aggregating (6) are Non-executive, Independent Directors, two (2)
to ` 2.74 billion including dividend distribution tax. The are Non-executive, Non-independent Directors and
Board of Directors at its meeting held on April 18, 2019 three (3) are Whole-time Directors. Lalita D. Gupte was
had recommended a final dividend of ` 3.50 per equity designated as Non-executive, Chairperson of the
share for FY2019 to the shareholders’ for their approval. Company by the Board of Directors at its meeting held

on October 20, 2018. None of the Directors of the All the Directors of the Company have confirmed that
Company are disqualified from being appointed as they meet the criteria of ‘fit and proper’ as laid down
Directors as specified in Section 164(2) of the CA2013 and under Corporate Governance Guidelines of Insurance
Rule 14(1) of the Companies (Appointment and Regulatory and Development Authority of India
Qualifications of Directors) Rules, 2014. (‘IRDAI’).
Changes in composition of the Board of Directors during the year are as follows:
Name of Director Resignation/Cessation With effect from
Vishal Mahadevia Appointment April 25, 2018
Non-executive, Independent Director
N. S. Kannan Resigned due to appointment as June 19, 2018
Non- executive, Non-independent Director MD & CEO of ICICI Prudential Life
Insurance Company Limited
Sandeep Bakhshi Appointment June 26, 2018
Non- executive, Non-independent Director
Chanda Kochhar Resigned due to early retirement October 5, 2018
Non-executive, Non-independent Director from ICICI Bank Limited
Sandeep Bakhshi Resigned due to appointment as October 5, 2018
Non-executive, Non-independent Director MD & CEO of ICICI Bank Limited
Sandeep Batra* Appointment October 17, 2018
Non-executive, Non-independent Director
Vishakha Mulye* Appointment October 17, 2018
Non-executive, Non-independent Director
*Vishakha Mulye and Sandeep Batra were appointed as Additional Directors in the category of “Non-executive, Non-independent” w.e.f. October
17, 2018. The resolutions seeking shareholders’ approval for their appointment forms a part of the Notice.
Further, the Board of Directors at its meeting held on Pursuant to the provisions of Section 203 of the CA2013,
January 18, 2019 approved the following: the Key Managerial Personnel (“KMP”) of the Company
as on March 31, 2019 are as follows:
1. Re-appointment of Bhargav Dasgupta as Managing
Director & CEO of the Company for a period of five 1. Bhargav Dasgupta, Managing Director & CEO
(5) years, effective from May 1, 2019. 2. Alok Kumar Agarwal, Executive Director- Wholesale
2.
Re-appointment of Ashvin Parekh as Non- 3. Sanjeev Mantri, Executive Director-Retail
executive, Independent Director of the Company
for a second term of five (5) consecutive years, 4. Gopal Balachandran, Chief Financial Officer
effective from April 18, 2019. 5. Vikas Mehra, Company Secretary
The above re-appointments were approved by the Further, in accordance with Corporate Governance
Members of the Company on March 7, 2019 by an Guidelines issued by IRDAI the Company has eleven
Ordinary and Special resolution respectively through (11) Key Management Persons including above
Postal Ballot. Subsequently, IRDAI vide its letter dated mentioned KMPs.
April 15, 2019 had approved the re-appointment of
Bhargav Dasgupta, as Managing Director & CEO of the Common Directorships
Company for a period of five (5) years, effective from Section 48A of the Insurance Act, 1938, necessitates an
May 1, 2019. approval from the IRDAI for continuation of common

Directors’ Report (Contd.)
directorships between insurance companies and Deposits

insurance intermediaries. Pursuant to the provisions, the
During the year under review, the Company has not
Company had made an application to the IRDAI seeking
accepted any deposits under Section 73 of the CA2013.
continuation of directorships of Ashvin Parekh, having
common directorship with ICICI Securities Limited (being AUDITORS
corporate agent of the Company) and Vishakha Mulye &
Uday Chitale, having common directorships with ICICI Statutory Auditors
Bank Limited (being corporate agent of the Company) IRDAI vide its circular dated May 18, 2016, had issued
vide its letter dated November 19, 2018, which was Corporate Governance Guidelines (“CG guidelines”)
approved by the IRDAI on March 26, 2019. wherein criteria for appointment of statutory auditors for
insurance companies had been stated. Pursuant to the
Further, a similar application was made to the IRDAI for CG guidelines, the provisions of appointment
Vishal Mahadevia, common directorship with IDFC First of auditors are aligned with the provisions of the CA2013.
Bank Limited (being corporate agent of the Company) &
Ashvin Parekh (due to his re-appointment for a second The Members of the Company in the Eighteenth AGM
term with the Company) vide letter dated February 25, held on July 12, 2018 had approved re-appointment of
2019 and March 15, 2019 respectively. The approval M/s. Chaturvedi & Co., Chartered Accountants as the
from IRDAI is awaited as on the date of this report. Joint Statutory Auditors of the Company for a second
term of five (5) years till the conclusion of Twenty-third
Independent Directors AGM. The Members of the Company in the same AGM
All Independent Directors of the Company have given also approved re-appointment of M/s. PKF Sridhar &
declarations that they meet the criteria of independence Santhanam LLP, Chartered Accountants as the Joint
as laid down under Section 149(6) of the CA2013 and SEBI Statutory Auditors of the Company till conclusion of
(Listing Obligations & Disclosure Requirements) twenty-first AGM i.e. for balance three (3) years out of
Regulations, 2015 (“Listing Regulations”). first term of five (5) years.
Retirement by rotation Their appointment was subject to ratification by the

In terms of Section 152 of the CA2013, Sanjeev Mantri Members at every subsequent AGM held after the AGM
would retire by rotation at the forthcoming Annual held on July 12, 2018. Pursuant to the amendments
General Meeting (“AGM”) and is eligible for made to Section 139 of the CA2013 by the Companies
re-appointment. Sanjeev Mantri has offered himself for (Amendment) Act, 2017 effective from May 7, 2018,
re-appointment. the requirement of seeking ratification of the Members
for the appointment of the Statutory Auditors has been
Performance Evaluation of the Board, Committees withdrawn.
and Directors
Pursuant to the provisions of the CA2013, Guidelines In view of the above, ratification by the Members for
for insurance companies issued by IRDAI and Listing continuance of their appointment at this AGM is not
Regulations, the Board has carried out an annual being sought. The Joint Statutory Auditors have given a
performance evaluation of its own performance as a confirmation to the effect that they are eligible to continue
whole and that of its statutory committees and of its with their appointment and that they have not been
Directors both Executive and Non-executive including disqualified in any manner from continuing as Joint
Independent Directors and of its Chairperson. The Statutory Auditors of the Company. The remuneration
manner in which the evaluation has been payable to the Joint Statutory Auditors for FY2020,
carried out has been explained in the Corporate has been determined by the Board of Directors of the
Governance Report. Company in its meeting held on April 18, 2019 based

on the recommendation of the Audit Committee of interested in obtaining a copy of the Annexure may write
the Company. to the Company Secretary at the registered office of
the Company.
Statutory Audit and other Fees paid to Joint Statutory
Auditors RELATED PARTY TRANSACTIONS
During FY2019, the total fees for the statutory audit and The Company undertakes various transactions with
other services rendered by the Joint Statutory Auditors related parties in the ordinary course of business. The
are given below: Company has a Board approved Policy on Related Party
Transactions.
(` Million)
Particulars Amount The transactions entered into by the Company with
Joint Statutory Audit Fees 18.00 related parties were in the ordinary course of the
Tax Audit 1.30 business and in all material aspects, on an arm’s length
Other Certification Fees 0.88 basis as defined under the CA2013. The details of
related party transactions are disclosed under Note No.
Auditor’s Report 5.2.12 of the Notes to Financial Statements for FY2019.
There is no qualification, reservation, adverse remark or
All materially significant related party transactions are
disclaimer made by the auditors in their report.
placed before the Audit Committee on a quarterly basis.
The Policy on dealing with related party transactions has
Secretarial Auditors
been hosted on the website and can be viewed at https://
Pursuant to provisions of Section 204 of the CA2013, the www.icicilombard.com/docs/default-source/shareholding-
Companies (Appointment and Remuneration of pattern/policy-on-related-party-transactions.pdf
Managerial Personnel) Rules, 2014 and Listing
Regulations, the Company had appointed M/s. Dholakia Particulars of Contracts or Arrangements with
& Associate LLP, a firm of practising company secretaries, Related Parties
to conduct the secretarial audit of the Company for All the transactions with related parties are in the
FY2019. The Secretarial Audit Report is annexed herewith ordinary course of business and on arm’s length basis
as Annexure A. There are no qualification, reservation or and there are no ‘material’ contracts or arrangement or
adverse remark or disclaimer made by the secretarial transactions with related parties and thus disclosure in
auditor in their report save and except disclaimer made Form AOC-2 [Pursuant to clause (h) of sub-section (3) of
by them in discharge of their professional obligation. section 134 of the Companies Act, 2013 and Rule 8(2) of
the Companies (Accounts) Rules, 2014] is not required.
PARTICULARS OF EMPLOYEES
The statement containing particulars of employees as Related Party Transactions are benchmarked for arm’s
required under Section 197 of CA2013 read with Rule length & approved by Audit Committee. Statutory
5(1) of the Companies (Appointment and Remuneration auditors have issued an unmodified opinion on the
of Managerial Personnel) Rules, 2014, forms part of this Financial Statements which includes these related party
report as Annexure B. transactions and related disclosures. The above
disclosures on ‘material’ transactions are based on the
The statement containing particulars of employees as threshold of 10 percent of turnover, as also defined in
required under Section 197 read with Rule 5(2) of the the Related Party Transactions Policy of the Company.
Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 is given in an EXTRACT OF ANNUAL RETURN
Annexure and forms part of this report. Pursuant to the Pursuant to prescribed provisions of CA2013 and rules
provisions of Section 136 of the CA2013 the Directors’ framed thereunder extract of annual return in Form
Report is being sent to the shareholders of the Company MGT-9, is annexed as Annexure C to this report and the
excluding the aforesaid Annexure. Any shareholder same has been hosted on the website of the Company

and can be viewed at https://www.icicilombard.com/ In terms of Regulation 43A of Listing Regulations the
docs/default-source/shareholding-pattern/extract-of- Dividend Policy of the Company has been hosted
annual-report-in-form-mgt-9.pdf on the Company’s website and can be viewed at,
https://www.icicilombard.com/docs/default-source/
RISK MANAGEMENT FRAMEWORK shareholding-pattern/dividend-
A statement indicating development and implementation policy8c0003ff45fd68ff8a0df0055e698361.pdf
of risk management policy including identification
therein of elements of risk, if any, which may pose UNPAID/UNCLAIMED DIVIDEND
significant risk to the Company has been given in the Pursuant to Section 124 & 125 of CA2013 read with the
Corporate Governance Report. Investor Education and Protection Fund (Accounting,
Audit, Transfer and Refund) Rules, 2016, the Company
DISCLOSURES AS PER THE SEXUAL had transferred ` 1,296 of unpaid/unclaimed dividend to
HARASSMENT OF WOMEN AT WORKPLACE the Investor Education and Protection Fund in FY2019.
(PREVENTION, PROHIBITION AND REDRESSAL)
ACT, 2013 CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company has a Policy against Sexual Harassment The Company has constituted Corporate Social
and a formal process for dealing with complaints of Responsibility (CSR) Committee in accordance with the
harassment or discrimination. The said Policy is in line with provisions of the CA2013. The CSR Committee was
relevant Act passed by Parliament in 2013. The Company constituted comprising of members of the Board of
through its Policy ensures that all such complaints are Directors of the Company. The Committee presently
resolved within defined timelines. consists of 3 Directors with majority being Independent
Directors. The CSR policy of the Company and initiatives
Details of complaints are as follows:
taken by the Company on CSR during the year are in
Sr. Particular No. accordance with the Companies (Corporate Social
No. Responsibility Policy) Rules, 2014 as given in Annexure
a. Number of complaints filed during the 11 D to this report.
financial year
b. Number of complaints disposed of 9 CREDIT RATING
during the financial year During the year, the Company has maintained credit
c. Number of complaints pending as on 2 rating of “ICRA AAA/Stable”, issued by ICRA Limited
end of the financial year and “Crisil AAA/Stable” issued by Crisil Limited for
Subordinate Debt raised by the Company. This is the
RURAL AND SOCIAL RESPONSIBILITY highest rating regarding safety and timely servicing of
The Company had issued 761,664 policies in rural areas financial obligations.
and covered 10,408,643 lives falling within the norms of
rural and social responsibility, as prescribed by IRDAI. Further, the Company maintained its credit rating of
“iAAA” awarded by ICRA Limited for Claims paying
DIVIDEND AND DIVIDEND POLICY ability by the Company. This indicates that the Company
The operations have resulted in a profit after tax of has highest claims paying ability and has a fundamentally
` 10.49 billion as compared to a profit after tax of `8.62 strong position.
billion for the previous year. The Board had approved
payment of interim dividend of ` 2.50 per equity share BUSINESS RESPONSIBILITY REPORTING
for FY2019 at its meeting held on October 20, 2018. In accordance with the Listing Regulations, the Business
Further, the Board at its Meeting held on April 18, 2019, Responsibility Report (BRR) has been hosted on the
has recommended a final dividend of ` 3.50 per equity Company’s website and can be viewed at https://www.
share to the shareholders’ for their approval at the icicilombard.com/docs/default-source/shareholding-
forthcoming AGM of the Company. pattern/business-responsibility-report8c0003ff45fd68ff

8a0df0055e7720e6.pdf. Any member interested in Corporate Governance Report
obtaining a copy of the BRR may write to the Company PHILOSOPHY ON CORPORATE GOVERNANCE
Secretary at the registered office of the Company.
The Company is fully committed to follow sound
INTEGRATED REPORTING Corporate Governance practices and uphold the highest
business standards in conducting business. The
The SEBI vide its Circular dated February 6, 2017 had
Company continues to focus on building trust with
recommended the top 500 listed entities to voluntarily
shareholders, policyholders, employees, customers,
prepare their Annual Report adopting the principles of
suppliers and other stakeholders based on the principles
Integrated Reporting prescribed by the International
of good corporate governance viz. integrity, equity,
Integrated Reporting Council.
transparency, fairness, sound disclosure practices,
The Company has voluntarily adopted the principles and accountability and commitment to values.
has prepared its first Integrated Report FY2019 which
The Company’s governance framework encompasses
forms part of this Annual Report.
not only regulatory and legal requirements but also several
INVESTOR RELATIONS voluntary practices aimed at maximizing shareholders’
value legally, ethically and on a sustainable basis.
The Company continuously strives for excellence in its
Investor Relations engagement with International and
The Company’s Corporate Governance architecture has
Domestic investors. It believes in adopting the emerging
been strengthened through various Policies and Codes
best practices in Investor Relations and building a
adopted by the Company.
relationship of mutual understanding with investor/
analysts. The Corporate Governance philosophy of the Company
establishes that the Board’s independence is essential
The Managing Director & CEO, Executive Directors,
to bring objectivity and transparency in the Management
Chief Financial Officer and other Senior Management
and in the dealings of the Company.
members participate in structured conference calls and
periodic investor/analyst interactions including one-on-
WHISTLE BLOWER POLICY
one meeting, investor conferences & quarterly earnings
calls. The Company conducted 300 meetings with The Company is committed to high standards of conduct
Indian and overseas investors and analysts (excluding for its employees. The Company has in place Whistle
quarterly earnings calls) during the financial year. Blower Policy (“the Policy”), to provide a formal
mechanism to its employees for communicating
The Company ensures that financial information of the instances of breach of any statute, actual or suspected
Company is available to all the stakeholders by fraud on the accounting policies and procedures
uploading it at the Company’s website. The financial adopted for any area or item, acts resulting in financial
information includes Financial Statement, Press loss or loss of reputation, leakage of information in the
Release, Investor Presentation, Earnings call transcript nature of Unpublished Price Sensitive Information
and Annual Report. (UPSI), misuse of office, suspected/actual fraud and
criminal offences. The Policy provides for a mechanism
EVENTS AFTER BALANCE SHEET DATE to report such concerns to the Chairman of the Audit
There have been no material changes and commitments, Committee through specified channels. The framework
affecting the financial position of the Company, which of the Policy strives to foster responsible and secure
have occurred between the end of the financial year of whistle blowing. In terms of the Policy of the Company,
the Company to which the balance sheet relates and the no employee of the Company has been denied access
date of this report. to the Audit Committee of the Board.

The Whistle Blower Mechanism is reviewed by the Audit The Code has been hosted on the website of the
Committee of the Board regularly. Company and can be viewed at https://www.
icicilombard.com/docs/default-source/shareholding-
The Policy has also been hosted on the website of the pattern/code-of-conduct.pdf
Company and can be viewed at https://www.
icicilombard.com/docs/default-source/shareholding- Pursuant to Listing Regulations, a confirmation from the
pattern/whistle-blower-policy.pdf Managing Director & CEO regarding compliance with
the Code by all the Directors and Members of Senior
CODE OF CONDUCT AS PRESCRIBED UNDER Management forms part of this report.
THE SECURITIES AND EXCHANGE BOARD OF
INDIA (PROHIBITION OF INSIDER TRADING) Certificate on compliance with the
REGULATIONS, 2015 conditions of Corporate Governance
In accordance with the requirements of the SEBI Pursuant to Regulation 34(3) read with Schedule V of
(Prohibition of Insider Trading) Regulations, 2015, the Listing Regulations, Certificate from the Statutory
Company had formulated a “Code of Conduct to Auditors on compliance with the conditions of Corporate
regulate, monitor and report trading in equity shares and Governance as stipulated in the Listing Regulations is
debt securities by its Employees and Other Connected annexed as Annexure E to this report.
Persons” (“the Code”). Pursuant to SEBI (Prohibition of
Insider Trading) (Amendment) Regulations, 2018, the CEO/CFO Certification
Company had amended the Code and also renamed the
Pursuant to Regulation 17(8) of the Listing Regulations,
Code as “Code of Conduct to regulate, monitor and
Certification by the Managing Director & CEO and the
report trading in equity shares and debt securities by its
Chief Financial Officer of the Company on the Financial
Directors, Designated Employees and Immediate
Statements and the Internal Financial Controls for
Relatives”. The amended Code is applicable to
financial reporting for the year ended March 31, 2019
Promoters, Member of Promoter’s Group, all Directors
has been obtained.
and such Designated Employees who are expected to
have access to unpublished price sensitive information
Management Structure
relating to the Company w.e.f. April 1, 2019. The
Company has also amended ‘Code of Practices and The Company has a multi-tier management structure,
Procedures for Fair Disclosure of Unpublished Price comprising the Board of Directors at the apex followed
Sensitive Information’ which is hosted on the website of by employees at the top management, senior
the Company and can be viewed at https://www. management, middle management and junior
icicilombard.com/docs/default-source/shareholding- management positions to ensure that:
pattern/code-for-fair-disclosure.pdf i) Strategic supervision is provided by the Board;
Code of Conduct ii) C

ontrol and implementation of Company’s strategy
is achieved effectively;
The Company is committed to conduct its business
with highest standards of compliance and ethical iii)
Operational management remains focused on
conduct. The Company has in place a Code of Conduct implementation;
(“the Code”) to summarize the standards of business
iv)
Information regarding the Company’s operations
conduct that must guide the actions of the employees
and financial performance is made available to
(including all Directors) at all times. The Code aims at
stakeholders;
observing highest standard of integrity, honesty, fairness
and ethical conduct while working for the Company as v) D
elegation of decision making with accountability
well as while representing the Company. is achieved;

vi)
Financial and operating control and integrity are Non-independent Directors and three (3) are Whole-time
maintained at an optimal level; Directors including Managing Director & CEO. The Board
has two (2) Non-executive women directors including
vii) Risk is suitably evaluated and dealt with;
one (1) women independent director.
viii)
Compliance with applicable acts and regulations is
achieved; The Board functions either as an entity per se, or
through various Committees constituted to oversee
ix)
Corporate culture that recognizes and rewards specific operational areas. The Company has an
adherence to ethical standards is developed. optimum mix of Executive and Non-executive Directors
to maintain the professionalism, qualification,
This multi-tier management structure, besides ensuring
knowledge, skill sets, integrity, expertise, independence
greater management accountability and credibility,
and effective decision making. None of the Directors or
facilitates increased autonomy of businesses,
their relatives are related to any other Director or
performance discipline and development of business
employee of the Company.
leaders, leading to enhanced public confidence.
The Company has obtained certificate from M/s. Dholakia
Board of Directors & Associates LLP, Company Secretaries in Practice dated
The Company has a broad-based Board of Directors April 17, 2019 certifying that none of the Directors on the
constituted in compliance with the provisions of the board of the Company have been debarred or disqualified
CA2013 and rules made thereunder, Regulation 17 of from being appointed or continuing as Directors of the
Listing Regulations, the Articles of Association of the Company by the Securities and Exchange Board of India/
Company and Corporate Governance Guidelines Ministry of Corporate Affairs or any such statutory
prescribed for insurance companies by IRDAI and in authority as on March 31, 2019.
accordance with good governance practices.
During the year under review, the members of the
The Directors of the Company are eminent personalities Company approved the re-appointment of Ashvin Parekh
having diverse experience and significant expertise in as ‘Non-executive, Independent director’ for a second
the fields of accountancy, banking, finance, law, strategy, term of five consecutive years effective from April 18,
insurance and economics. The Company’s Board 2019. The members have also approved the re-
comprises of eleven (11) Directors, out of which six (6) appointment of Bhargav Dasgupta as ‘Managing
are Non-executive, Independent Directors including Director & CEO’ for a period of five years effective from
Chairperson of the Board, two (2) are Non-executive, May 1, 2019.

Composition of the Board of Directors

Name of the Director Category Qualification Field of Specialisation/
Existing skills/
expertise/competence
Lalita D. Gupte Chairperson, BA (Eco Hons.), MMS-Master Banking & Finance
(DIN: 00043559) Non-executive, of Management Studies
Ved Prakash Chaturvedi Non-executive, Bachelor of Engineering, Finance & Investment
(DIN: 00030839) Independent Director PGDM (IIM Bangalore)
Uday Chitale Non-executive, B. Com, Finance & Audit
(DIN: 00043268) Independent Director Fellow Chartered Accountant
Suresh Kumar Non-executive, B. Com (Hons.), Banking & Finance
(DIN: 00494479) Independent Director Post Graduation-Investment
Management Programme,
Stanford University and London
School of Business, Advance
Management-Columbia
Business School
Vishal Mahadevia1 Non-executive, B.S. (Economics) Finance & Investment
(DIN: 01035771) Independent Director B.S. (Electrical Engineering)
Ashvin Parekh Non- executive, FCA, AICWA, AICSA, Exec, Business Strategy,
(DIN:06559989) Independent Director MBA, INSEAD Corporate Planning,
Business Transformation
across various industries
Vishakha Mulye2 Non-executive, B.Com, Chartered Accountant Banking, Investments &
(DIN: 00203578) Non-independent Director Finance
Sandeep Batra2 Non-executive, B.Com, Fellow Chartered Banking, Insurance,
(DIN: 03620913) Non-independent Director Accountant, Associate Financial Services
Company Secretary
Bhargav Dasgupta Managing Director & CEO PGDBA- IIM Bangalore, Banking & Insurance
(DIN:00047728) B.E. (Mechanical)
Alok Kumar Agarwal Executive Director B.E. (Chemical), PGDM- Banking & Insurance
(DIN:03434304) -Wholesale IIM Calcutta
Sanjeev Mantri Executive Director-Retail Fellow Chartered Accountant, Banking & Insurance
(DIN: 07192264) Institute of Cost and Works
Accountants of India
1 Appointed w.e.f. April 25, 2018.
2 Appointed w.e.f. October 17, 2018.
The Board meets at regular intervals to discuss and In the opinion of the Board, the Independent Directors
decide on business policy and strategy apart from other fulfill the conditions specified in the Listing Regulations
board businesses. The Board met six (6) times during and are independent of the management.
the year under review on April 25, 2018, July 17, 2018,
October 17, 2018, October 20, 2018 and January 18, There were no inter-se relationships between any of
2019. The Board also met on March 13, 2019 to discuss the Directors. The names of the Directors, their
business and other strategic initiatives. The maximum attendance at Board Meetings during the year,
gap between any two Board meetings was less than attendance at the last AGM and the number of other
One Hundred and Twenty days. directorships and Board Committee memberships held

by them at March 31, 2019 are set out in the following table:
Name of the Director & Appointed Actuary Board meetings Attendance at
attended/held last AGM held
during the year on July 12, 2018
Non-executive, Independent Directors
Lalita D. Gupte1 6/6 Present
Chairperson
Ved Prakash Chaturvedi 6/6 Present
Uday Chitale 6/6 Present
Suresh Kumar 6/6 Present
Vishal Mahadevia2 4/5 Absent
Ashvin Parekh 6/6 Present
Non-executive, Non- independent Directors
Chanda Kochhar3 1/2 Absent
N. S. Kannan4 1/1 NA
Sandeep Bakhshi5 1/1 Absent
Vishakha Mulye6 3/3 NA
Sandeep Batra6 3/3 NA
Executive Directors
Bhargav Dasgupta 6/6 Present
Alok Kumar Agarwal 6/6 Present
Sanjeev Mantri 6/6 Present
Appointed Actuary
J. V. Prasad7 5/5 Present
1 Appointed as Non-executive, Chairperson of the Board of Directors of the Company w.e.f. October 20, 2018.
2 Appointed as a Non-executive, Independent Director of the Company w.e.f. April 25, 2018.
3 Ceased to be a Chairperson, Non-executive, Non-independent Director of the Company w.e.f. October 5, 2018.
4 Ceased to be a Non-executive, Non-independent Director of the Company w.e.f. June 19, 2018.
5 Appointed on June 26, 2018 as Non-executive, Non-independent director and ceased to be a Director of the Company w.e.f. October 5, 2018.
6 Appointed as a Non-executive, Non-independent Directors of the Company w.e.f. October 17, 2018.
7 Appointed Actuary of the Company is a permanent invitee to the Board Meeting.

Memberships of other Boards

Name of the Director Number of other Directorships Name of other listed companies where Number of Committees of
he/she is a Director* other Companies**
Of Indian Of other Company Category of In which a In which a
public limited Companies# directorship Member Chairperson
companies
Lalita D. Gupte 5 - Bharat Forge Limited Non-Executive - 5 2
Godrej Properties Limited Non-Executive -
Vedanta Limited Non-Executive -
India Infradebt Limited Chairperson &
TVS Motor Company Limited Non-Executive -
Ved Prakash Chaturvedi 1 - - - 1 1
Uday Chitale 4 - India Infradebt Limited Independent Director 5 2
ICICI Bank Limited Non-Executive -
Suresh Kumar 2 4 Aster DM Healthcare Limited Non-Executive - 2 1
Vishal Mahadevia 3 4 IDFC First Bank Ltd Non-Executive - Non 1 -
PVR Limited Non-Executive - Non
Ashvin Parekh 2 - ICICI Securities Limited Non-Executive - 2 2
Vishakha Mulye 1 1 ICICI Bank Limited Executive Director - -
Sandeep Batra 2 2 ICICI Prudential Life Non-Executive - Non 2 -
Insurance Company Limited Independent Director
Bhargav Dasgupta - - - - - -
Alok Kumar Agarwal - - - - - -
Sanjeev Mantri - - - - - -
# Comprises private limited companies incorporated in India and foreign companies but excludes Section 8 companies and not for profit foreign
companies.
* Includes Directorships held in Debt Listed Company.
**Memberships/chairpersonships in Audit Committee and Stakeholder Relationship Committee of Indian public limited companies; number of
Memberships includes Chairpersonships.
In terms of Listing Regulations, the number of Regulations, for all the Directors of the Company. The
Committees (Audit Committee and Stakeholders number of directorships of each Independent Director is
Relationship Committee) of public limited companies in also within the limits prescribed under Listing
which a Director is a member/chairman/chairperson Regulations as amended from time to time.
were within the limits prescribed under Listing

Details of Equity shares held by the Non-executive Committees, along with the number of meetings held
Directors as on March 31, 2019: during FY2019 and the attendance of the members are
provided below:
Sr. Name of the Director No. of Equity
No. Shares
i) Board Nomination and Remuneration Committee
1. Lalita D. Gupte 1,782
Terms of reference
2. Ved Prakash Chaturvedi -
3. Uday Chitale - i) T
o formulate the criteria for determining
4. Suresh Kumar - qualifications, positive attributes and independence
5. Vishal Mahadevia - of a director and recommend to the Board a policy,
6. Ashvin Parekh - relating to the remuneration for the directors, key
7. Vishakha Mulye 275,000 managerial personnel and other employees.
8. Sandeep Batra - ii) T
o consider and approve employee stock option
schemes and to administer and supervise the same.
Board Committees (‘the Committees’)
The Board has constituted following Committees: iii)
To identify persons who are qualified to become
directors and who may be appointed in senior
(i) Board Nomination and Remuneration Committee
management in accordance with the criteria laid
(ii) Audit Committee down, recommend to the Board their appointment
(iii) Investment Committee and removal, and formulate a criteria for evaluation
of every director’s performance.
(iv) Risk Management Committee
(v) Policyholders Protection Committee iv)
To consider whether to extend or continue the term
of appointment of the independent director, on the
(vi) Corporate Social Responsibility Committee basis of the report of performance evaluation of
(vii) Stakeholders Relationship Committee Independent Directors.
(viii) Strategy Committee v) T

o approve the compensation programme and to
ensure that remuneration to directors, key
The Board has constituted various Committees of managerial personnel and senior management
Directors to monitor the activities in accordance with involves a balance between fixed and incentive pay
Board approved terms of reference. The Board reflecting short and long term performance
Committees focus on specific areas and take informed objectives appropriate to the working of the
decisions on the specific businesses assigned to them Company and its goals.
in the best interest of the Company. The Committees
also make specific recommendations to the Board on vi)
To ensure that the proposed appointments/
various matters whenever required. The Chairman/ re-appointments of key managerial personnel or
Chairperson of the respective Committees briefs the directors are in conformity with the Board approved
Board on deliberations taken place at the Committee policy.
Meetings in relation to important discussions, notings
vii) T
o recommend re-constitution of Board Constituted
and approvals.
Committees to the Board.
The terms of reference of the Board Committees are viii)
Approval of the policy for and quantum of bonus/
reviewed and determined by the Board from time to long term performance pay (LTPP) payable to the
time to align the same with the regulatory/business members of the staff.
requirements.
ix)
To devise a policy on diversity of the Board.
The Company has eight (8) Board Committees as on x) T
o recommend to the Board all remuneration, in
March 31, 2019. The role and composition of these whatever form, payable to senior management.

xi)
To carry out any other function, if any, as prescribed is assessed on select parameters related to roles,
in the terms of reference of the Board Nomination responsibilities and obligations of the Board, relevance
and Remuneration Committee and any other terms of Board discussions, attention to strategic issues,
of reference as may be decided by the Board and/or performance on key areas, providing feedback to
specified/provided under the CA2013 or the executive management and assessing the quality,
Securities and Exchange Board of India (Listing quantity and timeliness of flow of information between
Obligations and Disclosure Requirements) the Company management and the Board that is
Regulations, 2015, as amended, or by any other necessary for the Board to effectively and reasonably
regulatory authority. perform their duties. The evaluation criteria for the
Directors is based on their participation, contribution
Composition and offering guidance to and understanding of the areas
In terms of the provisions of CA2013 and Listing which were relevant to them in their capacity as
Regulations, the Board Nomination and Remuneration members of the Board. The evaluation criteria for the
Committee (“the Committee”) comprises of five (5) Chairperson of the Board besides the general criteria
Non-executive Directors, four (4) of whom are adopted for assessment of all Directors, focuses
independent Directors. The Committee is chaired by incrementally on leadership abilities, effective
Uday Chitale, a Non-executive, Independent Director of management of meetings and preservation of interest
the Company. The composition of the Committee is of stakeholders. The evaluation of the Committees is
given below along with the attendance of the members. based on assessment of the clarity with which the
The Committee met four (4) times during the year under mandate of the Committee is defined, effective
review on April 25, 2018, July 17, 2018, October 17, discharge of terms of reference of the Committees and
2018 and January 18, 2019. assessment of effectiveness of contribution of the
Committee’s deliberation/recommendations to the
Attendance record of the Members: functioning/decisions of the Board.
Name of Member Number of Number of Familiarisation Programme for Independent Directors

Meetings Meetings
attended held Independent Directors are familiarised with their roles,
Uday Chitale, Chairman 4 4 rights and responsibilities in the Company as well as
Lalita D. Gupte 4 4 with the nature of the industry and the business model
of the Company through induction programmes at the
Ashvin Parekh 4 4
time of their appointment as Directors and through
Vishal Mahadevia1 1 1
presentations on economy & industry overview, key
Vishakha Mulye1 1 1
regulatory developments, strategy and performance
Chanda Kochhar2 1 2
which are made to the Directors from time to time. The
1 Inducted as members of the Committee w.e.f. October 17, 2018.
details of the familiarization programmes have been
2 Ceased to be a member of the Committee w.e.f. October 5, 2018.
hosted on the website of the Company and can be
Performance Evaluation of Board, Committees and viewed at https://www.icicilombard.com/docs/default-
Directors: source/default- document-library/familiarisation-
programme.pdf
The Company with the approval of its Board Nomination
& Remuneration Committee has put in place an ii) Audit Committee
evaluation framework for evaluation of the Board,
Terms of reference
Directors, Chairperson and Committees. The evaluations
for the Directors, the Board, Chairperson of the Board (i) Accounts and Audit:
and the Committees is carried out through circulation of a. Oversee the financial statements, financial reporting
four (4) different questionnaires, for the Directors, for process under Indian GAAP and US GAAP, statement
the Board, for the Chairperson of the Board and the of cash flow and disclosure of its financial
Committees respectively. The performance of the Board information, both on an annual and quarterly basis,

to ensure that the financial statement is correct, entered into by the Company subject to such
sufficient and credible. conditions as may be prescribed.
b.
Recommend the appointment, re-appointment, Ø Modified opinion(s) in the draft audit report.
terms of appointment and, if required, the
g.
Reviewing, with the management, the quarterly,
replacement or removal; remuneration, reviewing
half-yearly and annual financial statements before
(with management) performance, and oversight of
submission to the board for approval.
the work of the auditors (internal/statutory/
concurrent) and to review and monitor the auditor’s h.
To the extent applicable, review with the
independence and performance, and effectiveness management, the statement of uses/end use/
of audit process. application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.) and
c.
Evaluation of internal financial controls and risk
related matter, the statement of funds utilised for
management systems
purposes other than those stated in the offer
d. Discuss with the statutory auditors before the audit document/prospectus/notice and the report
commences, about the nature and scope of audit, submitted by the monitoring agency monitoring the
as well as, have post-audit discussions to address utilisation of proceeds of a public or rights issue,
areas of concern. and making appropriate recommendations to the
Approval of payment to statutory auditors and
e. Board to take up steps in this matter.
internal auditors or any of its associated persons or i. S
crutiny of inter-corporate loans and investments,
companies, for any other services rendered by them. if any.
f.
Reviewing, with the management, the annual j. Valuation of undertakings or assets of the Company,
financial statements and auditor’s report thereon wherever it is necessary.
before submission to the Board for approval, with
k.
Oversight of the procedures and processes
particular reference to:
established to attend to issues relating to
Ø Matters required to be included in the director’s maintenance of books of account, administration
responsibility statement to be included in the procedures, transactions and other matters having
board’s report in terms of clause (c) of sub- a bearing on the financial position of the Company,
section (3) of Section 134 of the Companies whether raised by the auditors or by any other
Act, 2013. person.
Changes, if any, in accounting policies and
Ø
practices and reasons for the same. (ii) Internal Audit:
a. Review the adequacy of internal audit function, if
Ø Major accounting entries involving estimates
any, including the structure of the internal audit
based on the exercise of judgment by
department, staffing and seniority of the official
management.
heading the department, reporting structure,
Significant adjustments made in the financial
Ø coverage and frequency of internal audit.
statements arising out of audit findings.
b.
Oversee the efficient functioning of the internal
Compliance with listing and other legal
Ø audit department and review its reports. The
requirements relating to financial statements Committee would additionally monitor the progress
to the extent applicable. made in rectification of irregularities and changes
in processes wherever deficiencies have come
Ø Approval or any subsequent modification and
to notice.
disclosure of any related party transactions of
the Company. Provided that the Audit c.
Set-up procedures and processes to address all
Committee may grant omnibus approval for concerns relating to adequacy of checks and control
related party transactions proposed to be mechanisms.

d. Discussion with internal auditors of any significant h.

Approval of appointment of Chief Financial Officer
findings and follow up there on. or any other person heading the finance function or
discharging that function after assessing the
e.
R
eview the findings of any internal investigations
qualifications, experience and background, etc. of
by the internal auditors into matters where there is
the candidate.
suspected fraud or irregularity or a failure of internal
control systems of a material nature and reporting i. To act as Compliance Committee to discuss level of

the matter to the Board. compliance in the Company including the
Company’s code of ethics or conduct and any
f.
Review with the management, performance of associated risks and to monitor and report to the
internal auditors, and the adequacy of the internal Board on any significant compliance breaches.
control systems.
j. Review of disclosure under stewardship policy.
g. Look into the reasons for substantial defaults in the

payment, if any, to the depositors, debenture k.
Carrying out any other function, if any, as is
holders, shareholders (in case of nonpayment of mentioned in the terms of reference of the Audit
declared dividends) and creditors. Committee and any other terms of reference as
may be decided by the Board and/or specified/
h. Review the functioning of the Whistle Blower/Vigil provided under the CA2013 or the Securities and
mechanism. Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as
(iii) Compliance & Ethics: amended (“Listing Regulations”), or by any other
a.
Review reports on the above and on proactive regulatory authority.
compliance activities aimed at increasing the
Company’s ability to meet its legal and ethical Composition
obligations, on identified weaknesses, lapses, In terms of the provisions of CA2013 and Listing
breaches or violations and the controls and other Regulations, the Audit Committee (“the Committee”)
measures in place to help detect and address comprises of four (4) Non-executive Directors, three (3)
the same. of whom are Independent Directors.
b.
Discuss the level of compliance in the Company and The Committee is chaired by Ashvin Parekh, a Non-
any associated risks and to monitor and report to executive, Independent Director of the Company. The
the Board on any significant compliance breaches. composition of the Committee is given below along
c.
Supervise and monitor matters reported using the with the attendance of the members. The Committee
Company’s whistle blowing or other confidential met nine (9) times during the year under review on April
mechanisms for employees and others to report 19, 2018, April 25, 2018, June 28, 2018, July 16, 2018,
ethical and compliance concerns or potential July 17, 2018, October 19, 2018, October 20, 2018,
breaches or violations. January 17, 2019 and January 18, 2019.
d.
Review of policy on appointment of insurance Attendance record of the Members:
agents.
Name of Member Number of Number of
e. To review and recommend appropriate policy to the Meetings Meetings
Board as may be prescribed by IRDAI from time attended held
to time. Ashvin Parekh, Chairman 9 9
Lalita D. Gupte 9 9
f. Review key transactions involving conflict of interest.
Uday Chitale 9 9
g.
Monitor the directives issued/penalties imposed/ N. S. Kannan1 2 2
penal action taken against the Company under Sandeep Batra2 4 4
various laws and statutes and action taken for 1 Ceased to be a member of the Committee w.e.f. June 19, 2018.
corrective measures. 2 Inducted as a member of the Committee w.e.f. October 17, 2018.

iii) Investment Committee Attendance record of the Members:
Terms of reference Name of Member Number of Number of
i) Overseeing the implementation of the investment Meetings Meetings
policy approved by the Board from time to time. attended held
Suresh Kumar, Chairman 4 4
ii) Reviewing the investment policy.

Sandeep Batra1 2 2
iii) Periodically updating to the Board with regard to N. S. Kannan2 1 1
investment activities of the Company. Sandeep Bakhshi3 0 1
iv) Reviewing the investment strategies adopted from Bhargav Dasgupta 4 4
time to time and giving suitable directions as Gopal Balachandran 4 4
needed in the best interest of the Company. J. V. Prasad 4 4
S. Gopalakrishnan4 2 2
v) Reviewing the broker policy and making suitable
Vinod Mahajan5 2 2
amendments from time to time.
1 Inducted as a member of the Committee w.e.f. October 17,2018.
vi)
Reviewing counter party/intermediary exposure 2 Ceased to be a member of the Committee w.e.f. June 19, 2018.
norms. 3 Inducted as a member of the Committee w.e.f. June 26, 2018
and ceased to be a member w.e.f. October 5, 2018.
vii) S
upervising the asset allocation strategy to ensure 4 Ceased to be a member of the Committee w.e.f. September
financial liquidity, security and diversification through 30, 2018.
5 The Board of Directors at its meeting held on October 17,
liquidity contingency plan and asset liability 2018 re-constituted the Investment Committee pursuant to
management policy. which Vinod Mahajan, Deputy Chief Investment Officer was
inducted as a member of the Committee which was subject to
viii)
Overseeing the assessment, measurement and his appointment as a Chief Investment Officer of the Company.
accounting for other than temporary impairment in Subsequently, the Board at its meeting held on October 20, 2018
appointed Vinod Mahajan as Chief Investment Officer of the
investments in accordance with the policy adopted
Company.
by the Company.
ix) Reviewing the stewardship policy of the Company iv) Risk Management Committee
Terms of reference
Composition
i) Assisting the Board in effective operation of the risk
In terms of Corporate Governance Guidelines issued by management programme by performing specialised
IRDAI, the Investment Committee (“the Committee”) analysis and quality reviews.
comprises of two (2) Non-executive Directors, one (1)
Whole-time Director, Appointed Actuary of the Company, ii) Reporting to the Board details on the risk exposures
the Chief-Investment Officer and the Chief Financial and the actions taken to manage the exposures.
Officer. The Committee is chaired by Suresh Kumar, a iii)
Advising to the Board with regard to risk
Non-executive, Independent Director of the Company.
management decisions in relation to strategic and
operational matters.
The composition of the Committee is given below
along with the attendance of the members. The iv)
Review of the Company’s risk management and
Committee met four (4) times during the year under operational risk related policies/frameworks
review on April 19, 2018, July 17, 2018, October 19, including those relating to cyber security.
2018 and January 17, 2019.
v) Review of status update on deviation cases under
framework on IIB rates.
vi) To review the Company’s risk-reward performance

to align with overall policy objectives.

vii) To review the solvency position of the Company on Attendance record of the Members:
a regular basis.
Name of Member Number of Number of
viii) To monitor and review regular updates on business Meetings Meetings
continuity. attended held
Lalita D. Gupte, Chairperson 5 5
ix)
To review and recommend appropriate policy
including establishment of effective Risk Ved Prakash Chaturvedi 5 5
Management framework, risk management policy Uday Chitale 5 5
and processes, to the Board as may be prescribed Suresh Kumar 4 5
by IRDAI from time to time. Ashvin Parekh 5 5
x)
To review the Company’s risk management and N. S. Kannan1 2 2
operational risk related policies/frameworks Sandeep Batra2 2 2
including fraud monitoring policy & framework and Bhargav Dasgupta 5 5
anti-fraud policy & framework and monitoring 1 Ceased to be a member of the Committee w.e.f. June 19, 2018.
implementation of anti-fraud policy for effective 2 Inducted as a member of the Committee w.e.f. October 17, 2018.
deterrence, prevention, detection and mitigation
of frauds. v) Policyholders Protection Committee
xi) To maintain a group-wide and aggregated view on Terms of reference
the risk profile of the Company in addition to the i) P
utting in place proper procedures and effective
solo and individual risk profile for all categories of mechanism to address complaints and grievances of
risk including insurance risk, market risk, credit risk, policyholders including mis-selling by intermediaries.
liquidity risk, operational risk, compliance risk, legal
risk, reputation risk, etc. ii) Ensuring compliance with the statutory requirements
as laid down in the regulatory framework.
xii) To carry out any other function, if any, as prescribed
in the terms of reference of the Risk Management iii) Reviewing the mechanism at periodic intervals.
Committee and any other terms of reference as
iv) Ensuring adequacy of “material information” to the
may be decided by the Board and/or specified/
policyholders to comply with the requirements laid
provided under the Securities and Exchange Board
of India (Listing Obligations and Disclosure down by the authority both at the point of sale and
Requirements) Regulations, 2015, as amended, or periodic intervals.
by any other regulatory authority v)
Reviewing the status of complaints at periodic
intervals.
Composition
In terms of Listing Regulations and Corporate vi) Details of grievance at periodic intervals in such
Governance Guidelines issued by IRDAI, the Risk formats as may be prescribed by the authority.
Management Committee (“the Committee”) comprises vii) Providing details of insurance ombudsman to the
seven (7) members of which five (5) are Non-executive, policyholders.
Independent Directors, one (1) Non-executive, Non-
independent Director, one (1) Whole-time Director. The viii) Monitoring of payments of dues to the policyholders
Committee is chaired by Lalita D. Gupte, a Non- and disclosure of unclaimed amount thereof.
executive, Independent Director of the Company. ix)
Review of regulatory reports to be submitted to
various authorities.
The composition of the Committee is given below along
with the attendance of the members. The Committee x) To review the standard operating procedures for
met five (5) times during the year under review on April treating the customer fairly including timeframes
19, 2018, April 25, 2018, July 16, 2018, October 19, 2018 for policy and claims servicing parameters and
and January 17, 2019. monitoring implementation thereof.

xi)
To review the framework for awards given by ii) R
ecommend to the Board the amount of expenditure
Insurance Ombudsman/Consumer Forums. Analyse to be incurred on the corporate social responsibility
the root cause of customer complaints, identify activities.
market conduct issues and advise the management
iii)
Monitor the corporate social responsibility policy of
appropriately about rectifying systemic issues, if any.
the Company from time to time.
xii)
To review all the awards given by Insurance
Ombudsman/Consumer Forums remaining Composition
unimplemented for more than three (3) months with In terms of the provisions of CA2013, the Corporate
reasons therefore and report the same to the Board Social Responsibility Committee (“the Committee”)
for initiating remedial action, where necessary. comprises of two (2) Non-executive, Independent
Directors and one (1) Whole-time Director. The
xiii) To review claim report including status of outstanding
Committee is chaired by Uday Chitale, a Non-executive,
claims with ageing of outstanding claims.
Independent Director of the Company. The composition
xiv)
To review repudiated claims with analysis of of the Committee is given below along with the
reasons. attendance of the members. The Committee met two
(2) times during the year under review on April 19, 2018
Composition and July 16, 2018.
In terms of Corporate Governance Guidelines issued by
IRDAI, the Policyholders Protection Committee (“the Attendance record of the Members:
Committee”) comprises of three (3) Non-executive Name of Member Number of Number of
Directors and one (1) Whole-time Director. The Meetings Meetings
Committee is chaired by Ashvin Parekh, a Non-executive, attended held
Independent Director of the Company. The composition Uday Chitale, Chairman 2 2
of the Committee is given below along with the Ved Prakash Chaturvedi 2 2
attendance of the members. The Committee met four (4) N. S. Kannan1 1 1
times during the year under review on April 19, 2018, Bhargav Dasgupta 2 2
July 16, 2018, October 19, 2018 and January 18, 2019. 1 Ceased to be a member of the Committee w.e.f. April 25, 2018.
Attendance record of the Members: vii) Stakeholders Relationship Committee

Name of Member Number of Number of Terms of reference
Meetings Meetings
i) Consider and resolve grievances of security holders
attended held
of the Company, including complaints related to
Ashvin Parekh, Chairman 4 4
transfer of shares, non-receipt of annual report and
Ved Prakash Chaturvedi 4 4 non-receipt of declared dividends, issue of new/
Uday Chitale1 2 2 duplicate certificates, general meetings etc.
N. S. Kannan2 1 1
Bhargav Dasgupta 4 4 ii) I
nvestigating complaints relating to allotment of
shares, approval of transfer or transmission of
1 Inducted as a member of the Committee w.e.f. October 17, 2018.
2 Ceased to be a member of the Committee w.e.f. April 25, 2018.
shares, debentures or any other securities.
iii) Redemption of securities and the listing of securities

vi) Corporate Social Responsibility Committee on stock exchanges.
Terms of reference
iv) Allotment of shares and securities.
i) F
ormulation of corporate social responsibility
policy indicating the activities to be undertaken by v) Review of measures taken for effective exercise of
the Company. voting rights by shareholders.

vi)
Review of adherence to the service standards Details of Investors Complaints:
adopted by the listed entity in respect of various Sr Particular No.
services being rendered by the Registrar & Share No.
Transfer Agent. 1. No. of investor complaints pending as 1
vii)
Review of the various measures and initiatives on April 1, 2018
taken by the Company for reducing the quantum of 2. No. of investor complaints received 2
unclaimed dividends and ensuring timely receipt of during the year
dividend warrants/annual reports/statutory notices 3. No. of investor complaints resolved 3
by the shareholders of the company. during the year
4. No. of investor complaints pending as -
viii)
Carrying out any other function as may be decided on March 31, 2019
by the Board or prescribed under the Companies
Act, 2013, the Listing Regulations, or by any other viii) Strategy Committee
regulatory authority. Terms of reference
Composition Evaluation of various strategic opportunities including

acquisitions/divestitures and other strategic initiatives
In terms of the provisions of CA2013 and Listing
for the Company.
Regulations, the Stakeholders Relationship Committee
(“the Committee”) comprises of two (2) Non-executive, Composition
Independent Directors and two (2) Whole-time Directors.
The Strategy Committee comprises of three (3) Non-
The Committee is chaired by Suresh Kumar, a Non-
executive, Independent Directors, one (1) Non-executive,
executive, Independent Director of the Company. The
Non-independent Director and one (1) Whole-time
composition of the Committee is given below along with
Director. The Committee is chaired by Uday Chitale,
the attendance of the members. The Committee met four
Non-executive, Independent Director of the Company.
(4) times during the year under review on April 19, 2018,
The composition of the Committee is given below along
July 17, 2018, October 19, 2018 and January 17, 2019. with the attendance of the members. The Committee
Attendance record of the Members: met once during the year on April 19, 2018.
Name of Member Number of Number of Name of Member Number of Number of

Meetings Meetings
Meetings Meetings
attended held
attended held
Uday Chitale, Chairman 1 1
Suresh Kumar, Chairman 4 4
Vishal Mahadevia1 0 0
Ved Prakash Chaturvedi1 3 3 Ashvin Parekh 1 1
N. S. Kannan2 1 1 Vishakha Mulye1 0 0
Bhargav Dasgupta 4 4 N. S. Kannan2 1 1
Sanjeev Mantri 4 4 Bhargav Dasgupta 1 1
1 Inducted as a member of the Committee w.e.f. April 25, 2018. 1 Inducted as members of the Committee w.e.f. October 17, 2018.
2 Ceased to be a member of the Committee w.e.f. April 25, 2018. 2 Ceased to be a member of the Committee w.e.f. April 25, 2018.
Vikas Mehra, Company Secretary also acts as the POLICY ON DIRECTORS’ APPOINTMENT AND
Compliance Officer of the Company. REMUNERATION
The Company with the approval of its Board Nomination
Number of Complaints
and Remuneration Committee (“the Committee”) has
During the year, the Company/its Registrar received the put in place a policy on Director’s appointment and
following complaints from SEBI/Stock Exchanges/ remuneration including criteria for determining
Depositories which were resolved within the time qualifications, positive attributes and independence of a
frames laid down by SEBI Director as well as a policy on Board Diversity.

The Board at its Meeting held on January 14, 2010 had Board/Committee Meetings and official visits. The Policy
approved adoption of Policy on appointment and on Appointment and Compensation of Employees and
compensation of employees [including Whole-time Framework for Remuneration to Non-executive Directors
Directors, Key Managerial Personnels (KMP) and is hosted on the website of the Company and can be
senior management]. The sitting fee payable to viewed at https://www.icicilombard.com/docs/default-
Independent Directors (other than Non-executive, source/shareholding-pattern/remuneration-policy-of-
Non-independent Directors) as prescribed under the icici-lombard.pdf
CA2013 for attending Board and Committee Meetings
was approved by the Board at its Meeting held on INDEPENDENT DIRECTOR’S MEETING
April 18, 2014. Further, the Board at its Meeting held The Code of Conduct for Independent Directors
on March 31, 2015 approved the criteria for prescribed vide Schedule IV of the CA2013, provides for
appointment of a Director, KMP and senior
an evaluation mechanism for the Board/Chairperson/
management. The Compensation Guidelines forming
Non-executive Directors/Whole-time Directors which
part of the Policy on appointment and compensation
would need to be done at a separate Meeting of
of employees and framework for Remuneration to
Independent Directors, without the attendance of Non-
Non-executive Directors was approved by the
independent Directors and members of management.
Committee at its Meeting held on October 18, 2016.
The remuneration payable to Independent Directors is All the Independent Directors of the Company met on
governed by the provisions of the CA2013 and related April 25, 2018 without the presence of Whole-time
rules to the extent applicable and IRDAI guidelines Directors, Non-executive Non-independent Directors
issued in this regard. The remuneration for the and management personnel to discuss the framework
Independent Directors would be sitting fee for attending for evaluation of Directors. They also have a separate
each meeting of the Board/ Committee as approved by Meeting every quarter with the Non-executive
the Board from time to time within the limits as provided Chairperson, without any of the Whole-time Directors
under the Companies Act and related rules. IRDAI vide being present, to discuss issues and concerns, if any.
its guidelines dated August 5, 2016 had permitted
payment of profit related commission upto ` 1,000,000 ETAILS OF MANAGERIAL REMUNERATION
D
p.a. each for Non-executive Directors, effective from FOR FY2019:
October 1, 2016. Accordingly, the proposal of payment (i) Whole-time Directors:
of profit related commission to Non-executive,
The Board based on the recommendation of the Board
Independent directors of the Company of ` 10,00,000
Nomination and Remuneration Committee approved
p.a. each (exclusive of applicable taxes) was approved
revision in the remuneration, performance bonus and
by the Members of the Company at the Extra-Ordinary
long term performance pay, payable to the whole-time
General Meeting held on November 10, 2016.
Directors. In terms of provisions of Insurance Amendment
All the Non-executive, Independent Directors would be Act, 2015, prior approval of IRDAI is obtained to effect
entitled to reimbursement of expenses for attending the remuneration of whole-time directors.

The details of remuneration of Whole-time Directors’ for FY2019 are as under:

Particulars Details of Remuneration (` million)
Bhargav Alok Kumar Sanjeev
Dasgupta Agarwal Mantri
Salary as per provisions contained in section 17(1)
of the Income-tax Act, 1961
Salary and allowances for FY2019 41.73 24.02 25.32
Variable pay paid in FY2019 including deferred variable 18.69 8.90 10.81
pay for previous years1
Value of perquisites u/s 17(2) Income-tax Act, 19612
Perquisites 0.17 0.03 1.34
Profits in lieu of salary under section 17(3) Income-tax
Act, 1961
Stock Options - ICICI Bank (Nos.) 502,500 62,200 201,000
Stock Options - ICICI Lombard General Insurance 120,500 15, 800 48,000
Company Limited
Sweat Equity - - -
Commission - - -
- as % of profit
- others, specify
Others-Retirals (PF) 2.80 1.28 1.48
Note: For the year-ended March 31, 2019 the numbers indicated are the amounts paid/options granted during the year FY 2019 as per IRDAI
approvals.
1. The Variable pay includes deferred variable pay of previous years as approved by IRDAI and paid during FY2019.
2. Value of perquisites exclude stock options exercised during FY2019 which does not constitute remuneration paid to the Whole Time
Directors for FY2019.
Provisions towards gratuity, leave accrued and long Non-Executive, Independent Directors for attending a
term performance pay are determined actuarially on an Meeting of the Board or Committee thereof is decided
overall basis and accordingly have not been considered by the Board of Directors from time to time within the
for the above disclosure. limits prescribed by the CA2013. The Board of Directors
have approved the payment of ` 100,000 as sitting fees
(ii) Non-executive, Independent Directors: for each Meeting of Board and ` 30,000 as sitting fees
Non-executive, Independent Directors are appointed for for each Meeting of Committee attended for FY2019
their professional expertise in their individual capacity other than Audit Committee meeting. The Board has
as professionals. Non-executive, Independent Directors approved ` 50,000 as sitting fees for attending every
do not have any material pecuniary relationship with the Audit Committee meeting. This amount is within the
Company other than the sitting fees and profit related limits prescribed as per Rule 4 of the Companies
commission payable to them. As provided in the Articles (Appointment & Remuneration) Rules, 2014 of the
of Association of the Company, the fees payable to the CA2013.

The details of sitting fees and Profit-related commission with the compensation, benefits and reward
paid to Non-executive Independent Directors during mechanism of the Company. While the Company
FY2019 are as follows: will strive to ensure internal and external equity that
(` million) are consistent with emerging market trends, its
business model and affordability based on business
Names of the Director Sitting fees Profit Related
performance sets the overarching boundary
(in `) Commission2
conditions. This approach has been incorporated in
(in `)
the Compensation Policy, the key elements of which
Ved Prakash Chaturvedi 1.02 1.00
are given below:
Uday Chitale 1.42 1.00
Lalita D. Gupte 1.31 1.00 Ø Effective governance of compensation:

Suresh Kumar 0.96 1.00 The BNRC has oversight over compensation. The
Ashvin Parekh 1.42 1.00 Committee defines Key Performance Indicators
Vishal Mahadevia1 0.43 0.93 (KPIs) for Whole-time Directors and the
1
Vishal Mahadevia was appointed as a Non-executive, organisational performance norms for bonus based
Independent Director of the Company w.e.f. April 25, 2018. on the financial and strategic plan approved by the
2 Profit related Commission for FY2019 will be paid in FY2020. Board. The KPIs include both quantitative and
qualitative aspects. The BNRC assesses
(iii) Non-executive, Non-independent Directors: organizational performance as well as the individual
Non-executive, Non-Independent Directors were not performance for WTDs. Based on its assessment, it
paid any sitting fees and profit related commission makes recommendations to the Board regarding
during FY2019. compensation for WTDs and bonus for employees,
including senior management and key management
Remuneration disclosures pursuant to IRDAI guidelines personnel.
Pursuant to IRDAI guidelines on Remuneration of Non-
Ø Alignment of compensation

philosophy with
executive Directors and Managing Director/Chief
prudent risk taking:
Executive Officer/Whole-time Directors of Insurers
(IRDAI Guidelines) issued vide reference no. IRDA/F&A/ he Company seeks to achieve a prudent mix of
T
GDL/LSTD/155/08/2016 dated August 5, 2016 requires fixed and variable pay, with a higher proportion of
the Company to make the following disclosures on variable pay at senior levels and no guaranteed
remuneration on an annual basis in their Annual Report: bonuses. Compensation is sought to be aligned to
both financial and Non-financial indicators of
Compensation Policy and Practices performance including aspects like risk management
and customer service. In addition, being group
(i) Qualitative Disclosures
company of ICICI Bank, the Company has an
a) Information relating to the design and structure of
employee stock option scheme aimed at aligning
remuneration processes
compensation to long term performance through
stock option grants and/or deferred cash that vest
1. Key features and objectives of remuneration policy
over a period of time to senior management and
The Company has under the guidance of the Board WTDs. Compensation to staff in financial and risk
and the Board Nomination and Remuneration control functions is independent of the business
Committee (BNRC), followed compensation areas they oversee and depends on their
practices intended to drive meritocracy and performance assessment.
fairness.
2. Whether the Remuneration Committee reviewed the
The twin pillars of performance management and firm’s remuneration policy during the past year, and
talent management system are closely intertwined if so, an overview of any changes that were made.

he Company’s Remuneration Policy was reviewed

T very year, the financial plan/targets are formulated
E
by the BNRC and the Board on April 25, 2018. There in conjunction with a risk framework with limit
was no changes made in Remuneration Policy. structures for various areas of risk/lines of business,
within which the Company operates to achieve the
3. Discussion of how the Company ensures that risk
financial plan. To ensure effective alignment of
and compliance employees are remunerated
compensation with prudent risk taking, the BNRC
independently of the businesses they oversee.
takes into account adherence to the risk framework

The compensation of staff engaged in control in conjunction with which the financial plan/targets
functions like risk and compliance depends on their have been formulated. KPIs of WTDs, as well as
performance, which is based on achievement of employees, incorporate relevant risk management
the key results of their respective functions. Their related aspects. For example, in addition to
goal sheets do not include any business targets. performance targets in areas such as growth and
profits, performance indicators include aspects
b. Description of the ways in which current and future such as the combined ratio. The BNRC takes into
risks are taken into account in the remuneration consideration all the above aspects while assessing
processes organizational and individual performance and
making compensation-related recommendations to
1. Overview of the key risks that the Company takes the Board.
into account when implementing remuneration
measures 4. Discussion of how the nature and type of these
measures have changed over the past year and
The Board approves the risk framework for the reasons for the changes, as well as the impact of
Company and the business activities of the Company changes on remuneration
are undertaken within this framework to achieve the
financial plan. The risk framework includes the The nature and type of these measures have not
Company’s risk appetite, limits framework and changed over the past year and hence, there is no
policies and procedures governing various types of impact on remuneration.
risk. KPIs of WTDs, as well as employees, incorporate
relevant risk management related aspects. For c.
Description of the ways in which the Company
example, in addition to performance targets in areas seeks to link performance during a performance
such as growth and profits, performance indicators measurement period with levels of remuneration
include aspects such as Combined Ratio. The BNRC
takes into consideration all the above aspects while 1.
Overview of main performance metrics for the
assessing organizational and individual performance Company, top level business lines and individuals
and making compensation-related recommendations
The main performance metrics include business
to the Board.
growth, market share, profits, strategic goals for
2. Overview of the nature and type of key measures future, risk metrics (such as combined ratio),
used to take account of these risks, including risk compliance with regulatory norms, refinement of
difficult to measure risk management processes and customer service.
The specific metrics and weightages for various
The annual performance targets and performance metrics vary with the role and level of the individual.
evaluation incorporate both qualitative and
quantitative aspects including combined ratio, 2.
Discussion of how amounts of individual
reserving and refinement/improvement of the risk remuneration are linked to the Company-wide and
management framework. individual performance
3. Discussion of the ways in which these measures The BNRC takes into consideration all the above
affect remuneration aspects while assessing organizational and

individual performance and making compensation- event that performance metrics are weak, including
related recommendations to the Board regarding the Company’s criteria for determining ‘weak’
the level of performance bonus for employees and performance metrics
the performance assessment of WTDs. The
performance assessment of individual employees The Company’s Compensation Policy outlines the
is undertaken based on achievements vis-à-vis their measures the Company will implement in the event
goal sheets, which incorporate the various aspects/ of a reasonable evidence of deterioration in financial
metrics described earlier. performance. Should such an event occur in the
manner outlined in the policy, the BNRC may decide
3. Discussion of the measures the Company will in to apply malus/claw back on none, part or all of the
general implement to adjust remuneration in the unvested deferred variable compensation.
(ii) Quantitative disclosures (WTD, CEO/MD)

The following table sets forth, for the period indicated, the details of quantitative disclosure for remuneration of
Whole-time Directors.
Particulars At March 31, 2019
Number of MD/CEO/WTDs having received a variable remuneration award during the 3
financial year.
Number and total amount of sign-on awards made during the financial year Nil
Details of guaranteed bonus, if any, paid as joining/sign on bonus. NIL
Breakdown of amount of remuneration awards for the financial year (` million)
Fixed1 101.82
Variable 52.68
Deferred 21.07
Non-deferred 31.61
Share-linked instruments
ICICI Bank2 769,700
ICICI Lombard General Insurance Company Limited 184,300
Total amount of deferred remuneration paid out during the year (` million) 6.80
Total amount of outstanding deferred remuneration
Cash (` million) 33.52
Shares (nos.) NIL
Shares-linked instruments
ICICI Bank2 2,729,647
ICICI Lombard General Insurance Company Limited 184,300
Other forms NIL
1. Fixed pay includes basic salary, supplementary allowances, superannuation, contribution to provident fund and gratuity fund by the
Company.
2. Pursuant to the issuance of bonus shares by ICICI Bank under ICICI Bank ESOS Scheme on June 24, 2017, the share linked instruments have
been adjusted with increase of one option for every 10 outstanding options.
Internal Control (i) Internal Audit Framework

The Company has adopted the following Frameworks in The Company has an established internal audit
accordance with the requirements laid down under framework approved by the Board, which is based on a
Corporate Governance Guidelines. risk-based approach. An annual risk-based internal audit

plan is drawn up on the basis of risk profiling of the plan are presented to the Risk Management Committee
businesses/departments of the Company which is on a quarterly basis. The risk mitigation plans are
approved by the Audit Committee. monitored regularly by the Company to ensure their timely
and appropriate execution. The Company further
The key audit findings, the recommendations and
measures each of its risk items against a set of predefined
compliance mechanism are reported to the Audit
tolerance levels. These levels and the subsequent
Committee on a quarterly basis. The Audit Committee
actively monitors the implementation of its tolerance scores are classified as high, medium and low
recommendations. The Chairman of the Audit Committee risk respectively. The risks are further monitored on a
briefs the Board on deliberations at the Audit Committee quarterly basis by using a heat map based on probability
Meeting in relation to the key audit findings. and severity. A Risk Register is maintained to capture
inventory of risks that the Company is exposed to along
In accordance with IRDAI directives, the Company with mitigation and corrective action plans. The Risk
carries out a concurrent audit of investment operations Management Committee is updated on the progress on a
through a Chartered Accountant firm and reports the quarterly basis.
findings to the Audit Committee.
The senior management of the Company is responsible
(ii) Internal Controls over Financial Reporting for a periodic review of the risk management process to
The Company has in place adequate internal financial ensure that the process initiatives are aligned to the
controls commensurate with size, scale and complexity desired objectives. The Internal Audit Department is
of its operations. During the year, such controls were responsible for review of risk management processes
tested and no reportable material weakness in the design within the Company and for the review of self-
or operations were observed. The Company has policies assessments of risk management activities. Further,
and procedures in place for ensuring proper and efficient compliance testing is done on a periodic basis and the
conduct of its business, the safeguarding of its assets, Audit Committee is kept appraised of the outcome of
the prevention and detection of frauds and errors, the the same.
accuracy and completeness of the accounting records
and the timely preparation of reliable financial information. The Company’s Reinsurance Program defines the
retention limit for various classes of products. Further,
(iii) Risk Management Framework the Company has in place a risk retention reinsurance
The objective of the Risk Management Framework philosophy, which defines the product-wise retention
(“the Framework”) of the Company is to ensure that limits on a per-risk basis as well as a retention limit on a
various risks are identified, measured, mitigated and per-event basis. The Underwriting Policy defines
that policies, procedures and standards are established product-wise approval limits for various underwriters.
to address these risks for systemic response and The Investment Policy lays down the asset allocation
adherence. strategy to ensure financial liquidity, security and
The Company has identified enterprise wide risks, which diversification. The Company also has in place a Capital
are categorised under five (5) broad groups namely Adequacy and Liquidity Management Framework and
Credit Risk, Market Risk, Underwriting Risk, Operational an Asset Liability Management Policy. These policies
Risk and Strategic Risk. The broad structure of the ensure maintenance of adequate level of capital at all
Framework is as follows: times to meet diverse risk related to market and
operations. The Operational Risk Policy defines the
Risk identification, assessment and mitigation
Ø
tolerance limits and lays down the framework for
process;
monitoring, supervision, reporting and management of
Ø Risk management and oversight structure; and operational risks of the Company. The Company has
Ø Risk monitoring and reporting mechanism. also adopted the Information Security Policy and Cyber
Security Policy in line with the Group Information
As part of the Enterprise Risk Management (ERM) Security Policy and the Guidelines issued by IRDAI on
exercise, critical risks along with the detailed mitigation Information & Cyber Security.

Stress testing is conducted to identify and quantify the by the British Standard Institution (BSI) for acting in
overall impact of different stress scenarios on the accordance with the revised guidelines that were
Company’s financial position. These tests do not predict released in February 2018.
what will happen, but are useful for examining what
might happen. The Risk Management Framework of the Company is
overseen by the Risk Management Committee of the
The Company has successfully retained its Certificate of Board. The Company has a Chief Risk Officer who is
Compliance for the ISO 31000:2018 for ERM. The responsible for the implementation and monitoring of
Company was the first Indian Company to be certified the framework.
General Body Meetings:

i) Annual General Meetings
The details of the Annual General Meetings (“AGMs”) held in previous three financial years are given below:
Annual General Meeting Day, Date Time Venue
Eighteenth AGM Thursday, July 12, 2018 2.30 p.m. Swatantrya Veer Savarkar Auditorium, 252,
Shivaji Park, Dadar (West), Mumbai - 400 028
Seventeenth AGM Monday, July 10, 2017 3.30 p.m. ICICI Bank Limited, ICICI Bank Towers,
Bandra Kurla Complex, Bandra (East),
Mumbai - 400 051
Sixteenth AGM Friday, July 1, 2016 11.00 a.m. ICICI Lombard House, 414, Veer Savarkar
Marg, Near Siddhivinayak Temple,
Prabhadevi, Mumbai - 400 025
The details of the Special Resolutions passed in the AGMs in previous three financial years are given below:-
General Body Meeting Day and Date Resolution
Eighteenth AGM Thursday, July 12, 2018 1.
Approval and ratification of ICICI Lombard General
Insurance Company Limited-Employee Stock Option
Scheme- 2005
2. Approval to Grant of Employee Stock Option to the
Employees/Directors of Holding and Subsidiary
Company(ies) (Present & Future) under the Revised
Scheme.
Seventeenth AGM Monday, July 10, 2017 1. Amendment to Articles of Association of the Company.
2. Revision of ICICI Lombard General Insurance Company
Limited Employee Stock Option Scheme- 2005.
3.
To permit foreign portfolio investors registered with
SEBI to acquire and hold equity shares of the Company
under the foreign portfolio investment scheme or any
other permissible mode under FEMA up to an aggregate
limit of 49% of the paid-up equity share capital of
the Company.
Sixteenth AGM Friday, July 1, 2016 -

Postal Ballot: Means of Communication

Special Resolution was passed through postal ballot It is the Company’s belief that all stakeholders should
during FY2019 vide Postal Ballot Notice dated January have access to complete information regarding its
25, 2019 under Section 110 of the CA2013 for the position to enable them to accurately assess its future
Re-appointment of Ashvin Parekh (DIN: 06559989), as a potential. The Company disseminates information on its
Non-executive, Independent Director of the Company. operations and initiatives on a regular basis. The
Company’s website (www.icicilombard.com) serves as
The Company follows the procedure as prescribed
a key awareness facility for all its stakeholders, allowing
under Section 108 and Section 110 of the CA2013 read
them to access information at their convenience. It
with Rule 22 of the Companies (Management and
provides comprehensive information on the Company’s
Administration) Rules, 2014, Secretarial Standards-2 on
strategy, financial performance, operational performance
General Meetings and Regulation 44 of Listing
Regulations, as amended from time to time. The and the latest press releases.
Members were provided the facility to cast their votes
The Company’s investor relations personnel respond
through electronic voting (e-voting) or through postal
to specific queries and play a proactive role in
ballot. The Board of Directors of the Company,
disseminating information to both analysts and
appointed Mr. Mitesh Dhabliwala (FCS 8331) of M/s.
investors. All information which could have a material
Parikh & Associates, Practising Company Secretaries as
the Scrutinizer for conducting the postal ballot voting bearing on the Company’s share price is released
process. The Scrutinser submitted his report after the through as per regulatory requirements. The information
completion of the scrutiny of the postal ballots is also disseminated to the National Stock Exchange of
(including e-voting). Considering the combined results India Limited (NSE) and BSE Limited (BSE) from time
of the Postal Ballot via postal ballot forms and e-voting to time.
facility, the resolution was approved on March 7, 2019.
The results were declared March 8, 2019 and The financial and other information and the various
communicated to the stock exchanges and displayed compliances as required/prescribed under the Listing
on the Company’s website at www.icicilombard.com. Regulations are filed electronically with NSE and BSE
The details of the voting pattern is given below: through NSE Electronic Application Processing (NEAP)
System and through BSE Listing Centre respectively
Re-appointment of Ashvin Parekh (DIN: 06559989), as and are also available on their respective websites in
an Non-executive Independent Director of the addition to the Company’s website. Additionally
Company – Special Resolution information is also disseminated to BSE/NSE where
Total No. of shareholders 244,055 required by e-mail.
Total No. of equity Shares 454,064,444
The Company’s quarterly financial results are published
Particulars Number of % of
Votes votes in the Financial Express (Mumbai, Pune, Ahmedabad,
Total No. of equity Shares 454,064,444 Lucknow, Delhi, Calcutta, Chandigarh, Chennai,
No. of Votes-in favour 367,655,847 96.65 Bangalore, Hyderabad, Cochin edition) and Loksatta
No. of Votes-against 12,742,762 3.35 (Mumbai edition). The financial results, official news
releases, analyst call transcripts and presentations are
Details of the orders passed by the also available on the Company’s website.
Regulators/Courts/Tribunals during
the year Management Discussion and Analysis
The Company in its ordinary course of business receives Report
orders from Regulators/Courts/Tribunals. There are no Pursuant to Regulation 34 of the Listing Regulations, the
significant material orders passed by the Regulators/ Management Discussion and Analysis Report for the
Courts/Tribunals which would impact the going concern year under review, is presented in a separate section,
status of the Company and its future operations. forming part of the Annual Report.

General Shareholder Information i) Listing of Equity Shares and Non-Convertibe
Debentures on Stock Exchanges
Registration No. 11-129408
Corporate Identification L67200MH2000PLC129408 Currently, the Equity Shares and Non-convertible
Number (CIN) Debentures issued by the Company are listed at:
Financial Year 2018-19 Stock Exchange Script Code/Symbol
Board meeting for April 18, 2019 Equity Non-
adoption of Audited Convertible
Financial Accounts Debentures
Day, Date and Time of Thursday, June 27, 2019, BSE Limited (BSE) 540716 954492
19th Annual General 11:30 a.m. Phiroze Jeejeebhoy
Meeting Tower, Dalal Street,
Venue Ravindra Natya Mandir, Mumbai - 400 001.
P. L. Deshpande Maharashtra National Stock Exchange ICICIGI ILGI26
Kala Academy, Near of India Limited (NSE)
Siddhivinayak Temple, Exchange Plaza,
Sayani Road, Prabhadevi, Plot C/1, G Block,
Mumbai 400 025 Bandra-Kurla Complex,
Financial Year April 1- March 31 Bandra (East),
Book Closure Friday, June 21, 2019 to Mumbai - 400 051.
Thursday, June 27, 2019
The Company has paid annual listing fees for the
Date of Dividend Payment On or before July 26, 2019
relevant periods to BSE and NSE where its Equity Shares
Company’s Website www.icicilombard.com and Non-Convertible Debentures are listed.
ii) Market Price Information

The reported high and low closing prices and volume of Equity shares of the Company traded on BSE and NSE
during the period April 1, 2018 to March 31, 2019:
BSE NSE Total Volume
Month
High (`) Low (`) Volume High (`) Low (`) Volume on BSE & NSE
2018
April 802.65 741.00 650,123 804.70 739.95 3,462,192 4,112,315
May 770.00 715.50 131,761 774.70 712.00 3,197,368 3,329,129
June 750.00 683.00 473,308 746.00 683.50 3,767,799 4,241,107
July 799.00 688.80 147,541 800.00 688.00 5,934,885 6,082,426
August 820.60 731.55 139,647 823.95 725.50 3,618,763 3,758,410
September 936.00 790.00 5,010,948 932.40 790.00 15,111,581 20,122,529
October 820.00 703.40 1,183,063 819.60 638.80 8,456,567 9,639,630
November 863.80 787.00 14,436,997 865.00 785.00 3,200,092 17,637,089
December 923.00 813.65 593,444 927.00 802.10 7,651,503 8,244,947
2019
January 900.00 809.60 310,553 902.00 806.95 4,931,111 5,241,664
February 940.00 850.10 605,459 940.00 850.75 5,251,434 5,856,893
March 1,037.00 929.95 701,378 1,036.95 931.55 7,166,058 7,867,436

iii) Share Transfer System iv) Dematerialisation of Shares and Liquidity

Shares in physical form should be lodged for transfer at The Company’s shares are compulsorily traded in
the office of the Company’s Registrar & Transfer Agent, dematerialised form on NSE and BSE. Equity shares of
Karvy Fintech Private Limited at the addresses given the Company representing 99.99% of the Company’s
below. The transfer of shares in physical form is equity share capital are dematerialised as on March 31,
processed and completed by Registrar & Transfer Agent 2019. Under the Depository System, the International
provided all the documents are in order. In case of Securities Identification Number (ISIN) allotted to the
shares in electronic form, the transfers are processed Company’s shares is INE765G01017.
by NSDL/CDSL through respective Depository
Participants. In compliance with the Listing Regulations, v) Registrar and Transfer Agents
a Practicing Company Secretary carries out audit of the
The Registrar and Transfer Agent of the Company is
System of Transfer and a certificate to that effect is
issued. However, as per SEBI Notification No. SEBI/ Karvy Fintech Private Limited for Equity Shares. Pursuant
LAD-NRO/GN/2018/24 dated June 8, 2018 and further to order of the National Company Law Tribunal, the
amendment vide Notification No. SEBI/LAD-NRO/ operations of Karvy Computershare Private Limited, the
GN/2018/49 dated November 30, 2018, requests for Share Transfer Agents of the Company have been
effecting transfer of securities (except in case of transferred to Karvy Fintech Private Limited with effect
transmission or transposition of securities) shall not be from November 17, 2018.
processed from April 1, 2019 unless the securities are
held in the dematerialised form with the depositories. The Registrar and Transfer Agent of the Company is Link
Therefore, Shareholders holding shares in physical form Intime India Private Limited for Non-convertible
are requested to take action to dematerialise the Equity Debentures issued by the Company.
Shares of the Company, promptly.
Investor services related queries/requests/complaints may be directed at the address as under:

Equity Shares Non-convertible Debenture
Karvy Fintech Private Limited Link Intime India Private Limited
Karvy Selenium Tower B, 247, Lal Bahadur Shastri Marg,
Plot 31-32, Financial District, Survya Nagar, Gandhi Nagar,
Nanakramguda, Serilingampally, Vikhroli West, Mumbai - 400 083
Hyderabad 500 032 Contact Person: Ganesh Jadhav
Contact Person: Shobha Anand Tel No. : +91-22-4918 6000
Deputy General Manager Fax No. : +91-22-4918 6060
Tel: +91-40-6716 2222 Email: debtca@linkintime.co.in
Fax: +91-40- 2343 1551
E-mail: einward.ris@karvy.com

BSE
50,000 1,100
48,000 1,050
ICICI Lombard Price

46,000 1,000
S & P Sensex
950
44,000
900
42,000
850
40,000
800
38,000 750
36,000 700
34,000 650
18 18 18 18 18 18 18 18 18 19 19 19
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ec
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-
Ap Ju Ju Se ov Ja Fe
M Au O N D M
S & P Sensex ICICI Lombard
NSE
13,800 1,040
ICICI Lombard Price

13,300 990
12,800 940
Nifty 50
12,300 890
11,800 840
11,300 790
10,800 740
10,300 690
8 8 8 8 8 8 8 8 8 9 9 9
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Nifty 50 ICICI Lombard
xi) Information on Shareholding:

a. Shareholding pattern of the Company as on March 31, 2019:
Sl. Category/Name of Shareholder Number of shares % total
No. on March 31, 2019
1. ICICI Bank Ltd (Promoter) 253,843,806 55.87
2 Domestic Mutual Funds 27,003,053 5.94
3 Alternative Investment Fund 9,033,345 1.99
4 Foreign Institutional Investors/Foreign Portfolio Investors 60,162,436 13.24
5. Domestic Banks/Financial Institutions 60,536 0.01
6. NBFCs and Trusts 299,508 0.06
7. Bodies Corporates 4,626,520 1.02
8. Foreign Corporate Bodies 71,589,740 15.76
9. Public And Others 27,691,000 6.11

b. Shareholders of the Company with more than 1% holding as on March 31, 2019
(other than promoters of the Company):
Sr. Name No. of shares % of total

No. Number of shares
1. FAL Corporation 44,978,770 9.90
2. Red Bloom Investment Ltd 26,610,970 5.86
3. Kotak Mutual Fund through its various schemes 4,811,292 1.06
c. Distribution Schedule of shareholding of the Company as on March 31, 2019

Sr. Distribution Schedule As on March 31, 2019
No. Category No. of Cases % of cases Amount (`) % of Amount
1. 1-5000 227,249 98.62 105,969,730 2.33
2. 5001- 10000 1,656 0.72 10,592,510 0.23
3. 10001- 20000 608 0.26 8,739,850 0.19
4. 20001- 30000 188 0.08 4,582,490 0.10
5. 30001- 40000 99 0.04 3,463,910 0.08
6. 40001- 50000 74 0.03 3,516,730 0.08
7. 50001- 100000 144 0.06 10,349,920 0.23
8. 100001 & Above 401 0.17 4,395,884,300 96.76
xii) Outstanding Global Depository Receipts or Rakesh Sharma/Vikas Mehra

American Depository Receipts or warrants or any ICICI Lombard General Insurance Company Limited
convertible instruments, conversion date and likely 414, Veer Savarkar Marg, Near Siddhivinayak Temple,
impact on equity: Prabhadevi, Mumbai 400 025
This is not relevant to the Company, since the Company Tel No. : +91-22-6196 1100
has not issued Global Depository receipts or American Fax No. : +91-22-6196 1323
Depository receipts or any convertible instruments.
xvi) Debenture Trustee
xiii) Commodity price risk or foreign exchange risk Axis Trustee Services Limited
and hedging activities: 2nd Floor, Wadia International Center,
As at March 31, 2019 the foreign exchange risk on Pandurang Budhkar Marg,
account of reinsurance premium was ` 622.19 million Worli, Mumbai 400 025
(as at March 31, 2018 ` 243.39 million). However, the Contact No.: +91 22 6226 0075
Company does not have any commodity price risk or Email: response@axistrustee.com
hedging activities in foreign currency hence it is not Website: www.axistrustee.com
relevant to the Company.
xvii) Credit Ratings
xiv) Plant Locations Rating Agency Rating Outlook
There are no plants as the Company is not a Non-convertible Debentures
manufacturing entity. Crisil Limited Crisil AAA Stable
xv) Correspondence Address ICRA Limited ICRA AAA Stable
Claims Paying Ability
Correspondence relating to the financial performance of
the Company may be addressed to: ICRA Limited iAAA Position: Strong

Disclosures relating to conservation of energy and technology
Related party transactions absorption do not apply to the Company. The Company
has, however, used information technology extensively
There are no materially significant related party
in its operations.
transactions that may have potential conflict with the
interest of the Company. During FY2019, expenditures in foreign currencies
amounted to ` 3.14 billion and earnings in foreign
Details of Non-Compliance by the Company, penalty,
strictures imposed on the Company by the stock currencies amounted to ` 2.41 billion.
exchange, or Securities and Exchange Board of India
(‘SEBI’) or any statutory authority on any matter related
Employee Stock Option Scheme
to capital markets In FY2006, the Company had instituted an Employee
Stock Option Scheme (ESOS) to enable the employees
No penalties or strictures have been imposed on the and Directors of ICICI Lombard to participate in its future
Company by the Stock Exchanges, the Securities & growth and financial success. As per ESOS, the
Exchange Board of India (SEBI) or any other statutory maximum number of options granted to any employee/
authority, for any non-compliance on any matter relating Director in a year shall not, except with the approval of
to capital markets, during the last three years. the Board, exceed 0.10% of the Company’s issued
equity shares at the time of grant and the aggregate of
Adoption of Mandatory and Non- all such options (net of forfeited/lapsed) is limited to 5%
mandatory requirements of the Company’s issued equity shares on the date of
The Company has complied with all mandatory the grant.
requirements specified in Regulations 17 to 27 and
clauses (b) to (i) of sub regulation 2 of Regulation 46 and The Board at its Meeting held on January 14, 2015 and the
some of the non-mandatory requirements pertaining to Members at the Extra-Ordinary General Meeting held on
Corporate Governance stipulated under the Listing March 4, 2015 had approved the amendment in the
Regulations. Employee Stock Option Scheme, 2005 to extend the
exercise period by three more years in respect of options
The Company has adopted following non-mandatory
granted in the years 2005, 2006 and 2007.
requirements:
1. Separate post of Chairperson and Chief Executive Options granted in the years 2005, 2006, 2007, 2008
officer and 2010 vest in a graded manner over a four-year
The listed entity may appoint separate persons to period, with 20%, 20%, 30% and 30% of the grants
the post of Chairperson and Managing Director or vesting each year, commencing not earlier than 12
Chief Executive officer. months from the date of grant. Options granted for the
year 2009 vest in a graded manner over a five year
2. Reporting of Internal auditor period with no vesting in the first year and 20%, 20%,
The Internal auditor may report directly to the audit 30% and 30% of the grant vesting each year in
committee subsequent four years. Options granted for the year
2011 vest in a gradual manner over a two-year period,
Web link where policy for determining with 40% and 60% of the grants vesting each year,
material subsidiaries is disclosed commencing not earlier than 12 months from the date
This is not applicable to the Company, as the Company of grant. Options can be exercised within a period of 13
doesn’t have any subsidiary Company. years in respect of options granted in 2005, 2006 and
2007. Option other than those years can be exercised
Conservation Of Energy, Technology over a period of 10 years from the date of grant or five
Absorption And Foreign Exchange years from the date of vesting.
Earnings And Outgo
The provisions of Section 134(3)(m) of the CA2013 read Post listing of the Company, revised Employee Stock
with Rule 8(3) of the Companies (Accounts) Rules, 2014 options scheme has been approved by the Members of

the Company and new Option were granted to the Further information on detailed procedure and format
eligible employees under normal and special grant in for self-certification is hosted on the Company’s website
year 2018. Options granted under normal grant for the and can be viewed at https://www.icicilombard.com/
year 2018 & 2019 will vest in a graded manner over a docs/default-source/shareholding-pattern/fit_and_
three year period with 30%, 30% and 40%. Options proper_criteria8c0003ff45fd68ff8a0df0055e6983cf.pdf.
granted under Special grant will have a lock-in period of
36 months from the date of grant with 50% of the Implementation Strategy on Ind AS
options vesting on July 31, 2021 and the remaining 50% IRDAI vide the circular dated March 1, 2016 had advised
vesting on July 31, 2022. Exercise Period for both the all Insurers to follow the Indian Accounting Standards as
grants of year 2018 would commence from the date of notified under the Companies (Indian Accounting
vesting and will expire on completion of five years from Standards) Rules, 2015, subject to any guideline or
the date of vesting of stock options. direction issued by the IRDAI. Insurance Companies are
required to comply with Ind AS for financial statements
Particulars of options granted by the Company up to
for accounting periods beginning from April 1, 2018
March 31, 2019 are given below: onwards, with comparatives for the period ending
Options granted 26,101,960 March 31, 2019.
Options vested 18,204,108 In compliance with the regulatory requirements, the
Options exercised 14,525,088 Company has constituted a Steering Committee headed
Number of shares allotted pursuant 14,525,088 by Sanjeev Mantri, Executive Director to oversee the
to exercise of options implementation of Ind AS. The scope of the Steering
Options forfeited/lapsed 8,931,372 Committee includes evaluating the impact on the
Extinguishment or modification of Nil following areas:
options*
(a) Ind AS technical requirements
Amount realised by exercise of 1,171,279,960
options (`) (b) Systems and processes
Total number of options in force 2,645,500 (c) Business impact
* The exercise period for stock options granted between 2005 to 2007
has been modified from tenth anniversary to thirteenth anniversary.
(d) People
(e) Project management
The details as required under Regulation 14 of SEBI
(Share Based Employee Benefits) Regulations, 2014 is The Steering Committee oversees the implementation
hosted on the website of the Company and can be of Ind AS and the Audit Committee is updated on a
viewed at https://www.icicilombard.com/docs/default- quarterly basis. Further, the Authority vide its circular no.
source/shareholding-pattern/disclosure-under-sebi- IRDA/F&A/CIR/ACTS/146/06/2017 dated June 28, 2017
(sbeb)-regulations-2014-as-on-march-31-2019.pdf deferred the implementation of Ind AS in the Insurance
Sector in India for a period of two years and the effective
Fit and Proper criteria for investors and period of implementation of Ind AS in insurance sector
continuous monitoring requirement was deferred to FY2021. However the requirement of
The IRDAI guidelines for Listed Indian Insurance submitting proforma Ind AS financial statement on a
Companies prescribes the following: quarterly basis continue to be governed as directed vide
circular dated December 30, 2016.
1. Self-certification of “Fit and proper person” criteria
by a person holding/intending to acquire equity Exposure draft on Ind AS 117 – Insurance contract
shares of 1% or more of paid-up equity share (Internationally IFRS 17) has been issued and is
capital. expected to replace present notified Ind AS 104 –
Insurance contract. A working committee group was
2. Prior permission of IRDAI for holding shares beyond constituted by the IRDAI and basis the recommendation
5% of the paid-up equity share capital. of the committee, the authority has issued a revised

draft proforma Ind AS financial statement incorporating 3. They have taken proper and sufficient care for the
changes as per Ind AS 117. Meanwhile IASB maintenance of adequate accounting records, in
(International Accounting Standard Board) has accordance with the IRDAI (Preparation of Financial
proposed deferral in the adoption of IFRS 17 and IFRS Statements and Auditor’s Report of Insurance
9 to January 1, 2022. Companies) Regulations, 2002 and provisions of
the CA2013 for safeguarding the assets of the
The Company is continuing to submit the proforma Ind Company and for preventing and detecting fraud
AS financial statement as per previously communicated and other irregularities;
circular dated December 30, 2016.
4. They have prepared the annual accounts on a going
GREEN INITIATIVES IN CORPORATE GOVERNANCE concern basis;
In line with the ‘Green Initiative’, the Company has
effected electronic delivery of Notice of AGM and 5. They have laid down internal financial controls to be
Annual Report to those Members whose e-mail IDs followed by the Company and that such internal
were registered with the respective Depository financial controls are adequate and were operating
Participants and downloaded from the depositories viz. effectively and;
National Securities Depository Limited/Central
Depository Services (India) Limited. The CA2013 and the 6.
They have devised proper systems to ensure
underlying rules as well as Regulation 36 of the Listing compliance with the provisions of all applicable
Regulations, permit the dissemination of financial laws and that such systems were adequate and
statements and annual report in electronic mode to the operating effectively.
Members. Your Directors are thankful to the Members
for actively participating in the Green Initiative and seek
ACKNOWLEDGEMENTS
your continued support for implementation of the The Company is grateful to the IRDAI, Government of
Green Initiative. India, Reserve Bank of India, Securities and Exchange
Board of India for their continued cooperation, support
In order to support the cause, we have been regularly and guidance. The Company wishes to thank its
requesting members to register/update their e-mail ids investors, rating agencies depositories, Registrar & Share
with their Depository Participants so as to enable the transfer agent & Stock Exchanges for their support.
Company to send various communication through
electronic mode. We believe and endorse the ‘Green The Company would like to express its gratitude for the
Initiative’ as it would not only rationalise the use of paper continued support and guidance received from ICICI
but also ensure prompt communication, avoid loss in Bank and their group companies.
transit and have reference value of the communication.
The Company would like to take this opportunity to
DIRECTORS’ RESPONSIBILITY STATEMENT express sincere thanks to its valued clients and
In accordance with the requirements of Section 134(3) customers for their continued patronage. The Directors
(c) of the CA2013, the Board of Directors confirms that: express their deep sense of appreciation to all the
employees, whose outstanding professionalism,
1.
In the preparation of the annual accounts, the
commitment and initiative have made the organisation’s
applicable accounting standards have been
growth and success possible and continue to drive its
followed along with proper explanation relating to
progress. Finally, the Directors wish to express their
material departures.
gratitude to the Members for their trust and support.
2. They have selected such accounting policies and
applied them consistently and made judgments For and on behalf of the Board
and estimates that are reasonable and prudent so
as to give a true and fair view of the state of affairs Lalita D. Gupte
of the company at the end of the financial year and April 18, 2019 Chairperson
of the profit of the company for that period; Mumbai DIN: 00043559

COMPLIANCE WITH THE CODE OF

BUSINESS CONDUCT AND ETHICS
I confirm that all Directors and members of the senior management have affirmed compliance with Code of Business
Conduct and Ethics for the year ended March 31, 2019.
Bhargav Dasgupta
Managing Director & CEO
DIN: 00047728
April 18, 2019
Mumbai
CERTIFICATE FOR COMPLIANCE OF THE

CORPORATE GOVERNANCE GUIDELINES
I, Vikas Mehra, hereby certify that the Company has, for the financial year ended March 31, 2019 complied with
the corporate governance guidelines as prescribed by Insurance Regulatory and Development Authority of India as
amended from time to time and nothing has been concealed or suppressed.
Vikas Mehra
Company Secretary
April 18, 2019 ACS No.: 12117
Mumbai

Annexure A
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2019
[Issued in Pursuance to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014 with modifications as deemed necessary, without changing
the substance of format given in MR-3]
To,
The Members,
ICICI Lombard General Insurance Company Limited.
ICICI Lombard House, 414, Veer Savarkar Marg,
Near Siddhivinayak Temple, Prabhadevi,
Mumbai - 400 025.
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
good corporate practices by ICICI Lombard General Insurance Company Limited (CIN L67200MH2000PLC129408)
(hereinafter called ‘the Company’) for the financial year ended 31st March, 2019. Secretarial Audit was conducted
in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon. This Company is governed mainly under the provisions of the Insurance Act, 1938
and the Insurance Regulatory and Development Authority Act, 1999 (‘Insurance Laws’) and under the Companies
Act, 2013 and rules framed thereunder where there is no inconsistency with the Insurance Laws.
A. In expressing our opinion, it must be noted that-

i. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility
is to express an opinion on these secretarial records based on our audit.
ii. We have followed the audit practices and processes as were appropriate to obtain reasonable assurances
about the correctness of the contents of the secretarial records. The verification was done on test basis to
ensure that correct facts are reflected in secretarial records. We believe that the processes and practices,
we followed provide a reasonable basis of our opinion.
iii. We have not verified correctness and appropriateness of financial records and books of accounts of the
Company.
iv. Wherever required, we have obtained the management representation about the compliance of laws, rules
and regulations and happening of events etc.
v. The compliance of provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. Our examination was limited to the verification of procedures on test basis.
vi. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.
B. Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other
records maintained by the Company and also the information provided by the Company, its officers, agents and
authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the
Company has, during the audit period covering the financial year ended on 31st March, 2019 complied with the
statutory provisions listed hereunder and also that the Company has proper Board-process (duly evolved) and
compliance-mechanism in place to the extent and as applicable to the Company in the manner and subject to
the reporting made hereinafter:

Annexure A (Contd.)
C. We have examined the books, papers, minute books, forms and returns filed and other records maintained by
the Company for the financial year ended on 31st March, 2019 according to the provisions of:
I. The Companies Act, 2013 (‘the Act’) and the rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
V. A. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India
Act, 1992 (‘SEBI Act’): -
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
(d) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(e) The Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents)
Regulations, 1993 regarding the Companies Act and dealing with client;
V. B. The Company has not undertaken any of the activities during the audit period as envisaged in the
following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’) and hence are not relevant for the purpose of audit: -
a. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009.
b. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (up to
10th September, 2018) and The Securities and Exchange Board of India (Buyback of Securities)
Regulations, 2018 (with effect from 11th September, 2018).
c.
The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009; (up to 10th November,2018) and The Securities and Exchange Board of
India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (with effect from
11th November,2018)
VI. And the Company being in the business of Insurance other than Life Insurance, the Special Act as applicable
to it is the Insurance Act, 1938 and extant Rules & Regulation framed under Insurance Regulatory and
Development Authority Act, 1999 (IRDA).
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards in respect of Meetings of the Board of Directors (SS-1) and General Meetings (SS-2)
as amended from time to time issued by The Institute of Company Secretaries of India;
(ii) Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations
2015 to the extent applicable for listing of its Equity Shares and Non-Convertible Debentures;

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards etc. mentioned above.

D. We further report that-
I. The Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. The changes in the composition of the Board of
Directors that took place during the period under review were carried out in compliance with the provisions
of the Companies Act, 2013;
II. Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on
agenda were sent well in advance and a system exists for seeking and obtaining further information and
clarifications on the agenda items before the meeting and for meaningful participation at the meeting;
III. Majority decision is carried through and there was no instance of any director expressing any dissenting
views.
We further report that there are adequate systems and processes in the Company commensurate with its size
and operations to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period none of the following events has taken place-
I. Public/Rights/Preferential Issue of Shares/Debentures etc.
II. Redemption/buy-back of securities.
III. Major decision taken by the members in pursuance to section 180 of the Companies Act, 2013.
IV. Merger/Amalgamation/Reconstruction, etc.
V. Foreign Technical Collaborations.
For DHOLAKIA & ASSOCIATES LLP

(Company Secretaries)
CS Bhumitra V. Dholakia
Place: Mumbai Designated Partner
Date: April 15, 2019 FCS-977 CP No. 507

Annexure B
Disclosures required with respect to Section 197(12) of the Companies Act, 2013 and Rule 5(1) of the
Companies (Appointment and Remuneration) Rules, 2014
The ratio of the remuneration of each Director to the median employee’s remuneration and such other details
in terms of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
(i) The ratio of the remuneration of each director to the median remuneration of the employees of the
company for the financial;
Bhargav Dasgupta, Managing Director & CEO 98:1
Alok Kumar Agarwal, Executive Director 55:1
Sanjeev Mantri, Executive Director 61.1
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
Company Secretary or Manager;
The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
Company Secretary was in the range of 12% to 25%.
(iii) The percentage increase in the median remuneration of employees in the financial year;
The percentage increase in the median remuneration of employee in the last financial year was 4%.
(iv) The number of permanent employees on the rolls of company;

The number of permanent employees on the rolls of company as on March 31, 2019 were 8,444.
(v) Average percentile increase already made in the salaries of employees other than the managerial
personnel in the last financial year and its comparison with the percentile increase in the managerial
remuneration and justification thereof and point out if there are any exceptional circumstances for
increase in the managerial remuneration;
The average percentile increase in the salaries of employees other than the Key Managerial Personnel in the last
financial year was 9%, while the average percentile increase in the salaries the Key Managerial Personnel in the
last financial year was in the range of 12% to 25%.
(vi) Affirmation that the remuneration is as per the remuneration policy of the company
Yes
Lalita D. Gupte
April 18, 2019 Chairperson
Mumbai DIN: 00043559

Annexure C
EXTRACT OF ANNUAL RETURN
as on the financial year ended March 31, 2019
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
FORM NO. MGT - 9
I. REGISTRATION AND OTHER DETAILS:

CIN L67200MH2000PLC129408
Registration Date October 30, 2000
Name of the Company ICICI Lombard General Insurance Company Limited
Category/Sub-Category of the Company Company Limited by shares/Indian non-government
Company
Address of the registered office and contact details ICICI Lombard House, 414, Veer Savarkar Marg, Near
Siddhivinayak Temple, Prabhadevi, Mumbai – 400 025
Tel: +91 22 6196 1100
Email: investors@icicilombard.com,
Website: www.icicilombard.com
Whether listed company Yes/No Yes
Name, Address and Contact details of Registrar and Equity Shares
Transfer Agent, if any Karvy Fintech Private Limited
Karvy Selenium Tower B, Plot 31-32, Financial District,
Nanakramguda, Serilingampally, Hyderabad 500 032
Contact Person: Shobha Anand
Deputy General Manager
Tel: +91 40 6716 2222, Fax: +91 40 2343 1551
Email: shobha.anand@karvy.com
Debentures
Link Intime India Private Limited
247, Lal Bahadur Shastri Marg, Survya Nagar, Gandhi
Nagar, Vikhroli West, Mumbai-400 083
Contact Person: Ganesh Jadhav
Tel No. : +91-22-4918 6000, Fax No.: +91-22-4918 6060
Email: debtca@linkintime.co.in
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Name and Description of NIC Code of the Product/Service % to the total turover of the
main products/service Company
General Insurance 6512 100%

Annexure C (Contd.)
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Name and address of the CIN/GLN Holding/ % Of Shares Applicable
Company Subsidiary/ Held Section
Associate
ICICI Bank Limited L65190GJ1994PLC021012 Holding 55.87 2(46)
ICICI Bank Towers Bandra-Kurla Company
Complex Mumbai - 400 051
IV. SHAREHOLDING PATTERN (EQUITY SHARE CAPITAL BREAKUP AS PERCENTAGE OF TOTAL EQUITY)
i) Category-wise Shareholding
Sr Category of No. of Shares held at the No. of Shares held at the end of the year % Change
No. Shareholder beginning of the year April 1, 2018 March 31, 2019 during the
Demat Physical Total % Of Total Demat Physical Total % Of Total year
Shares Shares
(I) (II) (III) (IV) (V) (VI) (VII) (VIII) (IX) (X) (XI)
(A) Promoters
(1) Indian
(a) Individual/Hindu - - - - - - - - -
Undivided Family
(b) Central Govt - - - - - - - - -
(c) State Govt - - - - - - - - -
(d) Bodies Corporate - - - - - - - - -
(e) Banks/Financial 253,843,806 - 253,843,806 55.92 253,843,806 - 253,843,806 55.87 (0.05)
Institution
(f) Any Other 0 - - - - - - - -
Sub-Total A(1) : 253,843,806 - 253,843,806 55.92 253,843,806 - 253,843,806 55.87 (0.05)
(2) Foreign
(a) NRI-Individuals - - - - - - - - -
(b) Other-Individuals - - - - - - - - -
(c) Bodies Corporate - - - - - - - - -
(d) Banks/FI - - - - - - - - -
(e) Any Other - - - - - - - - -
Sub-Total A(2) : 0 - - - - - - - -
Total A=A(1)+A(2) 253,843,806 - 253,843,806 55.92 253,843,806 - 253,843,806 55.87 (0.05)
(B) Public Shareholding
(1) Institutions
(a) Mutual Funds/UTI 31,719,355 - 31,719,355 6.99 27,003,053 - 27,003,053 5.94 (1.05)
(b) Banks/Financial 168,681 - 168,681 0.04 60,536 - 60,536 0.01 (0.03)
Institutions
(c) Alternative 9,679,285 - 9,679,285 2.13 9,033,345 - 9,033,345 1.99 (0.14)
Investment Fund
(d) Foreign Portfolio 29,151,402 - 29,151,402 6.42 60,162,436 - 60,162,436 13.24 6.82
Investors
(e) Central Govt - - - - - - - - -
State Govt(s) - - - - - - - - -
(f) Venture Capital Fund - - - - - - - - -
(g) Insurance Companies - - - - - - - - -
(h) FIIs - - - - - - - - -
(g) Foreign Venture - - - - - - - - -
Capital Funds
(i) Others (specify) - - - - - - - - -
Sub-Total B(1) : 70,718,723 - 70,718,723 15.58 96,259,370 - 96,259,370 21.19 5.60

Sr Category of No. of Shares held at the No. of Shares held at the end of the year % Change
No. Shareholder beginning of the year April 1, 2018 March 31, 2019 during the
Demat Physical Total % Of Total Demat Physical Total % Of Total year
Shares Shares
(I) (II) (III) (IV) (V) (VI) (VII) (VIII) (IX) (X) (XI)
(2) Non-Institutions
(a) Bodies Corp.
i) Indian 5,141,616 - 5,141,616 1.13 4,626,520 - 4,626,520 1.02 (0.11)
ii) Overseas - - - - - - - - -
(b) Individuals - - - - - - -
(i) Individuals holding 14,875,235 50,339 14,925,574 3.29 12,783,716 34,697 12,818,413 2.82 (0.47)
nominal share capital
upto ` 1 lakh
(ii) Individuals holding 12,336,947 - 12,336,947 2.72 11,636,794 - 11,636,794 2.56 (0.16)
nominal share capital
in excess of ` 1 lakh
(c) Others(specify) 0.00
(i) Trust 234,900 - 234,900 0.05 101,375 - 101,375 0.02 (0.03)
(ii) Directors & their 832,798 - 832,798 0.18 1,220,798 - 1,220,798 0.27 0.09
Relatives (Resident)
(iii) Non-Resident Indian - - - - - - - - -
Directors
(iv) Non-Resident 1,169,720 - 1,169,720 0.26 1,142,740 - 1,142,740 0.25 (0.01)
Indians(include NRI
Non-Repartriable)
(v) Clearing Member 144,183 - 144,183 0.03 341,576 - 341,576 0.08 0.05
(vi) Hindu Undivided 602,140 - 602,140 0.13 530,679 - 530,679 0.12 (0.01)
Families
(vii) Foreign Companies - - - - - - - - -
(viii) Foreign Bodies-DR 93,080,157 - 93,080,157 20.50 71,589,740 - 71,589,740 15.76 (4.74)
(ix) NRI-DR - - - - - - - - -
(x) NBFC regitered with 917,740 - 917,740 0.20 198,133 - 198,133 0.04 (0.17)
RBI
Sub-Total B(2) : 129,335,436 50,339 129,385,775 28.50 104,172,071 34,697 104,206,768 22.94 (5.56)
Total B=B(1)+B(2) : 200,054,159 50,339 200,104,498 44.09 200,431,441 34,697 200,466,138 44.13 0.04
Total (A+B) : 453,897,965 50,339 453,948,304 100.00 454,275,247 34,697 454,309,944 100.00 0.00
(C) Shares held by
custodian for GDRs
& ADRs
GRAND TOTAL 453,897,965 50,339 453,948,304 100.00 454,275,247 34,697 454,309,944 100.00 -
(A+B+C) :

Annexure C (Contd.)
ii) Shareholding of Promotors

Sl. Shareholder’s Shareholding at the beginning of Shareholding at the end of the % change in
No Name the year April 1, 2018 year March 31, 2019 shareholding
No. of Shares % of total % of Shares No. of Shares % of total % of Shares during the
Shares Pledged/ Shares Pledged/ year
of the encumbered of the encumbered
Company to total Company to total
shares shares
1 ICICI Bank Limited 253,843,806 55.92 - 253,843,806 55.87 - (0.05)
253,843,806 55.92 - 253,843,806 55.87 - (0.05)
(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sl. Shareholding at the beginning Date wise Increase/Decrease in Cumulative Shareholding
No. of the year shareholding during the year specifying during the year
No. of shares % of total the reasons for increase/decrease No. of shares % of total
shares of the (e.g. allotment/transfer/bonus/ shares of the
company sweat equity etc): company
1 ICICI Bank Ltd. 253,843,806 55.92 - - - 253,843,806 55.87
253,843,806 55.92 At the End of the year 253,843,806 55.87
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and
ADRs)
Sl Shareholding at the beginning Shareholding at the
No of the year April 1, 2018 end of the year March 31, 2019
For Each of the Top 10 Shareholders*# No.of Shares % of total No.of Shares % of total
shares of the shares of the
company company
1 FAL CORPORATION 44,978,770 9.91 44,978,770 9.90
2 RED BLOOM INVESTMENT LTD 40,889,791 9.01 26,610,970 5.86
3 KOTAK MUTUAL FUND THROUGH VARIOUS SCHEMES 5,224,584 1.15 4,811,292 1.06
4 AMANSA HOLDINGS PRIVATE LIMITED 4,380,432 0.96 4,380,432 0.96
5 MOTILAL OSWAL MUTUAL FUND THROUGH VARIOUS SCHEMES 6,946,745 1.53 4,139,462 0.91
6 NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF ST. JA - - 3,751,323 0.83
7 DSP MUTUAL FUND THROUGH VARIOUS SCHEMES 4,412,802 0.97 3,649,438 0.80
8 RELIANCE CAPITAL MUTUAL FUND THROUGH VARIOUS 2,100,351 0.46 3,628,675 0.80
SCHEMES
9 IIFL SPECIAL OPPORTUNITIES FUND 4,558,558 1.00 3,252,958 0.72
10 ICICI PRUDENTIAL MUTUAL FUND THROUGH VARIOUS 524,112 0.12 2,968,377 0.65
SCHEMES
* The shares of the Company are traded on daily basis and hence the datawise increase/decrease in shareholding is not indicated. Shareholding
is consolidated based on permanent account number (PAN) of the shareholders.
#
Top 10 shareholders are as on March 31, 2019.

(v) Shareholding of Directors and Key Managerial Personnel*
Sr For Each of the Shareholding at the Date wise Increase/Decrease in Shareholding at the Cummulative Shareholding
No. Directors and KMP beginning of the year shareholding during the year specifying end of the year during the year
April 1, 2018 the reasons for increase/decrease (e.g. March 31, 2019
Name of the Director/ No.of % of total allotment/transfer/bonus/sweat equity No.of % of total No.of share % of total
KMP Shares shares of the etc): Shares shares of the shares of the
company company company
1 Bhargav Dasgupta 375,508 0.08 - - - 375,508 0.08 375,508 0.08
2 Alok Kumar Agarwal 455,000 0.10 - - - - - 455,000 0.10
- - 23/07/2018 25,000 Sale - - 430,000 0.09
- - 16/08/2018 75,000 ESOS - - 505,000 0.11
- - 05/02/2019 25,000 Sale - - 480,000 0.11

- - 22/02/2019 56,000 ESOS - - 536,000 0.12
- - 06/03/2019 25,000 Sale - - 511,000 0.11
- - 29/03/2019 57,000 ESOS 568,000 0.13 568,000 0.13
3 Sanjeev Mantri 508 0.00 - - - 508 0.00 508 0.00
4 Lalita D. Gupte 1,782 0.00 - - - 1,782 0.00 1,782 0.00
5 Vishakha Mulye 275,000 0.06 - - - 275,000 0.06 275,000 0.06
6 Gopal Balachandran 253,250 0.06 - - - 253,250 0.06 253,250 0.06
7 Vikas Mehra 13,610 0.00 - - - - - 13,610 0.00
- - 24/07/2018 3,000 Sale 13,500 0.00 10,610 0.00
* Key Managerial Personnel as defined under the CA2013.
V. INDEBTNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` lacs)
Particulars Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the financial year - 48,500 - 48,500
i) Principal amount - - - -
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - - - -
Total (i+ii+iii) - 48,500 - 48,500
"Change in Indebtedness
during the financial year"
- Addition - - - -
- Reduction - - - -
Net Change - - - -
Indebtedness at the end of the financial year

i) Principal amount - 48,500 - 48,500
ii) Interest due but not paid - - - -
iii) Interest accrued but not due - 2,686 - 2,686
Total (i+ii+iii) - 51,186 - 51,186

Annexure C (Contd.)
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager
(` lacs)
Sr. Particulars of Remuneration Name of Director Total Amount
No Bhargav Alok Kumar Sanjeev Mantri
Dasgupta Agarwal Executive
Managing Executive Director
Director & CEO Director
1 Gross salary
(a)
Salary as per provisions contained 604.25 329.28 361.26 1,294.79
in section 17(1) of the Income-tax
Act, 1961
(b)
Value of perquisites u/s 17(2) 1.75 0.29 13.37 15.41
Income-tax Act, 1961
c)
Profits in lieu of salary under - - - -
section 17(3) Income-tax Act, 1961
2 Stock Options# - 1,434.98 - 1,434.98
3 Sweat Equity - - - -
4 Commission
- as % of profit - - - -
- others, specify… - - - -
5 Others - Retirals (PF) 27.96 12.76 14.77 55.49
Total 633.96 1,777.31 389.40 2,800.67
# Perquisite value of the stock options exercised.
Provisions towards gratuity leave accrued and long term performance pay are determined actuarially on an overall basis and accordingly have not
been considered for the above disclosure.
B. Remuneration to other Directors

1. Independent Directors
(` lacs)
Sr. Particulars of Name of Director
No Remuneration Lalita D. Ashvin Uday Suresh Ved Vishal
Gupte Parekh Chitale Kumar Prakash Mahadevia#
Chaturvedi
1 Fee for attending Board/ 13.10 14.20 14.20 9.60 10.20 4.30
Committee Meeting
2 Profit related 10.00 10.00 10.00 10.00 10.00 9.31
Commission
3 Others, please specify - - - - - -
Total B (1) 23.10 24.20 24.20 19.60 20.20 13.61
Profit related Commission for FY2019 will be paid in FY2020.
# Vishal Mahadevia was appointed as a Non-executive, Independent Director of the Company w.e.f. April 25, 2018.

2. Other Non Executive Directors
(` lacs)
Sr. Particulars of
No Remuneration
1 Fee for attending Board/
No sitting fees for attending Board/Committee meetings or profit related
Committee Meeting
commission is being paid to Non-executive, Non-independent Directors
2 Commission
3 Others, please specify
Total B (2)
Total B = B(1) + B(2) 23.10 24.20 24.20 19.60 20.20 13.61
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

(` lacs)
Sr. Particulars of Remuneration Name of Key Managerial Personnel Total Amount
No Gopal Vikas Mehra Other KMP’s*
Balachandran Company
Chief Financial Secretary
Officer
1 Gross salary
(a) Salary as per provisions 244.15 84.17 1,664.39 1,992.71
contained in section 17(1) of
the Income-tax Act, 1961
(b) Value of perquisites u/s 0.29 0.29 15.34 15.92
17(2) Income-tax Act, 1961
c) Profits in lieu of salary - - - -
under section 17(3) Income-
tax Act, 1961
2 Stock Options# - - 1,146.30 1,146.30
3 Sweat Equity - - - -
4 Commission
- as % of profit - - - -
- others, specify… - - - -
5 Others, Retirals 7.15 2.62 51.22 60.99
Total (C) 251.59 87.08 2,877.25 3,215.92
* Other KMPs as defined under Corporate Governance Guidelines issued by IRDAI.
# Perquisite value of the stock options exercised.
Provisions towards gratuity leave accrued and long term performance pay are determined actuarially on an overall basis and accordingly have not
been considered for the above disclosure.
VII. Penalities/Punishment/Compounding of Offences

(` lacs)
Type Section of the Brief Description Details of Penalty/Punishment/ Authority [RD/
Companies Act Compouding fees imposed NCLT/COURT]
NIL
Lalita D. Gupte
April 18, 2019 Chairperson
Mumbai DIN: 00043559

Annexure D
ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, including overview of projects or programmes proposed to
be undertaken and a reference to the web-link to the CSR policy and projects or programs.
CSR has been a long-standing commitment at ICICI Lombard and forms an integral part of its activities.
The Company’s objective is to pro-actively support meaningful socio-economic development. It works
towards developing an enabling environment that will help citizens realise their aspirations towards leading a
meaningful life.
In line with its objectives, the following areas have been shortlisted for the CSR roadmap which includes
healthcare, road safety, education, skill development and sustainable livelihoods, support employee volunteering
in CSR activities and other areas such as disaster relief.
The CSR policy was approved by the Board of Directors in the Meeting held on October 15, 2014, and
subsequently was put up on the ICICI Lombard website. Web-link to the CSR policy:
https://www.icicilombard.com/content/ilom-en/csr-policy/CSR_Policy.pdf
2. The Composition of the CSR Committee

The CSR Committee comprises of two non-executive independent Directors and the Managing Director & CEO of
ICICI Lombard, and is chaired by an independent Director. The composition of the Committee is set out below:
Uday Chitale, Chairman (Non-executive independent Director)
Ved Prakash Chaturvedi (Non-executive independent Director)
Bhargav Dasgupta (Managing Director & CEO)
The functions of the Committee include review of corporate social responsibility (CSR) initiatives undertaken
by the ICICI Lombard, formulation and recommendation to the Board of a CSR Policy indicating the activities
to be undertaken by ICICI Lombard and recommendation of the amount of expenditure to be incurred on such
activities, review and recommend the annual CSR plan to the Board, making recommendations to the Board
with respect to the CSR initiatives, monitor the CSR activities, implementation and compliance with the CSR
Policy and to review and implement, if required, any other matter related to CSR initiatives as recommended/
suggested by Companies Act.
3. Average net profit of the Company for last three financial years
The average net profit of the Company for the last three financial years calculated as specified by the Companies
Act 2013 was ` 9,076.7 million.
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above)
The prescribed CSR expenditure requirement for FY2019 was `181.5 million.
5. Details of CSR spent during the financial year

(a) Total amount to be spent for the FY2019 was `181.5 million.
(b) Total amount spent towards CSR during FY2019 was `183.7 million.
(c) Amount unspent, if any: Nil

(d) Manner in which the amount spent during the financial year is detailed below:
Sr Projects/Activities Sector Location Districts Amount outlay Amount spent Cumulative Amount spent:
No. (State) (budget) project on the projects Expenditure upto Direct or through
or programme or programmes the reporting implementing
wise (` million) (` million) Period (` million) agency
1. Ride to Safety – Unique initiative to Promoting road safety Mumbai, Delhi, 30.0 28.8 96.9 Through NGO
spread awareness about road safety. education Pune, Ahmedabad, partners
Make Indian Roads safer for children Chennai, Nagpur
through direct contact programme and and Bangalore
distribution of helmets.
2. Eye check-up camps for under- Promoting healthcare Conducted at 288 12.4 15.7 43.2 Direct
privileged school kids led by schools across 105 (including
employees. 36,517 children covered. locations employee
5,582 cases of poor vision provided volunteering cost
with spectacles. of ` 2.8 million)
3. Awareness programmes on wellness Promoting wellness and Mumbai 3.0 3.1 4.5 Through NGO
and safe drinking water habits for healthcare partners
children. Water purifiers were installed
in schools, thereby ensuring basic
facilities aimed at children’s wellness.
4. Projects of ICICI Foundation for Promoting education, Pan-India 136.1 136.1 406.8 Amount spent
Inclusive Growth employment enhancing through ICICI
vocational skills and Foundation for
livelihood enhancement Inclusive Growth.
projects The Foundation
was set up in
2008 to focus on
activities in the
area of CSR
Annual Report 2018-19

107
Annexure D (Contd.)
6. In case the company has failed to spend the 2% of the average net profits of the last three financial years
or any part thereof, the company shall provide the reasons for not spending the amount in its Board
report.
The amount spent in FY2019 was ` 183.7 million which is higher than the budget of ` 181.5 million being 2% of
the average net profits of the last three financial years.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy
is in compliance with CSR objectives and Policy of the company.
The CSR Committee hereby confirms that the implementation and monitoring of CSR activities is in compliance
with CSR objectives and the CSR Policy of the company.
Bhargav Dasgupta Uday Chitale

Managing Director & CEO CSR Committee Chairman
DIN: 00047728 DIN: 00043268

Annexure E
Independent Auditor’s Certificate on Corporate Governance
To, Accountants of India (‘ICAI’) and the Guidance Note

The Board of Directors, on Reports or Certificates for Special Purposes
ICICI Lombard General Insurance Company Limited, issued by the ICAI which requires that we comply
ICICI Lombard House, 414, Veer Savarkar Marg with the ethical requirements of the Code of Ethics
Near Siddhivinayak Temple, Prabhadevi issued by the ICAI.
Mumbai - 400 025
6
We have complied with the relevant applicable
1 This Certificate is issued in accordance with the requirements of the Standard on Quality Control
terms of our engagement letter dated 01/06/2018. (SQC) 1, Quality Control for Firms that Perform
Audits and Reviews of Historical Financial
2 We have examined the compliance of conditions of information, and Other Assurance and Related
Corporate Governance by ICICI Lombard General Services Engagements.
Insurance Company Limited (‘the Company’) for
Opinion
the period 1st April, 2018 to 31st March, 2019, as
stipulated in Regulations 17 to 27, clauses (b) to 7 Based on the procedures performed by us and to
(i) of Regulation 46(2), and paragraphs C, D and the best of our information and according to the
E of Schedule V of the Securities and Exchange explanations provided to us, in our opinion, the
Board of India (Listing Obligations and Disclosure Company has complied, in all material respects,
Requirements) Regulations, 2015 (‘Listing with the conditions of Corporate Governance as
Regulations’). stipulated in the Listing Regulations.
Management’s Responsibility 8
We state that such compliance is neither an
assurance as to the future viability of the Company
3
The compliance of Corporate Governance is
nor the efficiency or effectiveness with which
the responsibility of the management. This the management has conducted the affairs of
responsibility includes the designing, implementing the Company.
and maintaining operating effectiveness of internal
control to ensure compliance with the conditions of Restriction on use
Corporate Governance as stipulated in the Listing 9
This certificate is addressed to and provided to
Regulations. Board of Directors of the Company solely for
the purpose of complying with the aforesaid
Auditor’s Responsibility
Regulations and may not be suitable for any other
4
Pursuant to the requirements of the Listing purpose. We have no responsibility to update this
Regulations, our responsibility is to express an certificate for events and circumstances occurring
opinion as to whether the company has complied after the date of this certificate. Accordingly, we do
with the conditions of Corporate Governance as not accept or assume any liability or any duty of
stated in paragraph 2 above. Our responsibility care for any other purpose or to any other person to
is limited to examining the procedures and whom this report is shown or into whose hands it
implementation thereof, adopted by the Company may come without our prior consent in writing.
for ensuring the compliance with conditions of
Corporate Governance. It is neither an audit nor an For Chaturvedi & Co. For PKF Sridhar & Santhanam LLP
expression of opinion on the financial statements Chartered Accountants Chartered Accountants
of the Company. (Firm Registration (Firm Registration
No. 302137E) No. 003990S/S200018)
5
We have examined the relevant records of the (S. N. Chaturvedi) (R. Suriyanarayanan)
Company in accordance with the applicable Partner Partner
Generally Accepted Auditing Standards in India, Membership No. 040479 Membership No. 201402
the Guidance Note on Certification of Corporate Place: Mumbai
Governance issued by the Institute of Chartered Date: April 18, 2019

Management’s Discussion and Analysis

I. Macro economic environment Non-Life Insurance Industry developments
and Non-Life Insurance industry (A) Regulatory developments:
developments The Indian non-life insurance industry has come
iscal 2019 witnessed positive effect of reforms
F a long way in the last two decades since the
initiated in the previous fiscals including, inter-alia, industry was opened for private participation
Goods and Service Tax (GST) and Insolvency and in fiscal 2000. Liberalisation was the first big
Bankruptcy Code (IBC). change in the sector. Subsequently, in fiscal
2008, the industry witnessed another major

The GST collection for fiscal 2019 peaked to
change when most of the segments were de-
` 11.751 trillion wherein the collection for the month
tariffed. Fiscal 2019 marked a milestone year
of March 2019 reached a record high of ` 1.061
for the industry and saw a spate of regulatory
trillion. The collection rate continued to witness
changes, which, inter-alia, included the
reasonable growth during the year despite various
following:
rate rationalisation measures.
India’s real Gross Domestic Product (GDP) growth • ffective September 1, 2018, basis the
E
for the year has been estimated to be at 7.0%2. Supreme Court judgment, all new private
The average GDP growth in the last five years was cars and two-wheelers are mandated to
7.5%2. In recent years, growth has been primarily have a long-term third-party cover. The
consumption driven as investment has fallen on coverage is applicable for a period of
the back of high leverage in the corporate sector three years for private cars and five years
and overload of non-performing assets (NPA) for two-wheelers.
in the banking sector. However, in fiscal 2019,
the declining investment has bottomed out with • he Regulator has also enhanced the
T
fixed investment increasing in proportion to GDP. minimum capital sum insured under
The GDP growth for fiscal 2020 is expected to be Compulsory Personal Accident cover
7.2%3. The Reserve Bank of India (RBI) has been (CPA) for Owner-Driver liability to ` 1.5
successful in moderating the Consumer Price million. This direction had been issued in
Inflation (CPI) under revised inflation targeting the backdrop of the Madras High Court
framework of Monetary Policy Committee (MPC). judgement. Subsequently, the Regulator
The average inflation for fiscal 2019 stood at 3.5%3 issued a circular wherein the Compulsory
as compared to 3.6% for fiscal 2018. Personal Accident (CPA) cover has been
unbundled and de-tariffed effective
The positive GDP growth outlook has attracted January 1, 2019.
sizable inflows of foreign capital and increased
participation of domestic retail investors in the • The GST rate on third-party motor
country’s stock market. The benchmark indices insurance premium for goods carrying
BSE Sensex and Nifty rose by 17.3%4 and 14.9%4 vehicles was moderated from 18% to
respectively in fiscal 2019. 12%. The amended rate is effective from
1
PHD Chamber of Commerce and Industry (PHDCCI)
2
Mininstry of Finance – Monthly Economic Report – February 2019
3
RBI Monetary Policy Statement 2019-20
4
Bombay Stock Exchange and National Stock Exchange

January 1, 2019. The reduction in tax rate (B) Financial performance:
is expected to lower the cost of insurance, The non-life insurance industry registered a
thereby making it more affordable and growth of 12.9%5 in fiscal 2019. The industry
hence is a positive change for the General has grown at a Compound Annual Growth
Insurance Industry. Rate (CAGR) of approximately 17% for the
last 18 years. Despite this, non-life insurance
• In the Union Budget for fiscal 2019, the
penetration in India continues to be around
finance minister announced Ayushman
0.93%6 of GDP against the world average of
Bharat - National Health Protection Scheme
2.80%6. Given India’s favourable demographic
(NHPS), which is expected to provide
dividend, the sector is poised to reach newer
insurance cover to over 10 crore poor
heights in the coming years.
and vulnerable families (approximately
1,701
50 crore beneficiaries). Under NHPS,
1,507
the beneficiaries can avail cashless
benefits from any empaneled public/
private hospitals across the country. The
scheme is guided by the core principles
of co-operative federalism and flexibility to
482
States. Accordingly, it functions under three
271
15.5% 17.7% 12.9%
models viz. Trust Model, Insurance Model
and Mixed Model. The scheme is expected FY2007 FY2011 FY2018 FY2019
to have a positive impact in improving GDPI CAGR
healthcare services for all by increasing Source: IRDAI
overall health insurance awareness and
penetration levels. The private multi-product players contributed to
approximately 48% of the market for fiscal 2019.
• General Insurance Corporation of India
(GIC Re) prescribed minimum rates to be Market share of Industry Players
charged for certain occupancies under
48%
47%
fire segments which are higher than

45%
43%
42%
40%
the prevailing market rates if they are
ceded via treaty to GIC Re. These new
rates are applicable with effect from
March 1, 2019 on all treaties wherever
GIC Re participates. Since GIC Re is the
12%
12%
11%
leading reinsurer, this development is

expected to be positive since it could
FY2017 FY2018 FY2019
improve fire segment’s profitability of
primary insurers over the medium to long Private Sector* Public Sector Monoline insurers
term horizon. *excluding monoline insurers
5
Source: GI Council
6
Source: Sigma 2017 Swiss Re

Management’s Discussion and Analysis (Contd.)
he industry growth is driven by growth in Motor

T a proportion of overall GDPI increased to 21%
Third Party, Retail Health and Crop/Weather due to rate hike in its certain sub-segments.
insurance segments. Motor Third Party, Retail Further, our proportion of crop/weather segment
Health and Crop/Weather grew by approximately to overall GDPI decreased to 17% for fiscal
15.4%, 15.7% and 11.7% respectively in fiscal 2019, which was consistent with our cautious
2019. The product mix for the industry is changing. approach in underwrting this segment. The
graph below depicts the product portfolio mix.
6% 7% 6% Others
9% 9% 9% Others
16% 17% 17% Crop/ Crop/
2% 2% 2% Weather
20% 19% 17% weather
10% 7% 7% 3%
Marine 3% 3% 7% Marine
7% 7%
Fire Fire
27% 28% 30% 19% 19% 19%
Health & Health &
PA PA
17% 18% 21%
Motor
Motor TP
39% 39% 38% Motor OD
26% 25% 24%
FY2017 FY2018 FY2019
FY2017 FY2018 FY2019
Source: GI Council
We have maintained leadership position among
II.
Discussion on Financial Performance private sector non-life insurers in India across
and Analysis of Financial Statements motor (own damage and third party liability),
health and personal accident, crop/weather,
a. Overview of our business fire, engineering and marine segments in fiscal
We are the 4th largest7 non-life insurer and
2019. Our GDPI market share in motor own
the largest private-sector non-life insurer in damage segment improved to 12.9% in fiscal
India based on gross direct premium income 2019 from 11.6% in fiscal 2018.
in fiscal 2019. We offer our customers a
comprehensive and well-diversified range As of March 31, 2019, we had ` 222.31 billion
of products, including motor, crop/weather, in total investment assets with an investment
health, fire, personal accident, marine, leverage (net of borrowings) of 4.09x. Our
engineering and liability insurance, through investment policy is designed with the objective
multiple distribution channels. of capital preservation and achieving superior
total returns within identified risk parameters.
For fiscal 2019, we issued 26.5 million (on GDPI Our philosophy of generating superior risk-
basis) policies and our gross direct premium adjusted returns along with protection of capital
income was ` 144.88 billion, translating into a has resulted in an annualised8 portfolio return of
market share of 8.5% among all non-life insurers 10.4%. Listed equities made up 10.8% of our total
in India and 15.6% among private-sector non-life investment assets, by carrying value, as at March
insurers in India. Our key distribution channels 31, 2019. Since fiscal 2004, our listed equity
are direct sales, individual agents, corporate portfolio has returned an annualised total return
agents - banks, other corporate agents, MISPs, of 27.8%, as compared to an annualised return of
brokers and digital, through which we service our 16.9% on the benchmark S&P NIFTY index.
individual, corporate and government customers.
b. Competitive Strengths

For fiscal 2019, the product mix of the Our strategic objective is to build a sustainable
company remained largely unchanged except organisation that remains relevant to the
that the share of motor third party segment as agenda of our stakeholders. We believe in

Source: GI Council
7
CAGR (FY2008-FY2019)
8

providing value to our clients, while creating written have increased to 26.5 million (on GDPI
growth opportunities for our employees and basis) for fiscal 2019 from 23.5 million for
generating profitable returns for our investors. fiscal 2018.
The following competitive strengths contribute Robust risk selection and management
to our success and position us well for future framework: We take a holistic approach to
growth: risk management, which includes a data-
driven risk selection framework, conservative

Consistent market leadership and profitable reserving and quality reinsurance. As per IRDAI
growth: Our industry leadership has been guidelines, non-life insurers in India are not
reinforced by our comprehensive and diverse allowed to discount their reserves. We test our
portfolio of insurance products that we reserves regularly based on claim experience,
continuously adapt to evolving needs of claim inflation and other factors. We have been
customers and changing industry dynamics. We disclosing aggregate reserving triangles as
have maintained a leadership position among part of our annual reports since fiscal 2016.
private sector non-life insurers in India across
motor (own damage and third party liability),
Focus on investments in technology,
health and personal accident, crop/weather, fire, innovation and human resources: We
engineering and marine insurance. have been at the forefront of leveraging
technology in the Indian non-life insurance

Diverse product line with multi-channel industry. We leverage technologies such
distribution network: We continue to offer as Artificial Intelligence, Machine Learning,
products and solutions that address the Advanced analytics, Internet of Things etc.
untapped and evolving needs of customers from issuance of policies to settlement of
and we have established ourselves as a claims and fraud detection. Our investment in
reliable one-stop insurer for diverse customer capability building is focussed on building a
requirements. Further, we have been culture of data-enabled decision making and
expanding our distribution network to increase enabling our employees to deliver customer-
penetration in tier 3 and tier 4 cities. Our centric solutions. As on March 31, 2019 the
Virtual Offices network has increased to 910 headcount9 of the company was 10,197.
as on March 31, 2019. Our individual agents

Strong investment returns on diversified
(including Point of Sale (POS)) increased to
portfolio: Our total investments increased
35,729 as on March 31, 2019.
to ` 222.31 billion as of March 31, 2019 with

Digital integration: In order to leverage the an investment leverage of 4.09x. We have
emerging opportunities, the company has achieved an annualised realised return on total
carved out a digital arm which will be committed portfolio of 9.4% for fiscal 2019.
to new digital partners, deliver affordable
c. Strategy and Future Outlook
and innovative policies while ensuring faster
speed of delivery. The digital arm will essentially In fiscal 2019, the company continued to
operate as an in-house but independent focus on its strategic priorities of sustainable
insurance organisation underwriting policies and profitability with diversification of product
managing the entire customer-services through portfolio. With regards to improving
digital tools, throughout the policy term. profitability, the company focused on prudent
risk selection whilst leveraging our technology

Delivering excellence in customer value: and distribution network. The company
Our customer-centric approach to delivering maintained a strong capital position with
value focuses on providing convenience and the solvency ratio well above the minimum
customised solutions. The number of policies regulatory requirement.
9
Headcount includes employees of ICICI Lombard and Off roll employees (Trainees)

Going forward, the company will continue to i. Revenue Account and Profit and Loss Account
focus on underwriting profitable segments The revenue account contains income and
while maintaining cautious approach in expenses relating to policyholders, and the
underwriting lumpy tender driven segments. surplus or deficit generated in this account
Through its customer-centric approach and is appropriated to the profit and loss account
digital initiatives, the company is geared to every fiscal.
remain customer’s preferred choice. The core
strategy of the company for the ensuing fiscals
The statement below summarises the revenue
will be to strive for increase in return on equity account.
without compromising on profitability and
(` billion)
sustaining combined ratio at optimal levels.
Particulars Fiscal 2018 Fiscal 2019
d. Basis of preparation and presentation of our Premium earned (net) 69.12 83.75
financial statements (NEP)

The financial statements have been prepared Income from 11.27 13.36
and presented on a going concern basis investments (net)
in accordance with Generally Accepted Other income 0.28 0.41
Accounting Principles followed in India under Total (A) 80.67 97.52
the historical cost convention, unless otherwise Claims Incurred (net) 53.15 63.08
specifically stated, on the accrual basis of Commission paid (net) (2.84) 2.23
accounting, and comply with the applicable Operating expenses 21.12 19.90
accounting standards referred to in section 133 related to insurance
of the Companies Act, 2013 read with Rule 7 of business
the Companies (Accounts) Rules, 2014, and in Total (B) 71.43 85.21
accordance with the provisions of the Insurance Operating Profit/ 9.24 12.31
Act, 1938, Insurance Laws (Amendment) (Loss) C = (A-B)
Act, 2015 (to the extent notified), Insurance
Regulatory and Development Authority The profit and loss account contains the income
Act, 1999, the Insurance Regulatory and and expenses pertaining to shareholders.
Development Authority of India (Preparation of
Financial Statements and Auditor’s Report of The statement below summarises the profit and
Insurance Companies Regulations), 2002 (‘the loss account.
Regulations’) and orders / directions prescribed (` billion)
by the IRDAI in this behalf, the provisions of the
Companies Act, 2013 (to the extent applicable)
Operating profit/(loss) 9.24 12.31
in the manner so required and current practices
prevailing within the insurance industry in India. Income from 4.06 4.60
The management evaluates, all recently issued investments (net)
or revised accounting pronouncements, on an Other income 0.08 0.14
ongoing basis. The financial statements are Total (A) 13.38 17.05
presented in Indian Rupees rounded off to the Provision (other than 0.68 (0.41)
nearest thousand. taxation)
Other expenses 0.74 1.48
Our financial statements comprise a revenue Total (B) 1.42 1.07
account (policyholders’ account), profit and loss
Profit before tax 11.96 15.98
account (shareholders’ account), statement
Provision for taxation 3.34 5.49
of assets and liabilities (balance sheet), and
receipts and payments account. Profit after tax 8.62 10.49

Premium earned (net) (NEP) was contributed by improved pricing across sub-
(` billion) segments in group health segment and relatively
Particulars Fiscal 2018 Fiscal 2019 higher growth from new retail health indemnity
Premium from direct 123.57 144.88 business. Fiscal 2019 witnessed relatively slower
business written-net growth on the benefit health insurance segment in
of GST or service tax view of muted loan disbursements by Non-Banking
(GDPI) Financial Companies (NBFCs) in the second half of
Premium on 2.43 3.01 fiscal 2019. Retail, Group (includes corporate and
reinsurance accepted others) and mass contributed to 38.3%, 61.3% and
Gross Written 126.00 147.89 0.4% respectively of health and personal accident
Premium (GWP) GDPI for fiscal 2019 and 51.6%, 46.6% and 1.8%
Less: Premium on 47.55 52.51 respectively for fiscal 2018. The company continued
reinsurance ceded
to take a cautious approach in underwriting lumpy
Net Written 78.45 95.38
tender driven businesses viz. crop/weather and
Premium (NWP)
mass health segments during the fiscal. The
Less: Adjustment for 9.33 11.63
change in reserve for contribution of crop/weather segment to overall
unexpired risks GDPI of the company decreased to 16.9% for fiscal
Premium earned 69.12 83.75 2019 from 19.2% for fiscal 2018.
(net) (NEP)
Premium on reinsurance accepted is the premium
Premium from direct business written-net of GST or received by the company due to risks that we
service tax, which we refer to as GDPI, is the total reinsure, which we also refer to as “reinsurance
premium received by the company before taking inward”. Premium on reinsurance accepted
into account reinsurance assumed and ceded. increased by 23.7% to ` 3.01 billion for fiscal 2019
This is calculated net of GST or service tax on from ` 2.43 billion for fiscal 2018. Health, personal
such premiums. accident and marine segments primarily contributed
to increase in premium on reinsurance accepted.
ur GDPI increased to ` 144.88 billion for fiscal 2019
O
from ` 123.57 billion for fiscal 2018, an increase of
Consequently, our GWP increased to ` 147.89
17.2%. The increase was primarily due to growth in billion for fiscal 2019 from ` 126.00 billion for fiscal
the GDPI from motor, health and personal accident 2018, an increase of 17.4%.
segments and corporate segments such as fire,
marine cargo, engineering and liability. Premium on reinsurance ceded is the premium in
relation to the risk that we cede to our reinsurers.
The increase in our GDPI from motor segment In the case of non-proportional reinsurance, like
can be attributed to change in product mix risk, excess-of-loss or catastrophic excess-of-loss,
within sub-segments of motor aided by rate this amount is the premium that we pay to our
hike in motor third party segment and increased reinsurers. In the case of proportional reinsurance,
volume of policies. The composition of private this amount is calculated based on the premium
car, two-wheeler and commercial vehicle within we receive for insuring a particular risk and the
motor segment was 50.0%, 27.2% and 22.8% proportion of such risk ceded to our reinsurers.
respectively in fiscal 2019 as against 51.3%, 30.5%
and 18.2% respectively in fiscal 2018. The increase The premium on reinsurance ceded increased to
was also driven by enhancement in capital sum ` 52.51 billion for fiscal 2019 from ` 47.55 billion
insured to ` 1.5 million for Compulsory Personal for fiscal 2018, an increase of 10.4%. This increase
Accident (CPA) cover for owner driver liability. in premium on reinsurance ceded was lower than
The increase in GDPI in health insurance segment the GWP growth of 17.4% as the GWP growth was

primarily driven by growth in retail health and motor from ` 13.50 billion for fiscal 2018, a significant
segments where the reinsurance ceding is lower. increase of 35.4%. The increase in NEP is
primarily due to growth in GDPI in health insurance
onsequently, our NWP increased by ` 95.38 billion
C segment that was contributed by improved pricing
for fiscal 2019 from ` 78.45 billion for fiscal 2018, across sub-segments in group health segment
registering a growth of 21.6% and relatively higher growth from new retail health
indemnity business. Fiscal 2019 witnessed relatively
Our NEP increased to ` 83.75 billion for fiscal 2019 slower growth on the benefit health insurance
from ` 69.12 billion for fiscal 2018, an increase of segment in view of muted loan disbursements by
21.2%. The increase was primarily due to increase NBFCs in the second half of fiscal 2019.
in NEP from motor and health segments.
Our NEP from marine segment grew to ` 2.37 billion
Our segmental NEP is shown in the table below. for fiscal 2019 from ` 1.96 billion for fiscal 2018, an
(` billion) increase of 20.9%. This growth was contributed by
Particulars Fiscal 2018 Fiscal 2019 both marine cargo and marine others segment.
Motor:
Our NEP from crop/weather insurance increased
Motor - Own Damage 23.00 27.14
marginally to ` 5.68 billion for fiscal 2019 from
Motor - Third Party 18.42 23.22
` 5.45 billion for fiscal 2018, an increase of 4.3%.
Motor - Total 41.42 50.36
This was consistent with our cautious approach in
Health Insurance 11.15 15.11
underwriting this segment.
Crop/Weather 5.45 5.68
Marine: Income from investments (net) (revenue account)
Marine - Cargo 1.91 2.31
Income from investments (net) (revenue account)
Marine - Others 0.05 0.06
consists of net profit on sale and redemption of
Marine - Total 1.96 2.37
investments and gross interest, dividend and rent
Personal Accident 2.35 3.16
received from our investment assets. The table
Fire 1.44 1.58
below summarises the Income from investments
Engineering 0.74 0.86 (revenue account).
Aviation 0.34 0.10
Workmen’s 0.46 0.49 (` billion)
Compensation Particulars Fiscal 2018 Fiscal 2019
Public/Product Liability 0.12 0.15 Net Profit on sale 3.29 3.19
Credit Insurance 0.03 0.03 and redemption of
investments
Others 3.66 3.86
Interest, Dividend 7.98 10.16
Total 69.12 83.75
and Rent - Gross
Income from 11.27 13.35
Our NEP from motor segment increased to ` 50.36
investments (net)
billion for fiscal 2019 from ` 41.42 billion for fiscal (revenue account)
2018, an increase of 21.6%. The increase in NEP
is primarily due to growth in our GDPI from motor
Income from investments (revenue account)
segment which can be attributed to change in increased to ` 13.35 billion for fiscal 2019 from
product mix within sub-segments of motor aided ` 11.27 billion for fiscal 2018, an increase of 18.4%.
by rate hike in motor third party segment and The increase in gross interest, dividend and rent
increased volume of policies. (revenue account) to ` 10.16 billion in fiscal 2019
from ` 7.98 billion in fiscal 2018 was primarily due

Our NEP from health and personal accident to increase in total investment assets attributable
insurance increased to ` 18.27 billion for fiscal 2019 to the revenue account. The increase in total

investment assets was primarily due to improved (` billion)
cash inflows from efficiency in operations, realised Particulars Fiscal 2018 Fiscal 2019
investment income and inflows from introduction Claims paid - Direct 54.24 85.51
of long term policies in motor insurance segment Claims paid on 1.08 1.93
effective September 1, 2018. reinsurance accepted
Gross claims paid 55.32 87.44
Other income (revenue account) Less: Claims 20.63 38.89
Other income (revenue account) consists of foreign recovered from
exchange gain or loss, investment income from reinsurance ceded
the terrorism pool and miscellaneous income. The Net Claims paid 34.69 48.55
table below summarises the Other income (revenue Add: Increase/ 18.46 14.53
account). (decrease) in claims
outstanding (net)
(` billion) Claims incurred (net) 53.15 63.08
Foreign exchange (0.02) 0.07 Claims incurred (net) increased to ` 63.08 billion
gain/(loss) for fiscal 2019 from ` 53.15 billion for fiscal 2018,
Investment 0.28 0.30 an increase of 18.7%. This increase was lower
income from pools than our increase in NEP of 21.2% for the same
(terrorism & nuclear) period. There was an improvement in our overall
Miscellaneous 0.02 0.04 Loss ratio to 75.3% for fiscal 2019 from 76.9% for
income fiscal 2018. Net claims paid increased to ` 48.55
billion for fiscal 2019 from ` 34.69 billion for fiscal
Other income 0.28 0.41
(revenue account) 2018 consequent to settlement of crop/weather
insurance claims (net of recoveries from reinsurers)
Other income (revenue account) increased to ` 0.41 attributable to earlier seasons and correspondingly
billion for fiscal 2019 from ` 0.28 billion for fiscal there is a decrease in claims outstanding to ` 14.53
2018, an increase of 48.4%. For fiscal 2019, there billion in fiscal 2019 from ` 18.46 billion in fiscal
was a foreign exchange gain of ` 0.07 billion as 2018. The table below summarises the segmental
compared to foreign exchange loss of ` 0.02 billion loss ratios.
for fiscal 2018. Additionally, the investment income
from pools (terrorism and nuclear) increased to
Motor:
` 0.30 billion for fiscal 2019 as compared to ` 0.28
Motor - Own Damage 53.7% 59.2%
billlion for fiscal 2018. The miscellaneous income
Motor - Third Party 107.1% 90.8%
increased to ` 0.04 billion for fiscal 2019 from ` 0.02
Motor - Total 77.4% 73.8%
billion for fiscal 2018.
Health Insurance 77.6% 85.0%
Claims Incurred (net) Crop/Weather 135.0% 106.5%
Marine:
Claims incurred (net) are the total claims incurred by
Marine - Cargo 54.1% 85.3%
us during a given period, both paid and outstanding
Marine - Others 56.6% 32.8%
including IBNR/IBNER reserves, net of claims
recovered from reinsurance ceded. Under guidance Marine- Total 54.2% 84.0%
issued by the IRDAI, IBNR and IBNER reserves, Personal Accident 23.9% 35.8%
which also constitute claims outstanding, are not Fire 43.1% 83.2%
discounted. The statement below summarises the Engineering 24.0% 37.1%
Claims incurred (net). Aviation 176.7% 167.0%

Particulars Fiscal 2018 Fiscal 2019 Service Provider (MISP) guidelines issued by IRDAI
Workmen's 76.2% 47.8% effective November 1, 2017.
Compensation
Commission paid on reinsurance accepted reduced
Public/Product 117.1% 73.6%
Liability to ` 0.27 billion for fiscal 2019 as compared to
Credit Insurance 50.0% 48.7% ` 0.32 billion for fiscal 2018, a decrease of 16.4%.
Others 42.0% 45.6% The decrease is primarily due to higher proportion
of health segment which relatively has lower
Total 76.9% 75.3%
commission payout on premium on reinsurance
Commission paid (net) accepted.
Commission paid (net) comprises of Commission
Commission received from reinsurance ceded
paid–Direct, Commission paid on reinsurance reduced to ` 9.13 billion for fiscal 2019 from ` 10.27
accepted deducted by commission received from billion for fiscal 2018 primarily due to decrease in
reinsurance ceded. commission terms on crop/weather insurance
segment on premiums ceded to reinsurers.
Commission on reinsurance ceded refers to the
commissions on reinsurance arrangements received Operating expenses related to insurance business
by us. This commission is generally computed as a
Operating expenses related to insurance business
percentage of the premium on reinsurance ceded.
includes employees’ remuneration, rents, rates and
In the case of certain proportional reinsurance
taxes, advertisement, sales promotion, business
contracts where the premium rates are defined,
support service and others.
the difference between the premium we receive for
insuring a particular risk and the premium rate so Operating expenses related to insurance business
defined in the reinsurance contract is considered as decreased to ` 19.90 billion for fiscal 2019 from
commission on reinsurance ceded. ` 21.12 billion for fiscal 2018, a decrease of 5.8%.
(` billion) The decrease was primarily due to a reduction in
Particulars Fiscal 2018 Fiscal 2019 rent, rates and taxes, communication charges,
repairs and maintenance, business support and
Commission paid- 7.11 11.09
Direct miscellaneous expenses which was partly offset
by increase in sales promotion expenses and
Commission paid 0.32 0.27
on reinsurance reflection of distribution fees (including rewards)
accepted on motor insurance segment as “Commission Paid”
Gross Commission 7.43 11.36 consequent to implementation of MISP guidelines
paid issued by IRDAI effective November 1, 2017.
Less: Commission 10.27 9.13
Operating profit
received from
reinsurance ceded Based on the above, operating profit increased to
Commission paid (2.84) 2.23 ` 12.31 billion for fiscal 2019 from ` 9.24 billion for
(net) fiscal 2018, an increase of 33.3%. Fire insurance
contributed 4.6% and 14.4%, marine insurance
Commission paid-Direct increased to ` 11.09 billion contributed (2.9)% and 5.1%, and miscellaneous
for fiscal 2019 from ` 7.11 billion for fiscal 2018, insurance (including motor insurance, health
an increase of 55.9%. The increase was due to insurance and other lines of insurance) contributed
reflection of distribution fees including rewards on 98.3% and 80.5% of our operating profit for fiscal
motor insurance segment as “Commission Paid” 2019 and fiscal 2018, respectively. The increase in
consequent to implementation of Motor Insurance operating profit is largely driven by improvement

in our loss ratios across certain lines of business Provisions (other than taxation)
including crop/weather and Motor segments. Provisions (other than taxation) consists of provisions
for diminution in the value of investments, doubtful
Income from investments (net) (profit and loss
debts, future recoverable under reinsurance
account)
contracts, and other provisions.
Income from investments (profit and loss account) (` billion)
consists of interest, dividend and rent, and net
profit on the sale and redemption of investments.
For dimunition in the 0.11 0.01
The table below summarises the Income from
value of investments
investments (profit and loss account).
For doubtful debts 0.59 (0.39)
(` billion) For future (0.02) (0.03)
Particulars Fiscal 2018 Fiscal 2019 recoverable under
Net profit on sale 1.18 1.07 reinsurance
and redemption of contracts
investments Others - -
Interest, Dividend 2.88 3.53 Provision other 0.68 (0.41)
and Rent - Gross than taxation
Income from 4.06 4.60 (profit and loss
investments (net) account)
(profit and loss
account)
Provisions (other than taxation) decreased to
` (0.41) billion for fiscal 2019 from ` 0.68 billion
Income from investments (profit and loss account) for fiscal 2018 on account of reversal of provisions
increased to ` 4.60 billion for fiscal 2019 from ` 4.06 consequent to recovery of amount pertaining to
billion for fiscal 2018, an increase of 13.3%. The reinsurance balances provided in the previous years
increase in gross interest, dividend and rent (profit and also on account of amounts transferred to bad-
and loss account) to ` 3.53 billion for fiscal 2019 debts written-off.
from ` 2.88 billion for fiscal 2018 was primarily due
to an increase in total investment assets attributable Other expenses (profit and loss account)
to the profit and loss account. The increase in total Other expenses consist of expenses other than those
investment assets was primarily due to improved related to insurance business, which include certain
inflows from efficiency in operations, realised employees’ remuneration and other expenses,
investment income and inflows from introduction managerial remuneration, directors’ fees and CSR
of long-term policies in motor insurance segment expenditure, charges on issuance of debentures,
effective September 1, 2018. expenses related to investment property and
operating expenses borne by shareholders. Other
Other income (profit and loss account) expenses also covers, bad debts written off, loss
Other income (profit and loss account) consists on sale/discard of fixed assets and penalty.
of interest income on tax refund, profit on sale/
discard of fixed assets and recovery of bad debts Other expenses increased to ` 1.48 billion for
written off. fiscal 2019 from ` 0.74 billion for fiscal 2018, an
increase of 100.9%. Other expenses for fiscal 2019
Other income (profit and loss account) increased increased largely on account of bad debts written
to ` 0.14 billion for fiscal 2019 from ` 0.08 billion off (equivalent to the amount of provision on
for fiscal 2018, an increase of 75.5%. The interest reinsurance recoverable provided in earlier periods
income on tax refund increased to ` 0.14 billion for net of recovery), CSR expenditure, loss on sale of
fiscal 2019 as against ` 0.08 billion for fiscal 2018. fixed assets and penalty. Other expenses in fiscal

2019 included ` 0.24 billion debited in profit and (` billion)

loss account being excess of IRDAI prescribed Particulars At March At March
segmental limits pertaining to the miscellaneous 31, 2018 31, 2019
retail segment and which are required to be Borrowings 4.85 4.85
borne by shareholders in accordance with the Total liabilities 252.08 280.83
IRDAI (Expenses of Management of Insurers Total equity and 297.50 334.03
transacting General or Health Insurance Business) liabilities
Regulations, 2016. Total investments 181.93 222.31
Fixed assets:
Profit
- Cost/gross block 7.91 9.09
As a result of the above, profit before tax increased
- Net block 4.06 4.65
to ` 15.98 billion for fiscal 2019 from ` 11.96 billion
Deferred tax asset 2.11 3.01
for fiscal 2018, an increase of 33.6%. Profit before
Cash and bank 5.92 4.02
tax includes upfront expensing of acquisition cost balances
related to significant growth in GDPI in the second
Advances and other 103.48 100.04
half of fiscal 2019. assets
Total Assets 297.50 334.03
Provision for taxation increased to ` 5.49 billion for
fiscal 2019 from ` 3.34 billion for fiscal 2018, an otal assets increased to ` 334.03 billion at March
T
increase of 64.2%. Provision of taxation includes 31, 2019 from ` 297.50 billion at March 31, 2018, an
effect of higher effective tax rate resulting from increase of 12.3%. This increase was primarily due
change in income tax regulations taxing long-term to an increase in total investments to ` 222.31 billion
gains on sale of investment. for fiscal 2019 from ` 181.93 billion for fiscal 2018.
This increase in total investments was contributed
Profit after tax increased to ` 10.49 billion for fiscal
by upfront premium received in the form of advance
2019 from ` 8.62 billion for fiscal 2018, an increase
premium on long term motor policies, higher
of 21.8%.
inflows from efficiency in operations and realised
ii. Financial Position: Balance Sheet investment incomes. Advances and other assets
decreased to ` 100.04 billion at March 31, 2019
The following table sets forth, at the dates indicated,
from ` 103.48 billion at March 31, 2018, a decrease
our summary balance sheet, which is based on our
of 3.3%. Advance tax paid and taxes deducted at
financial statements.
source (net of provision for tax) increased to ` 1.50
(` billion) billion for fiscal 2019 from ` 0.66 billion for fiscal
Particulars At March At March 2018 primarily due to higher effective tax rate
31, 2018 31, 2019 resulting from change in income tax regulations
Share Capital 4.54 4.54 taxing long-term gains on sale of investment and
Reserves and 40.88 48.66 increase in PBT.
Surpluses
Share application - - Total liabilities increased to ` 280.83 billion at March
money-pending 31, 2019 from ` 252.08 billion at March 31, 2018,
allotment
an increase of 11.4%. This increase was primarily
Total Equity 45.42 53.20 due to an increase in premiums received in advance
Current liabilities 195.11 216.23 amounting to ` 13.44 billion for fiscal 2019 from
Provisions 44.78 56.37 ` 0.30 billion for fiscal 2018, on account of long-term
Fair value change 7.34 3.38 motor policies wherein the premium is received
account upfront for future years.

air value change account–Shareholder funds
F (` billion)
decreased to ` 0.80 billion for March 31, 2019 from Particulars Fiscal 2018 Fiscal 2019
` 1.86 billion at March 31, 2018, a decrease of 57.0%. Net increase/ 3.98 (1.90)
This decrease was primarily due to the decrease in (decrease) in
the market value of our equity portfolio compared cash and cash
to its cost price. Fair value change–Policyholder equivalents
funds decreased to ` 2.59 billion at March 31, 2019 (A)+(B)+(C)
from ` 5.48 billion at March 31, 2018, a decrease
Cash & Cash 1.94 5.92
of 52.8%. This decrease was primarily due to the equivalents at the
decrease in the market value of our equity portfolio beginning of the
compared to its cost price. year
Cash & Cash 5.92 4.02

Investments–Shareholders increased to ` 53.43
equivalents at the
billion at March 31, 2019 from ` 47.28 billion at
end of the year
March 31, 2018, an increase of 13.0%. Investments–
Policyholders increased to ` 168.88 billion at March
Cash flows from operating activities
31, 2019 from ` 134.64 billion at March 31, 2018, an
increase of 25.4%. This increase was primarily due Net cash flows from operating activities increased
to an overall increase in the investment book size. to ` 29.76 billion for fiscal 2019 from ` 23.90 billion
for fiscal 2018. This increase was primarily due to an
Further, regulatory changes prescribed by IRDAI increase in premiums received from policyholders
affecting the notional allocation of investments and also on account of upfront premium received
into Shareholder and Policyholder funds based on from long-term motor policies, partially offset by
the ratio of their respective liabilities and assets an increase in the payment of claims, commissions
also contributed to an increase in the Policyholders and taxes.
fund ratio.
Cash flows from investing activities
iii. Liquidity and Capital Resources

Net cash flows (used in) investing activities

The following table sets forth, for the periods
increased to ` (28.56) billion for fiscal 2019 from
indicated, a summary of cash flows from our summary
` (18.96) billion for fiscal 2018. This increase was
statement of receipts and payments account.
primarily due an increase in net investments in
(` billion)
money market instruments and liquid mutual
funds, mainly from funds generated from operating
Net cash flow from 23.90 29.76
activities.
(used in) operating
activities (A)
Cash flows from financing activities
Net cash flow from (18.96) (28.56)
(used in) investing
Net cash flows (used in) financing activities
activities (B) increased to ` (3.10) billion for fiscal 2019 from
Net cash flow from (0.96) (3.10) ` (0.96) billion for fiscal 2018. This increase
(used in) financing was primarily due to payment of dividend for
activities (C) fiscal 2019.

iv. Contingent Liabilities (` billion)

The statement of contingent liabilities is provided Particulars At March At March
below. 31, 2018 31, 2019
(` billion) Guarantees given by - -
Particulars At March At March or on behalf of the
31, 2018 31, 2019 company
Partly-paid up - - Statutory demands/ 4.17 4.31
investments liabilities in dispute,
Claims, other than - - not provided for
those under policies, Reinsurance - -
not acknowledged obligations to the
as debt
extent not Provided
Underwriting NA NA
for in accounts
commitments
outstanding Others 0.16 0.00
v. Borrowings
As of March 31, 2019, we had long term borrowings of ` 4.85 billion, total net worth of ` 53.20 billion and
a total debt to net worth ratio of 0.09 times.
Disclosure of key changes in financial indicators:

Pursuant to SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, w.e.f.
01 April 2019, following details have been provided:
(a) Details of significant changes (i.e. change of 25% or more as compared to the immediately previous
financial year) in the key financial ratios, alongwith detailed explanations thereof:
Sr. Ratio Fiscal Fiscal Change Reasons,
No. 2018 2019 if any
1 Gross Direct Premium Growth Rate 15% 17% 13% Not Applicable
2 Gross Direct Premium to Net Worth Ratio 2.72 2.72 0% Not Applicable
3 Growth rate of Net Worth 22% 17% -22% Not Applicable
4 Net Retention Ratio 62% 64% 4% Not Applicable
5 Net Commission Ratio -4% 2% -165% Refer Note 1
6 Expenses of Management to Gross Direct 23% 21% -6% Not Applicable
Premium Ratio
7 Expenses of Management to Net Written 36% 32% -10% Not Applicable
Premium Ratio
8 Net Incurred Claims to Net Earned Premium 77% 75% -2% Not Applicable
9 Combined Ratio 100% 99% -2% Not Applicable
10 Technical Reserves to Net Premium Ratio 2.59 2.31 -11% Not Applicable
11 Underwriting balance ratio (0.03) (0.02) -48% Refer Note 2
12 Operating profit ratio 13% 15% 9% Not Applicable
13 Liquid Assets to Liabilities Ratio 10% 10% -1% Not Applicable
14 Net Earnings Ratio 12% 13% 0% Not Applicable
15 Solvency Ratio 2.05 2.24 9% Not Applicable

Note 1: Net Commission ratio is derived by dividing Commission paid (net) by NWP. Commission paid (net) comprises of Commission
paid – Direct, Commission paid on reinsurance accepted less commission received from reinsurance ceded. Commission paid-Direct

increased to ` 11.09 billion for fiscal 2019 from ` 7.11 billion for fiscal 2018, an increase of 55.9%. The increase was due to reflection
of distribution fees (including rewards) on motor segment as “Commission Paid” consequent to implementation of Motor Insurance
Service Provider (MISP) guidelines issued by IRDAI effective November 1, 2017. This increase in Commission paid (net) in fiscal 2019
resulted in variance in the ratio.
Note 2: Underwriting balance ratio is derived by dividing the underwriting result (Underwriting result = NEP – Net Claims
Incurred–Net Commission Paid–Operating expenses related to insurance business) by NEP. The underwriting result for fiscal 2019
has improved on account of improvement in loss ratio to 75.3% for fiscal 2019 from 76.9% for fiscal 2018. Accordingly, the
underwriting balance ratio for fiscal 2019 is lower than the ratio in fiscal 2018.
(b)
Details of change in Return on Net Worth reasonable assurance with regard to maintaining
as compared to the immediately previous proper accounting controls, safeguarding of
financial year alongwith detailed explanation resources, prevention and detection of frauds
thereof: and errors, ensuring, operating effectiveness,
Return on Net Worth (RONW) is computed reliability of financial reporting and compliance with
dividing the PAT by Networth (Share Capital applicable regulations. In addition, internal audits
+ Reserves and Surpluses+Share application are undertaken to review significant operational
money received pending allotment). RONW areas regularly. The audit reports submitted by
increased to 19.7% for fiscal 2019 from 19.0% internal auditors are reviewed by audit committee
for fiscal 2018. The increase in RONW was and corrective actions are initiated to strengthen
largely driven by increase of 21.8% in PAT for the controls and enhance the effectiveness of the
fiscal 2019. existing systems. Statutory and Internal auditors
are also invited to the Audit Committee meetings
III. Internal control systems and their to ascertain their views on the adequacy of internal
adequacy control systems.

The internal controls of the company are
commensurate with the business requirements, The management believes that strengthening of
its scale of operation and applicable statutes to internal controls is a continuous process and it will
ensure orderly and efficient conduct of business. therefore continue its efforts to keep pace with
These controls have been designed to provide a changing business needs and environment.

Management Report
In accordance with the provisions of the Insurance he business underwritten pertains to the various
T
Regulatory & Development Authority of India (‘IRDAI’) products filed by us with IRDAI, as per the file and
(Preparation of Financial Statements and Auditors’ use procedure: this includes tariff as well as non-
Report of Insurance Companies) Regulations, 2002 tariff products.
(‘Regulation’) the following Management Report for the
While in property lines (Fire) the net retention has
year ended March 31, 2019 is submitted:
not exceeded ` 2,500.0 million on a PML basis
1. The Company obtained Regulatory approval to (Previous year: ` 2,500.0 million) in any single risk,
undertake General Insurance business on August this also gets graded down to between ` 30.0
3, 2001 from the Insurance Regulatory and million to ` 2,500.0 million (Previous year: between
Development Authority of India (‘IRDAI’) and holds ` 30.0 million to ` 2,500.0 million) on a case-to-case
a valid certificate of registration. basis, depending on exposure levels and prudent
2. During the previous financial year ended March underwriting standards. The excess of loss treaties
31, 2018, the Company completed its Initial protect the accumulation of the net retentions.
Public Offering (IPO) by way of an offer for sale of Further, before underwriting any major property
86,247,187 equity shares of ` 10 each at a price of risk, a risk inspection is carried out, and on being
` 661 per equity share, by ICICI Bank Limited, the satisfied about the acceptability of risk, the same
Promoter Selling Shareholder and FAL Corporation, is accepted. In addition, various loss prevention/
the Investor Selling Shareholder aggregating to risk-mitigating measures are also suggested to the
` 57,009.4 million. The equity shares of the clients to help improve the risks.
Company are listed on BSE Limited and National
Stock Exchange from September 27, 2017 9. We confirm that there are no operations of the
onwards. The shareholding pattern is available in Company outside India.
Schedule 5A of the financial statements. 10. a) For ageing analysis of claims outstanding
3. We certify that all the dues payable to the statutory during the preceding five years, Please refer
authorities have been duly paid. Annexure 1.
4. We confirm that the shareholding pattern and b) For average claims settlement time during the
transfer of shares are in accordance with statutory preceding five years, please refer Annexure 2.
and regulatory requirements. c) For details of claims intimated, please refer
5. The management has not invested any funds of Annexure 3.
holders of policies in India, directly or indirectly as 11.
We certify that the Investments made in debt
required by IRDAI, outside India. securities (including Additional Tier I Bonds) have
6. We confirm that the required solvency margin has been valued at historical cost subject to amortisation
been maintained. of premium/discount. The same is in accordance
7. We certify that the values of all the assets have with the Insurance Regulatory and Development
been reviewed on the date of the balance sheet Authority of India (‘IRDAI’) (Preparation of Financial
and that in our belief the assets set forth in the Statements and Auditors’ Report of Insurance
balance sheet are shown in aggregate at amounts Companies) Regulation, 2002 (‘Regulation’).
not exceeding their realisable or market value under For the purpose of comparison, the fair value of debt
several headings - investments, agents balances, securities has been arrived on a Yield to maturity
outstanding premiums, amount due from other (YTM) basis by using the appropriate discount
entities carrying on insurance business, interest rates derived from the yield curve data provided
and dividend accrued, cash and several items by the Fixed Income and Money Market Dealers
specified under other accounts except unlisted Association (FIMMDA) in respect of Government
equity, venture fund, securitised receipts, debt Securities and Crisil’s Security Level Valuation (SLV)
securities which are stated at cost/amortised cost. in respect of other debt instruments.
8. The entire gross risk exposure of the portfolio Listed equity securities and convertible preference
consists of fire, engineering, marine cargo, hull, shares as at the balance sheet date are stated at fair
aviation, motor, casualty, health, travel, energy, value being the last quoted closing price on NSE.
personal accident, rural, crop, credit insurance and However, in case of any stock not being traded on
other lines of business. NSE, the Company has valued them based on the
The overall exposure is spread over various sectors last quoted closing price on BSE.
including but not limited to power, textiles, heavy
and light engineering, paper, services, fast moving Mutual fund investments are stated at fair value, being
consumer goods, auto components, etc. across the closing net asset value as at balance sheet date.
urban and rural segments as well as across Investment Properties-Real Estate is stated at
demography. historical cost less accumulated depreciation.

Investments other than those mentioned above are During the last quarter, the Company has sold
valued at cost. NCD’s amounting to ` 2,250.0 million. As at March
In accordance with the Regulation, unrealised gain/ 31, 2019 the Company’s investment in the said
loss arising due to changes in fair value of listed NCD’s aggregated ` 1,000.0 million.
equity shares, convertible preference shares and Subsequent to the Balance Sheet date, the Company
mutual fund investments are taken to the ‘fair value has disposed of the remaining investment in the
change account’. This balance in the fair value NCD’s of Tata Sons Private Limited.
change account is not available for distribution, 13. We also confirm:
pending realisation.
(a) in the preparation of financial statements, the
The Company assesses at each balance sheet date applicable accounting standards, principles and
whether any impairment has occurred in respect of policies have been followed along with proper
investment in equity and units of mutual fund. The explanations relating to material departures,
impairment loss, if any, is recognised in the profit if any;
and loss account and the carrying value of such
investment is reduced to its recoverable value. If on (b) the management has adopted accounting
the assessment at balance sheet date a previously policies and applied them consistently and
impaired loss no longer exists, then such loss is made judgments and estimates that are
reversed to the profit and loss account and the reasonable and prudent so as to give a true
investment is restated to that extent. and fair view of the state of affairs of the
Company as at March 31, 2019 and of the
Impairment for Investment properties is assessed operating profit and of the profits of the
at each balance sheet date. The impairment loss, if Company for the year ended March 31, 2019;
any is recognised in the profit and loss account and
the carrying value of such investment is reduced to (c) the management has taken proper and
its recoverable value. sufficient care for the maintenance of
adequate accounting records in accordance
12.
Investments as at March 31, 2019 amount to with the applicable provisions of the Insurance
` 222,308.2 million Refer schedule 8 & 8A (previous Act, 1938, Insurance Laws (Amendment) Act,
year: ` 181,926.7 million). Income from Investments 2015 (to the extent notified), Companies Act,
amounted ` 17,955.3 million (previous period: 1956 and Companies Act, 2013 to the extent
` 15,326.4 million). applicable, for safeguarding the assets of the
Investments other than deposits with the banks, units Company and for preventing and detecting
of mutual fund, units of venture fund and security fraud and other irregularities;
receipts are only in regularly traded instruments (d) the management has prepared the financial
in the secondary markets. The Company’s debt statements on a going concern basis;
investment comprises largely of government
securities, AAA and AA/P1+ rated security. (e) The management has ensured that an internal
audit system commensurate with the size and
All are performing investments with no arrears of nature of the business exists and is operating
any payments due. Investments are managed in effectively.
consonance with the investment policy framed
from time to time by the Board and are within the 14. For payments made to individuals, firms, companies
investment regulation and guidelines of IRDAI. and organizations in which Directors are interested,
The Company had invested ` 3,250.0 million in please refer to Annexure 4.
non-convertible debentures (NCD) of M/s Tata For and on behalf of the Board
Sons Limited prior to year ended March 31, 2018.
There had been a change in the legal status of Lalita D. Gupte Sandeep Batra
M/s Tata Sons Limited to M/s Tata Sons Private Chairperson Director
Limited effective from August 6, 2018. The
Insurance Act, 1938 as amended by the Insurance Ashvin Parekh Bhargav Dasgupta
Laws (Amendment) Act, 2015, specifies that an Director Managing Director & CEO
insurer cannot invest or keep invested in any private
limited company. Alok Kumar Agarwal Sanjeev Mantri
Executive Director Executive Director
The company has continued to value and classify
these investments as Long-term under the Vikas Mehra Gopal Balachandran
“Approved Investments” category and allocated Company Secretary Chief Financial Officer
this investment to shareholders funds from date of
change of legal status. Mumbai, April 18, 2019

Management Report (Contd.)

Details of Claims Outstanding
during the preceding five years
Annexure 1
As at March 31, 2019
Product Fire Marine Cargo Marine Others Motor OD Motor TP Workmen’s Public/Product
Compensation Liability
Period No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount
Claims Claims Claims Claims Claims Claims Claims
0-30 days 180 35,538.3 3,568 13,690.6 6 12,377.7 47,364 62,215.6 1,350 512,807.4 883 6,418.4 300 2,594.3
30 days to 6 months 408 17,491.7 3,249 5,905.8 13 400.8 11,482 10,594.4 6,551 49,726.9 541 516.1 553 528.8
6 Months to 1 Year 175 21,953.0 939 3,143.4 13 3,507.7 142 271.2 5,881 48,764.2 228 245.3 514 330.0
1 Year to 5 Years 1,436 91,769.2 1,743 4,077.8 60 9,553.7 10 68.7 23,379 152,512.7 36 44.6 936 853.0
More than 5 Years 541 6,819.6 83 570.3 85 3,041.5 - - 16,126 51,764.4 - - 4 3.5
Grand Total 2,740 173,571.8 9,582 27,387.9 177 28,881.4 58,998 73,149.9 53,287 815,575.6 1,688 7,224.4 2,307 4,309.6

0-30 days 174 32,286.9 3,099 12,610.9 7 11,936.9 36,444 60,531.9 1,582 420,852.6 648 5,817.7 276 1,788.0
30 days to 6 months 174 54,668.1 1,526 3,566.0 5 725.7 9,964 7,277.9 6,569 39,183.4 304 499.9 579 140.9
6 Months to 1 Year 318 26,357.7 838 1,504.4 10 1,427.1 217 737.2 6,473 42,671.0 199 305.7 596 392.7
1 Year to 5 Years 1,420 36,430.0 673 4,133.6 62 8,168.4 16 80.0 25,507 127,818.1 19 21.8 35 1,134.1
More than 5 Years 351 3,964.3 65 444.9 71 1,412.9 - - 17,069 50,234.1 - - - 1.2
Grand Total 2,437 153,707.0 6,201 22,259.8 155 23,671.0 46,641 68,627.0 57,200 680,759.2 1,170 6,645.1 1,486 3,456.9

0-30 days 419 32,172.0 2,378 17,961.1 7 6,798.0 38,695 56,567.9 1,968 334,861.8 348 3,691.8 207 745.1
30 days to 6 months 512 26,464.9 1,645 6,266.9 10 6,993.6 10,496 6,825.2 7,438 29,124.1 362 622.9 345 294.2
6 Months to 1 Year 354 12,405.2 276 2,245.5 13 1,752.9 194 728.8 7,352 31,791.8 270 421.2 104 178.2
1 Year to 5 Years 1,010 23,798.7 294 2,470.6 48 4,174.7 12 71.7 25,931 104,734.6 3 13.9 18 709.7
More than 5 Years 232 2,604.8 47 379.0 69 1,227.2 - - 18,023 51,422.7 - - 1 2.1
Grand Total 2,527 97,445.6 4,640 29,323.1 147 20,946.4 49,397 64,193.6 60,712 551,935.0 983 4,749.8 675 1,929.3
* Claims occurring on certain Personal Accident policies have been re-classified from the Others Category into the Personal Accident Category. The numbers for the financial year ended
March 31, 2018 have also been re-classified accordingly.

(` in lacs)
Engineering Aviation Personal Accident* Health Credit Insurance Crop/Weather Others* Grand Total
Insurance
No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount
Claims Claims Claims Claims Claims Claims Claims Claims
215 19,380.5 14 8,585.4 4,881 39,045.1 48,352 48,536.4 24 4,187.1 948 288,456.7 4,012 36,803.9 112,097 1,090,637.4
126 3,112.7 70 216.7 117 524.2 897 1,217.2 13 438.8 1,209 3,285.2 863 3,619.7 26,092 97,579.0
104 2,801.6 137 627.9 37 103.8 712 817.2 1 - 56 80.5 151 2,227.8 9,090 84,873.6
575 5,343.1 663 4,958.8 80 124.7 1,934 2,750.1 14 101.3 297 6,193.5 326 11,068.4 31,489 289,419.6
182 2,957.4 112 2,999.3 - - - - 39 323.8 242 7,210.5 140 4,360.2 17,554 80,050.5
1,202 33,595.3 996 17,388.1 5,115 39,797.8 51,895 53,320.9 91 5,051.0 2,752 305,226.4 5,492 58,080.0 196,322 1,642,560.1
(` in lacs)
Engineering Aviation Personal Accident* Health Credit Insurance Crop/Weather Others* Grand Total
Insurance
270 16,722.4 45 9,659.6 4,416 34,211.7 36,142 39,710.9 8 4,815.8 19 430,710.9 4,288 38,528.0 87,418 1,120,184.2
117 2,470.4 226 954.1 176 715.9 632 1,406.6 1 2.8 142 6,957.8 1,407 1,595.4 21,822 120,164.9
183 2,689.0 223 568.4 51 98.5 543 916.6 2 4.7 89 179.7 156 1,283.5 9,898 79,136.2
465 6,199.5 573 6,331.8 25 38.3 1,468 2,048.9 16 121.7 512 13,582.2 215 2,724.7 31,006 208,833.1
152 2,404.7 60 498.3 - - - - 34 170.5 31 77.1 52 4,076.9 17,885 63,284.9
1,187 30,486.0 1,127 18,012.2 4,668 34,666.8 38,785 44,083.0 61 5,115.5 793 451,507.7 6,118 48,208.5 168,029 1,591,603.3
(` in lacs)
Engineering Aviation Personal Accident Health Credit Insurance Crop/Weather Others Grand Total
Insurance
323 19,882.7 14 8,982.8 3,846 40,586.9 79,238 43,307.7 33 5,641.6 116 208,016.7 2,426 25,794.0 130,018 805,010.1
150 3,871.0 81 2,082.3 599 1,058.4 1,494 2,228.5 5 20.2 83 475.0 991 1,836.4 24,211 88,163.6
77 2,759.6 55 914.8 15 21.90 691 981.6 - - 179 1,013.2 80 1,244.8 9,660 56,459.5
395 9,449.2 397 5,360.3 - - 1,129 1,587.7 14 118.7 496 13,798.6 164 2,154.5 29,911 168,442.9
135 2,268.5 28 280.3 - - - - 8 63.7 23 92.0 59 4,090.2 18,625 62,430.5
1,080 38,231.0 575 17,620.5 4,460 41,667.2 82,552 48,105.5 60 5,844.2 897 223,395.5 3,720 35,119.9 212,425 1,180,506.6


Details of Claims Outstanding during the
preceding five years (Contd.)

0-30 days 538 18,832.8 1,116 7,610.3 7 1,275.5 42,298 43,533.5 2,028 279,256.1 208 2,965.0 1 637.6
30 days to 6 months 203 20,200.1 1,528 6,180.6 9 292.5 12,686 8,049.7 8,096 26,923.6 384 642.1 5 4.7
6 Months to 1 Year 224 5,100.9 579 3,341.8 10 664.5 388 921.5 7,438 25,562.4 170 292.9 4 24.0
1 Year to 5 Years 886 19,425.8 268 3,727.2 40 2,905.3 80 316.7 27,587 87,496.1 - - 20 615.3
More than 5 Years 219 2,533.5 51 1,205.2 64 924.6 - - 16,832 38,572.8 - - 1 1.9
Grand Total 2,070 66,093.1 3,542 22,065.1 130 6,062.4 55,452 52,821.4 61,981 457,811.0 762 3,900.0 31 1,283.5

0-30 days 445 16,375.4 1,147 6,216.5 7 1,604.4 30,272 52,827.9 1,701 233,447.2 97 2,463.2 7 429.5
30 days to 6 months 302 11,651.5 1,401 4,084.0 11 2,871.3 9,105 6,145.5 7,702 16,971.0 448 725.6 6 63.6
6 Months to 1 Year 532 15,732.7 227 1,804.2 9 1,648.2 306 839.8 7,294 16,674.3 210 255.0 6 120.4
1 Year to 5 Years 931 19,106.1 190 3,378.6 43 2,916.9 47 165.0 32,423 80,044.9 4 5.9 14 94.5
More than 5 Years 207 2,523.3 42 154.7 63 947.4 - - 14,712 28,150.9 - - 3 4.3
Grand Total 2,417 65,389.0 3,007 15,638.0 133 9,988.2 39,730 59,978.2 63,832 375,288.3 759 3,449.7 36 712.3

(` in lacs)
Engineering Aviation Personal Accident Health Credit Insurance Crop/Weather Others Grand Total
Insurance
281 8,831.8 5 3,705.0 3,411 21,520.3 45,606 33,909.2 32 565.0 105 3,459.1 2,059 14,521.7 97,695 440,622.9
182 3,481.3 48 1,865.8 604 1,362.8 1,914 3,688.5 4 50.3 387 2,892.7 1,482 2,436.3 27,532 78,071.0
95 4,292.8 53 672.3 - - 389 662.6 5 46.9 27 365.4 91 530.9 9,473 42,478.9
325 7,734.7 322 6,097.1 - - 644 797.7 29 158.4 468 13,580.0 155 4,539.2 30,824 147,393.5
122 1,173.3 18 284.8 - - - - 8 108.2 21 71.0 67 630.7 17,403 45,506.0
1,005 25,513.9 446 12,625.0 4,015 22,883.1 48,553 39,058.0 78 928.8 1,008 20,368.2 3,854 22,658.8 182,927 754,072.3
(` in lacs)
Engineering Aviation Personal Accident Health Credit Insurance Others Grand Total
No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount No of Amount

373 7,254.7 11 2,038.3 1,094 12,959.0 60,818 31,127.8 27 456.5 2,400 14,488.2 98,399 381,688.6
192 3,091.4 30 514.0 764 2,634.3 4,223 3,971.1 9 61.3 1,334 2,342.0 25,527 55,126.6
93 1,581.4 76 1,578.8 151 520.6 1,100 429.9 7 33.2 251 6,056.5 10,262 47,275.0
309 9,366.9 229 5,406.0 444 1,702.4 411 743.8 32 237.6 781 15,290.9 35,858 138,459.5
166 1,125.9 8 93.8 - - - - 7 99.9 55 581.0 15,263 33,681.2
1,133 22,420.3 354 9,630.9 2,453 17,816.3 66,552 36,272.6 82 888.5 4,821 38,758.6 185,309 656,230.9


Details of Average Claim Settlement time for
the preceding five years
Annexure 2
Product For the year ended For the year ended For the year ended For the year ended For the year ended
March 31, 2019 March 31, 2018 March 31, 2017 March 31, 2016 March 31, 2015
No of Average No of Average No of Average No of Average No of Average
claims Settlement claims Settlement claims Settlement claims Settlement claims Settlement
settled time (Days) settled time (Days) settled time (Days) settled time (Days) settled time (Days)
Fire 3,328 41 3,998 33 2,625 30 3,499 124 3,187 309
Marine Cargo 67,277 16 52,344 18 38,978 11 31,817 31 26,973 76
Marine Hull 14 515 18 757 16 479 33 785 44 842
Motor* 1,098,316 9 979,357 11 1,029,947 11 911,306 11 763,418 12
Workmen’s Compensation 2,541 5 2,212 5 1,446 73 1,275 155 1,689 134
Public/Product Liability 683 295 1,262 194 342 110 110 180 212 52
Engineering 3,766 31 2,146 31 1,627 70 2,278 78 1,674 239
Aviation 809 506 375 269 345 819 199 192 135 246
Personal Accident 7,725 6 6,590 7 5,786 35 5,541 52 6,625 46
Health 320,507 5 443,790 5 1,040,618 8 611,066 6 2,584,015 9
Credit Insurance 158 33 69 20 84 107 93 122 96 270
Crop/Weather Insurance 7,312 21 3,985 35 2,096 97 2,549 38 - -
Others 55,160 13 40,898 15 25,623 33 20,727 54 24,659 46
Total 1,567,596 9 1,537,044 10 2,149,533 10 1,590,493 10 3,412,727 11
* The above ageing does not include Motor Third Party claims which have to be settled through MACT and other judicial bodies
Details of Claims Intimated

Annexure 3
Product For the year ended March 31, 2019 For the year ended March 31, 2018
Claims Intimated Amount (` in lacs)* Claims Intimated Amount (` in lacs)*
Fire 3,631 68,410.3 3,908 95,035.4
Marine Cargo 70,658 28,445.7 53,905 21,195.4
Marine Hull 36 7,505.1 26 3,108.2
Motor OD 1,110,673 208,396.0 976,601 165,439.3
Motor TP 20,903 154,180.3 21,152 142,853.7
Workmen's Compensation 3,059 3,298.0 2,399 3,926.3
Public/Product Liability 1,504 2,188.8 2,073 3,155.3
Engineering 3,781 15,293.0 2,253 8,381.0
Aviation 678 4,571.2 927 6,740.8
Personal Accident 8,172 19,345.7 6,762 21,329.1
Health 333,617 155,353.5 400,023 136,660.3
Credit Insurance 188 3,096.9 70 1,257.3
Crop Insurance 9,271 342,322.1 3,881 122,663.7
Others 54,534 36,264.1 43,332 26,704.0
Grand Total 1,620,705 1,048,670.7 1,517,312 758,449.8
* Amount of claims intimated includes change in reserve

List of Payments to Parties in which Directors
are Interested
Annexure 4 (` in lacs)
Sr. Entity in which Director is interested Name of Director Interested as For the year ended For the year ended
No. March 31, 2019 March 31, 2018
1 Aster DM Healthcare Private Limited Mr. Suresh Mathukrishna Kumar 1 Member 201.0 36.7
2 Bharat Forge Limited Mrs. Lalita D. Gupte 8 Director 0.4 2.4
3 FAL Corporation Mr. Chandran Ratnaswami 3 Director - 1,160.8
4 First Capital Insurance Limited Mr. Chandran Ratnaswami 3 Director - 1,261.7
Mr. Ramaswamy Athappan 4 Director
5 ICICI Bank Limited Mrs. Chanda Kochhar 10 Director 29,265.5 11,758.5
Mr. N.S. Kannan 2 Director
Mr. Sandeep Bakhshi 6 Director
Mrs. Vishakha Mulye12 Director
6 ICICI Foundation for Inclusive Growth Mrs. Chanda Kochhar 10 Trustee 1,361.0 1,116.0
Mr. Bhargav Dasgupta Trustee
Mr. N.S. Kannan2 Trustee
7 ICICI Prudential Life Insurance Company Limited Mrs. Chanda Kochhar 10 Chairperson 146.3 119.4
Mr. Sandeep Bakhshi 6 Director
Mr. Sandeep Batra11 Director
8 ICICI Prudential Asset Management Company Limited Mrs. Chanda Kochhar 10 Chairperson 0.7 118.6
Mr. Ved Prakash Chaturvedi 5 Director
Mr. Suresh Mathukrishna Kumar 1 Director
Mr. Sandeep Batra11 Director
9 ICICI Securities Limited Mrs. Chanda Kochhar 10 Chairperson 585.8 420.3
Mr. Uday Chitale 7 Director
10 ICICI Securities Primary Dealership Limited Mr. N.S. Kannan 2 Chairman 8.8 19.5
Mr. Ashvin Parekh13 Director
11 Janalakshmi Financial Services Private Limited Mr. Uday Chitale 7 Director - 1.2
12 Kirloskar Brothers Limited Mrs. Lalita D. Gupte 8 Director - 4.4
13 Thomas Cook (India) Limited Mr. Chandran Ratnaswami 3 Director - 1,144.9
14 Vedanta Limited Mrs. Lalita D. Gupte 8 Director 3.4 34.8
15 TVS Motors Limited Mrs. Lalita D. Gupte 8 Director 147.3 -
16 IDFC Bank Limited Mr. Vishal Mahadevia 9 Director 34.2 -
17 The Willingdon Sports Club Mr. Bhargav Dasgupta Member 448.4 -
18 Others14
Bombay Gymkhana Mrs. Chanda Kochhar 10 Member
National Collateral Management Services Limited Mr. Chandran Ratnaswami 3 Director
Total Others 0.4 1.0
1
Mr. Suresh Mathukrishna Kumar appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. June 01, 2016.
2
Mr. N.S. Kannan ceased to be Director in ICICI Lombard General Insurance Company Limited w.e.f. June 19, 2018.
3
Mr. Chandran Ratnaswami ceased to be Director in ICICI Lombard General Insurance Company Limited w.e.f. July 02, 2017.
4
Mr. Ramaswamy Athappan ceased to be Director in ICICI Lombard General Insurance Company Limited w.e.f. June 08, 2017.
5
Mr. Ved Prakash Chaturvedi appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. July 13, 2016.
6
Mr. Sandeep Bakhshi appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. June 26, 2018 & has ceased to be a director w.e.f. October 5, 2018.
7
Mr. Uday Chitale appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. April 19, 2016.
8
Mrs. Lalita D. Gupte appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. October 18, 2016.
9
Mr. Vishal Mahadevia appointed as Director in ICICI Lombard General Insurance Company Limited w.e.f. April 25, 2018.
10
Mrs. Chanda Kochhar ceased to be Director in ICICI Lombard General Insurance Company Limited w.e.f. October 5, 2018.
11
Mr. Sandeep Batra appointed as a Director in ICICI Lombard General Insurance Company Limited w.e.f. October 17, 2018.
12
Mrs. Vishakha Mulye appointed as a Director in ICICI Lombard General Insurance Company Limited w.e.f. October 17, 2018.
13
Mr. Ashvin Parekh appointed as a Director in ICICI Lombard General Insurance Company Limited w.e.f. April 18, 2014.
14
Individual payments to parties during the period and aggregate payments during the previous period are less than ` 1 lac.

Independent Auditors’ Report

To the Members of c. in the case of Profit and Loss Account, of the profit
ICICI LOMBARD GENERAL INSURANCE COMPANY for the year ended on that date; and
LIMITED
d. in case of Receipts and Payments Account, of the
Report on the Audit of the Financial Statements receipts and payments for the year ended on that
We have audited the accompanying financial statements date.
of ICICI LOMBARD GENERAL INSURANCE COMPANY
LIMITED (“the Company”), which comprise the Balance Basis for Opinion
Sheet as at March 31, 2019, the Revenue accounts of We conducted our audit in accordance with the Standards
fire, marine and miscellaneous insurance (collectively on Auditing (SAs) specified under section 143(10) of
known as the ‘Revenue account’), the Profit and Loss the Act. Our responsibilities under those Standards are
account and the Receipts and Payments account for further described in the Auditor’s Responsibilities for the
the year then ended, the schedules annexed there to, Audit of the financial statements section of our report.
a summary of the significant accounting policies and
We are independent of the Company in accordance
other explanatory notes thereon.
with the Code of Ethics issued by the Institute of
Chartered Accountants of India together with the
In our opinion and to the best of our information and
according to the explanations given to us, we report ethical requirements that is relevant to our audit of the
that the aforesaid financial statements prepared in financial statements under the provisions of the Act and
accordance with the requirements of Accounting the Rules made thereunder, and we have fulfilled our
Standards as specified under Section 133 of the other ethical responsibilities in accordance with these
Companies Act, 2013 (the ‘Act’), the Act, Insurance requirements and the Code of Ethics. We believe that
Act, 1938 read with Insurance Laws (Amendment) Act, the audit evidence we have obtained is sufficient and
2015 (to the extent notified) (the Insurance Act”), the appropriate to provide a basis for our opinion.
Insurance Regulatory and Development Act, 1999 (the
“IRDAI Act”), the Insurance Regulatory and Development Key audit matters
Authority (Preparation of Financial Statements and Key audit matters are those matters that, in our
Auditors’ Report of Insurance Companies) Regulations, professional judgement, were of most significance
2002 (the “IRDAI Financial Statement Regulations”), give in our audit of the financial statements of the current
a true and fair view in conformity with the accounting period and include the most significant assessed risks
principles generally accepted in India as applicable to
of material misstatement (whether or not due to fraud)
insurance companies:
that we identified. These matters included those which
a. in the case of Balance Sheet, of the state affairs of had the greatest effect on: the overall audit strategy, the
the Company as at March 31, 2019; allocation of resources in the audit; and directing the
efforts of the engagement team.
b. in the case of Revenue Accounts, of the operating
profit in Fire and Miscellaneous business and
operating loss in Marine business for the year
ended on that date;

These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
Sr. Key Audit matter How our audit addressed the key audit matter
No
1. Revenue recognition on crop insurance: We reviewed the process adopted for policy booking for consistency
Crop insurance premium is accounted based on in approach between accounting periods. Our tests included:
management estimates that are progressively • Obtaining confirmation from concerned controlling function
actualised on receipt of information. of the company on information received, if any, pending
accounting
Further the coverage data is based on information
received / updated in the Software system • Carrying out substantive tests on income recognition from
maintained under the schemes which may past data, where available.
have backlogs / reconciliation issues / duplicate • erification of various reconciliations carried out with the
V
information. Further, the corrections to area government portal system and validating reconciling items
covered under insurance and consequent premium
adjustments are carried out progressively based • Discussing with senior management and obtaining their
on receipt of information which may be after the confirmations on booking of policies where information has
policy period ends. been received
• tudying the impact of information under processing and
S
There is a risk of under/over estimation of revenue ensuring financial statements are adjusted for material
due to error or management bias. impacts.
Refer crop segment under Schedule 1 – Premium Conclusion:

earned (net) and Note 4.1 and 4.3 under Schedule
Results of our tests did not indicate any material deviations.
16 – Significant accounting policies and notes.
2. Long term Motor Insurance Policies accounting: We obtained thorough understating of the regulatory prescriptions
During the year, the Company has introduced and reviewed the process adopted and carried out the following
Long Term Motor Insurance Policies providing tests:
multi-year coverage which constitutes significant ·• Validating the accounting policies adopted with the relevant
portion of the business segment. The Company regulatory prescriptions.
has designed the scheme of accounting entries
for recognition of revenue, advance premium, • Verifying the premium allocation for sample transactions over
commissions and related indirect taxes based on the policy periods
relevant regulations. • erifying the actual scheme of entries for sample period with
V
the designed scheme.
This implementation was major one-time activity
during the year which was prone to interpretation • erifying the overall reconciliation of balance sheet amounts
V
errors/ omissions. with related feed systems.
Refer motor segment under Schedule 1- Premium Conclusion:

earned (net), Premium received in advance under Our procedures did not identify any material exceptions.
Schedule 13 – Current Liabilities and Note 4.1,
4.2, 4.3, 4.6 under Schedule 1 – Significant
accounting policies and notes

Independent Auditors’ Report (Contd.)
Information Other than the Financial Statements Development Authority of India (‘IRDAI’) in this behalf
and Auditor’s Report Thereon and current practices prevailing within the insurance
The Directors are responsible for the other information. industry in India.
The other information comprises of Directors Report,
Business Responsibility Report, Management This responsibility also includes maintenance of
Discussion & Analysis, Management Report and adequate accounting records in accordance with the
Corporate Governance Report, but does not include the provisions of the Act for safeguarding the assets of
financial statements and our auditor’s report thereon. the Company and for preventing and detecting frauds
and other irregularities; selection and application of
Our opinion on the financial statements does not cover appropriate accounting policies; making judgments and
the other information and we do not express any form estimates that are reasonable and prudent; and design,
of assurance conclusion thereon. implementation and maintenance of adequate internal
financial controls, that were operating effectively
In connection with our audit of the financial statements, for ensuring the accuracy and completeness of the
our responsibility is to read the other information and, accounting records, relevant to the preparation and
in doing so, consider whether the other information is presentation of the financial statements that give a true
materially inconsistent with the financial statements and fair view and are free from material misstatement,
or our knowledge obtained in the audit or otherwise whether due to fraud or error.
appears to be materially misstated.
In preparing the financial statements, management
If we identify such material inconsistencies or apparent is responsible for assessing the Company’s ability to
material misstatements, we are required to determine continue as a going concern, disclosing, as applicable,
whether there is a material misstatement of the other matters related to going concern and using the going
information. If, based on the work we have performed, concern basis of accounting unless management either
we conclude that there is a material misstatement intends to liquidate the Company or to cease operations,
of this other information, we are required to report or has no realistic alternative but to do so.
that fact.
The Board of Directors is also responsible for overseeing
We confirm that we have nothing material to report, add the Company’s financial reporting process.
or draw attention to in this regard.
Auditor’s Responsibilities for the Audit of the
Responsibilities of the Management and those financial statements
charged with governance for the financial Our objectives are to obtain reasonable assurance
statements about whether the financial statements as a whole
The Company’s Board of Directors is responsible for are free from material misstatement, whether due
the matters stated in Section 134(5) of the Act with to fraud or error, and to issue an auditor’s report that
respect to the preparation of these financial statements includes our opinion. Reasonable assurance is a high
that give a true and fair view of the financial position, level assurance, but it not a guarantee that an audit
underwriting results, financial performance and cash conducted in accordance with Standards of Auditing will
flows of the Company in accordance with the accounting always detect a material misstatement when it exists.
principles generally accepted in India, including the Misstatements can arise from fraud or error and are
applicable Accounting Standards specified under considered material if, individually or in the aggregate,
Section 133 of the Act, the Insurance Act, the IRDAI Act, that could reasonably be expected to influence the
the IRDAI Financial Statement Regulations and orders / economic decisions of users taken on the basis of these
directions prescribed by the Insurance Regulatory and financial statements.

As part of an audit in accordance with SAs, we exercise Evaluate the overall presentation, structure and

professional judgment and maintain professional content of the financial statements, including the
skepticism throughout the audit. We also: disclosures, and whether the financial statements
represent the underlying transactions and events in
Identify and assess the risks of material
 a manner that achieves fair presentation.
misstatement of the financial statements, whether
due to fraud or error, design and perform audit Materiality is the magnitude of misstatements
procedures responsive to those risks, and obtain in the financial statements that, individually or in
audit evidence that is sufficient and appropriate aggregate, makes it probable that the economic
to provide a basis for our opinion. The risk of not decisions of a reasonably knowledgeable user of the
detecting a material misstatement resulting from financial statements may be influenced. We consider
fraud is higher than for one resulting from error, quantitative materiality and qualitative factors in (i)
as fraud may involve collusion, forgery, intentional
planning the scope of our audit work and in evaluating
omissions, misrepresentations, or the override of
the results of our work; and (ii) to evaluate the effect
internal control.
of any identified misstatements in the financial
 Obtain an understanding of internal control relevant statements.
to the audit in order to design audit procedures
that are appropriate in the circumstances. Under We communicate with those charged with governance
section 143(3)(i) of the Companies Act, 2013, we regarding, among other matters, the planned scope
are also responsible for expressing our opinion and timing of the audit and significant audit findings,
on whether the Company has adequate internal including any significant deficiencies in internal control
financial controls system in place and the operating that we identify during our audit.
effectiveness of such controls.
We also provide those charged with governance with
 Evaluate the appropriateness of accounting policies a statement that we have complied with relevant
used and the reasonableness of accounting ethical requirements regarding independence, and to
estimates and related disclosures made by communicate with them all relationships and other
management. matters that may reasonably be thought to bear on
 Conclude on the appropriateness of management’s our independence, and where applicable, related
use of the going concern basis of accounting and, safeguards.
based on the audit evidence obtained, whether a
From the matters communicated with those charged
material uncertainty exists related to events or
conditions that may cast significant doubt on the with governance, we determine those matters that
ability of the Company to continue as a going were of most significance in the audit of the financial
concern. If we conclude that a material uncertainty statements of the current period and are therefore the
exists, we are required to draw attention in our key audit matters. We describe these matters in our
auditor’s report to the related disclosures in the auditor’s report unless law or regulation precludes
financial statements or, if such disclosures are public disclosure about the matter or when, in
inadequate, to modify our opinion. Our conclusions extremely rare circumstances, we determine that
are based on the audit evidence obtained up to a matter should not be communicated in our report
the date of this report. However, future events or because the adverse consequences of doing so would
conditions may cause the Company to cease to reasonably be expected to outweigh the public interest
continue as a going concern. benefits of such communication.

Independent Auditors’ Report (Contd.)
Other Matters c) Proper books of account as required by law

The actuarial valuation of liabilities in respect of have been kept by the Company so far as it
Incurred But Not Reported (the “IBNR”), Incurred But appears from our examination of those books.
Not Enough Reported (the “IBNER”) and Premium
d) The Balance sheet, the Revenue accounts, the
Deficiency Reserve (the “PDR”) is the responsibility
Profit and Loss account and the Receipts and
of the Company’s Appointed Actuary (the “Appointed
Payments account dealt with by this report are
Actuary”). The actuarial valuation of these liabilities,
in agreement with the books of account.
that are estimated using statistical methods as
at March 31, 2019 has been duly certified by the e)
The aforesaid financial statements comply
Appointed Actuary and in his opinion, the assumptions with the applicable Accounting Standards
considered by him for such valuation are in accordance specified under Section 133 of the Act and
with the guidelines and norms issued by the IRDAI with the accounting principles prescribed
and the Institute of Actuaries of India in concurrence by the Regulations and orders/directions
with the IRDAI. We have relied upon the Appointed prescribed by IRDAI in this regard.
Actuary’s certificate in this regard for forming our
opinion on the valuation of liabilities for outstanding f) Investments have been valued in accordance
claims reserves and the PDR contained in the financial with the provisions of the Insurance Act, the
Regulations and orders/directions issued by
statements of the Company.
IRDAI in this regard.
Report on Other Legal and Regulatory
g)
On the basis of the written representations
Requirements
received from the directors as on March 31,
1.
As required by the IRDAI Financial Statements 2019 taken on record by the Board of Directors,
Regulations, we have issued a separate certificate none of the directors is disqualified as on March
dated April 18, 2019 certifying the matters specified 31, 2019 from being appointed as a director in
in paragraphs 3 and 4 of Schedule C to the IRDAI terms of Section 164 (2) of the Act.
Financial Statement Regulations.
h) With respect to the adequacy of the internal
2. As required by the paragraph 2 of Schedule C to the financial controls over financial reporting of the
IRDAI Financial Statement Regulations and Section Company and the operating effectiveness of
143(3) of the Act, in our opinion and according to such controls, refer to our separate Report in
the information and explanations give to us, we “Annexure A”.
report that:
i)
With respect to the other matters to be
a)
We have sought and obtained all the included in the Auditor’s Report in accordance
information and explanations which to the best with Rule 11 of the Companies (Audit and
of our knowledge and belief were necessary Auditors) Rules, 2014, in our opinion and to the
for the purposes of our audit. best of our information and according to the
explanations given to us:
b) As the Company’s accounts are centralized and i. The Company has disclosed the impact of
maintained at the corporate office, no returns pending litigations on its financial position
for the purposes of our audit are prepared at in its financial statements – Refer Note no.
the branches and other offices of the Company. 5.2.20 to the financial statements;

ii.
The Company has made provision, to the Company’s Directors is governed by the
as required under the applicable law provisions of Section 34A of the Insurance Act,
or accounting standards, for material 1938 and requires approval of IRDAI. Accordingly,
foreseeable losses, if any, on long-term the managerial remuneration limits specified
contracts. The Company did not have any under Section 197 of the Act do not apply.
outstanding long term derivative contracts
– Refer Note no. 5.2.21 to the financial
statements; For Chaturvedi & Co. For PKF Sridhar & Santhanam
Chartered Accountants LLP
iii.
There has been no delay in transferring Firm Registration Chartered Accountants
amounts, required to be transferred, to the No. 302137E Firm Registration.
Investor Education and Protection Fund by No 003990S/S200018
the Company - Refer Note no. 5.2.22 to the
financial statements. S N Chaturvedi R. Suriyanarayanan
Partner Partner
3.
With respect to the other matters to be Membership No. 040479 Membership No. 201402
included in the Auditor’s report, in terms of the
requirements of Section 197(16) of the Act, we Place : Mumbai
report that managerial remuneration payable Date : April 18, 2019

Annexure A
Referred to in paragraph ‘h’ of Section ‘Report on Other Legal and Regulatory Requirements’ of our report
of even date to the members of ICICI Lombard General Insurance Company Limited (“the Company”) on the
financial statements as of and for the year ended 31 March, 2019.
Report on the Internal Financial Controls under maintained and if such controls operated effectively in
Clause (i) of Sub-section 3 of Section 143 of the all material respects.
Companies Act, 2013 (“the Act”)
Our audit involves performing procedures to obtain audit
We have audited the internal financial controls over
evidence about the adequacy of the internal financial
financial reporting of ICICI Lombard General Insurance
controls system over financial reporting and their
Company Limited (“the Company”) as of March 31, 2019
operating effectiveness. Our audit of internal financial
in conjunction with our audit of the financial statements controls over financial reporting included obtaining
of the Company for the year ended on that date. an understanding of internal financial controls over
financial reporting, assessing the risk that a material
Management’s Responsibility for Internal weakness exists, and testing and evaluating the design
Financial Controls and operating effectiveness of internal control based
The Company’s management is responsible for on the assessed risk. The procedures selected depend
establishing and maintaining internal financial controls on the auditor’s judgement, including the assessment
based on the “internal control over financial reporting of the risks of material misstatement of the financial
criteria established by the Company considering the statements, whether due to fraud or error.
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls We believe that the audit evidence we have obtained is
Over Financial Reporting issued by the Institute of sufficient and appropriate to provide a basis for our audit
Chartered Accountants of India”. These responsibilities opinion on the Company’s internal financial controls
include the design, implementation and maintenance of system over financial reporting.
adequate internal financial controls that were operating
Meaning of Internal Financial Controls Over
effectively for ensuring the orderly and efficient conduct
Financial Reporting
of its business, including adherence to company’s
policies, the safeguarding of its assets, the prevention A company’s internal financial control over financial
reporting is a process designed to provide reasonable
and detection of frauds and errors, the accuracy and
assurance regarding the reliability of financial reporting
completeness of the accounting records, and the timely
and the preparation of financial statements for external
preparation of reliable financial information, as required
purposes in accordance with generally accepted
under the Companies Act, 2013.
accounting principles. A company’s internal financial
control over financial reporting includes those policies
Auditor’s Responsibility
and procedures that (1) pertain to the maintenance of
Our responsibility is to express an opinion on the records that, in reasonable detail, accurately and fairly
Company’s internal financial controls over financial reflect the transactions and dispositions of the assets
reporting based on our audit. We conducted our audit of the company; (2) provide reasonable assurance
in accordance with the Guidance Note on Audit of that transactions are recorded as necessary to permit
Internal Financial Controls Over Financial Reporting preparation of financial statements in accordance
(the “Guidance Note”) and the Standards on Auditing with generally accepted accounting principles, and
prescribed under section 143(10) of the Companies Act, that receipts and expenditures of the company are
2013, to the extent applicable to an audit of internal being made only in accordance with authorisations of
financial controls. Those Standards and the Guidance management and directors of the company; and (3)
Note require that we comply with ethical requirements provide reasonable assurance regarding prevention or
and plan and perform the audit to obtain reasonable timely detection of unauthorised acquisition, use, or
assurance about whether adequate internal financial disposition of the company’s assets that could have a
controls over financial reporting was established and material effect on the financial statements.

Inherent Limitations of Internal Financial of the Company’s Appointed Actuary (the “Appointed
Controls Over Financial Reporting Actuary”). The actuarial valuation of these liabilities, that
Because of the inherent limitations of internal financial are estimated using statistical methods as at March 31,
controls over financial reporting, including the possibility 2019 has been duly certified by the Appointed Actuary
of collusion or improper management override of and in his opinion, the assumptions considered by him
controls, material misstatements due to error or fraud for such valuation are in accordance with the guidelines
may occur and not be detected. Also, projections of any and norms issued by the IRDAI and the Institute of
evaluation of the internal financial controls over financial Actuaries of India in concurrence with the IRDAI. The
reporting to future periods are subject to the risk that said actuarial valuations of liabilities for outstanding
the internal financial control over financial reporting may claims reserves and the PDR have been relied upon by
become inadequate because of changes in conditions, us as mentioned in Other Matters paragraph in our Audit
or that the degree of compliance with the policies or Report on the financial statements for the year ended
procedures may deteriorate. 31st March, 2019. Accordingly, our opinion on the
internal financial controls over financial reporting does
Opinion not include reporting on the adequacy and operating
In our opinion, the Company has, in all material respects, effectiveness of the internal controls over the valuation
an adequate internal financial controls system over and accuracy of the aforesaid actuarial liabilities.
financial reporting and such internal financial controls
over financial reporting were operating effectively as
at March 31, 2019, based on “the internal control over For Chaturvedi & Co. For PKF Sridhar & Santhanam
financial reporting criteria established by the Company Chartered Accountants LLP
considering the essential components of internal Firm Registration Chartered Accountants
control stated in the Guidance Note on Audit of Internal No. 302137E Firm Registration.
Financial Controls Over Financial Reporting issued by No 003990S/S200018
the Institute of Chartered Accountants of India”.
S N Chaturvedi R. Suriyanarayanan
Other Matter Partner Partner
The actuarial valuation of liabilities in respect of Membership No. 040479 Membership No. 201402
Incurred But Not Reported (the “IBNR”), Incurred But
Not Enough Reported (the “IBNER”) and Premium Place : Mumbai
Deficiency Reserve (the “PDR”) is the responsibility Date : April 18, 2019

Independent Auditors’ Certificate

To, We audited financial statements of the Company as
The Board of Directors, of and financial year ended March 31, 2019 on which
ICICI Lombard General Insurance Company Limited, we issued an unmodified audit opinion vide our report
ICICI Lombard House, 414, Veer Savarkar Marg dated April 18, 2019. Our audit of these financial
Near Siddhivinayak Temple, Prabhadevi statements were conducted in accordance with the
Mumbai - 400 025 Standards on Auditing and other applicable authoritative
pronouncements issued by the Institute of Chartered
Dear Sirs, Accountants of India (‘ICAI’). Those standards require
(Referred to in paragraph 1 of our Independent that we plan and perform the audit to obtain reasonable
Auditors’ Report on Other Legal and Regulatory assurance about whether the financial statements are
Requirements forming part of the Independent free of material misstatement. Our audit was not planned
Auditors’ Report dated April 18, 2019) and performed in connection with any transactions to
identify matters that may be of potential interest to
This certificate is issued in accordance with the terms third parties.
of our engagement letter with ICICI Lombard General
Insurance Company Limited (the “Company”), wherein We conducted our examination in accordance with the
we are requested to issue certificate for compliance Guidance Note on Reports or Certificates for Special
with the provisions of paragraphs 3 and 4 of Schedule C Purposes (Revised 2016) (the ‘Guidance Note’) issued by
of the Insurance Regulatory and Development Authority the Institute of Chartered Accountants of India (‘ICAI’).
(Preparation of Financial Statements and Auditor’s
Report of Insurance Companies) Regulations 2002, (the The Guidance Note requires that we comply with the
“Regulations”) read with regulation 3 of the Regulations. independence and other ethical requirements of the
Code of ethics issued by the ICAI. We have complied
MANAGEMENT’S RESPONSIBILITY with the relevant applicable requirements of the
The Company’s Board of Directors is responsible for Standard on Quality Control (‘SQC’) 1, Quality Control
complying with the provisions of The Insurance Act, for Firms that Perform Audits and Reviews of Historical
1938 (amended by the Insurance Laws (Amendment) Financial Information, and Other Assurance and Related
Act 2015) (the “Insurance Act”), the Insurance Services engagements.
Regulatory and Development Authority Act, 1999 (the
“IRDA Act”), the Insurance Regulatory and Development OPINION
Authority (Preparation of Financial Statements and In accordance with information and explanations given
Auditor’s Report of Insurance Companies) Regulations, to us and to the best of our knowledge and belief and
2002 (the “IRDA Financial Statements Regulations”), based on our examination of the books of account and
orders/directions issued by the Insurance Regulatory other records maintained by the Company for the year
and Development Authority of India (the “IRDAI”) which ended March 31, 2019, we certify that:
includes the preparation of the Management Report.
This includes collecting, collating and validating data 1. We have reviewed the Management Report attached
and designing, implementing and monitoring of internal to the financial statements for year ended March
controls suitable for ensuring compliance as aforesaid. 31, 2019, and on the basis of our review, there is no
apparent mistake or material inconsistencies with
AUDITORS’ RESPONSIBILITY the financial statements;
Pursuant to the requirements, it is our responsibility to
obtain reasonable assurance and form an opinion based 2.
Based on management representations and
on our audit and examination of books and records as compliance certificates submitted to the Board of
to whether the Company has complied with the matters Directors by the officers of the Company charged
contained in paragraphs 3 and 4 of Schedule C of the with compliance and the same being noted by
Regulations read with regulation 3 of Regulations. the Board, nothing has come to our attention

that causes us to believe that the Company has Regulations and should not be used by any other person
not complied with the terms and conditions of or for any other purpose. We have no responsibility to
registration as stipulated by the IRDAI; update this certificate for events and circumstances
occurring after the date of this certificate. Accordingly,
3. We have verified the cash balances, to the extent we do not accept or assume any liability or any duty of
considered necessary and securities relating to care for any other purpose or to any other person to
the Company’s loans and investments as at March whom this report is shown or into whose hands it may
31, 2019, by actual inspection or on the basis come without our prior consent in writing.
of certificates/confirmations received from the
Custodian and/ or Depository Participants appointed
by the Company, as the case may be. For Chaturvedi & Co. For PKF Sridhar & Santhanam
Chartered Accountants LLP
4. The Company is not a trustee of any trust; and (Firm Registration Chartered Accountants
No. 302137E) (Firm Registration.
5.
No part of the assets of the Policyholders’ No 003990S/S200018)
Funds has been directly or indirectly applied in
contravention to the provisions of the Insurance S N Chaturvedi R. Suriyanarayanan
Act relating to the application and investments of Partner Partner
the Policyholders’ Funds. Membership No. 040479 Membership No. 201402
ICAI UDIN: ICAI UDIN:
Restriction to use 19040479AAAABR1120 19201402AAAAAD8701
This certificate is addressed to and provided to the
Board of Directors of the Company, solely for inclusion Place : Mumbai
in the annual accounts of the Company as per the Date : April 18, 2019

Balance Sheet
Registration No. 115 dated August 3, 2001 (` in 000’s)

Particulars Schedule At At
March 31, 2019 March 31, 2018
Sources of funds
Share capital 5 4,543,099 4,539,483
Reserves and Surplus 6 48,661,507 40,872,146
Share application money-pending allotment - -
Fair value change account
Shareholders funds 798,984 1,857,474
Policyholders funds 2,585,229 5,481,242
Borrowings 7 4,850,000 4,850,000
Total 61,438,819 57,600,345
Application of funds
Investments-Shareholders 8 53,430,757 47,283,646
Investments-Policyholders 8A 168,877,458 134,643,034
Loans 9 - -
Fixed assets 10 4,652,318 4,059,857
Deferred tax asset (Refer note 5.2.15) 3,012,597 2,114,128
Current assets
Cash and bank balances 11 4,016,466 5,918,164
Advances and other assets 12 100,036,611 103,477,760
Sub-Total (A) 104,053,077 109,395,924
Current liabilities 13 216,228,356 195,112,294
Provisions 14 56,359,032 44,783,950
Sub-Total (B) 272,587,388 239,896,244
Net current assets (C) = (A - B) (168,534,311) (130,500,320)
Miscellaneous expenditure (to the extent not written off or adjusted) 15 - -
Debit balance in profit and loss account - -
Total 61,438,819 57,600,345
Significant accounting policies and notes to the financial statements 16
The schedules referred to above & notes to accounts form an integral part of the Financial Statements
As per our attached report of even date For and on behalf of the Board
For Chaturvedi & Co. For PKF Sridhar & Santhanam LLP Lalita D. Gupte Sandeep Batra
Chartered Accountants Chartered Accountants Chairperson Director
Firm Regn No.: 302137E Firm Regn No.: 003990S/S200018
Ashvin Parekh Bhargav Dasgupta
SN Chaturvedi R. Suriyanarayanan Director Managing Director & CEO
Partner Partner
Membership No: 040479 Membership No: 201402 Alok Kumar Agarwal Sanjeev Mantri
Mumbai, April 18, 2019 Vikas Mehra Gopal Balachandran

Company Secretary Chief Financial Officer

Profit and Loss Account
For the year ended March 31, 2019
Registration No. 115 dated August 3, 2001 (` in 000’s)

Particulars Schedule Year ended Year ended
March 31, 2019 March 31, 2018
1. Operating profit/(loss)
(a) Fire Insurance 567,110 1,328,111
(b) Marine Insurance (362,609) 469,366
(c) Miscellaneous Insurance 12,109,673 7,439,615
2. Income from investments
(a) Interest, Dividend & Rent – Gross (Refer note 5.2.5) 3,534,712 2,879,042
(b) Profit on sale/redemption of investments 1,211,076 1,715,088
Less: loss on sale/redemption of investments (145,726) (535,202)
3. Other income
(a) Interest income on tax refund 139,069 80,176
(b) Profit on sale/discard of fixed assets 3,944 1,329
(c) Recovery of bad debts written off - -
Total (A) 17,057,249 13,377,525
4. Provisions (Other than taxation)
(a) For diminution in the value of investments 7,729 104,125
(b) For doubtful debts (382,880) 593,822
(c) For future recoverable under reinsurance contracts (30,068) (18,777)
(d) Others - -
5. Other expenses
(a) Expenses other than those related to Insurance
Business
(i) Employees' remuneration and other expenses 32,226 41,735
(ii) Managerial remuneration 91,570 70,934
(iii) Directors' fees and profit commission 9,318 7,438
(iv) CSR Expenditure 183,691 149,645
(v) Interest on Non-convertible Debentures 400,125 400,125
(vi) Expense related to Investment property 13,215 64,290
(vii) Listing Fees/Other Charges 1,537 1,340
(viii)
Operating expenses borne by shareholders 241,920 -
(refer note 5.1.10)
(b) Bad debts written off 466,828 -
(c) Loss on sale/discard of fixed assets 19,660 517
(d) Penalty (Refer note 5.1.15) 18,214 -
Total (B) 1,073,085 1,415,194
Profit before tax 15,984,164 11,962,331
Provision for taxation:
(a) Current tax/MAT payable 6,390,007 4,586,991
(b) Excess Tax Provision written back of earlier years - (578)
(c) Deferred tax (Income)/Expense (Refer note 5.2.15) (898,469) 5,491,538 (1,241,839) 3,344,574
Profit after tax 10,492,626 8,617,757
Appropriations
(a) Interim dividends paid during the period 1,135,186 679,988
(b) Final dividend paid 1,134,918 -
(c) Dividend distribution tax 466,626 138,430
(d) Debenture Redemption Reserve 138,572 103,929
(e) Transfer to General Reserves - 2,875,302 - 922,347
Balance of Profit/(Loss) brought forward from last year 24,767,694 17,072,284
Balance carried forward to Balance sheet 32,385,018 24,767,694
Basic earnings per share of ` 10 face value (Refer note 5.2.14) ` 23.11 ` 19.01
Diluted earnings per share of ` 10 face value (Refer note 5.2.14) ` 23.06 ` 18.99
Significant accounting policies & notes to accounts 16
Director Managing Director & CEO
SN Chaturvedi R. Suriyanarayanan
Partner Partner


Revenue Account
Registration No. 115 dated August 3, 2001
Particulars Schedule Fire

2018-19 2017-18
1. Premiums earned (net) 1 1,578,840 1,440,912
2. Profit on sale/redemption of investments 75,139 106,517
Less: Loss on sale/redemption of investments (9,092) (33,362)
3. Others -
Foreign exchange gain/(loss) (26,812) 4,324
Investment income from pool (Terrorism and Nuclear) 203,832 226,613
Miscellaneous Income 853 344
4. Interest, Dividend & Rent – Gross (Refer note 5.2.5) 210,434 177,265
Total (A) 2,033,194 1,922,613
1. Claims Incurred (net) 2 1,313,631 620,754
2. Commission (net) 3 (259,122) (482,064)
3. Operating expenses related to insurance business 4 411,575 455,812
4. Premium deficiency - -
Total (B) 1,466,084 594,502
Operating Profit/(Loss) C = (A - B) 567,110 1,328,111
APPROPRIATIONS
Transfer to Shareholders' Account 567,110 1,328,111
Transfer to Catastrophe Reserve - -
Transfer to Other Reserves - -
Total (C) 567,110 1,328,111
Significant accounting policies and notes to accounts 16
We certify that, to the best of our knowledge and according to the information and explanations given to us, and so
far as appears from our examination of the Company’s books of account, all expenses of management, wherever
incurred, whether directly or indirectly, have been recognised in the Revenue Accounts as an expense to extent
allowable under Insurance Regulatory and Development Authority of India (Expenses of Management of Insurers
transacting General or Health Insurance business) Regulations, 2016.
As per our attached report of even date
For Chaturvedi & Co. For PKF Sridhar & Santhanam LLP
Chartered Accountants Chartered Accountants
SN Chaturvedi R. Suriyanarayanan
Partner Partner
Membership No: 040479 Membership No: 201402
Mumbai, April 18, 2019

(` in 000’s)
Marine Miscellaneous Total
2018-19 2017-18 2018-19 2017-18 2018-19 2017-18
2,367,293 1,957,559 79,807,345 65,718,877 83,753,478 69,117,348
56,208 87,025 3,498,173 4,599,119 3,629,520 4,792,661
(6,801) (27,257) (423,277) (1,440,485) (439,170) (1,501,104)
11,091 (2,293) 89,392 (15,545) 73,671 (13,514)

- - 93,430 48,388 297,262 275,001
1,096 445 40,634 16,331 42,583 17,120
157,415 144,827 9,796,991 7,653,854 10,164,840 7,975,946
2,586,302 2,160,306 92,902,688 76,580,539 97,522,184 80,663,458
1,988,567 1,060,780 59,778,978 51,465,704 63,081,176 53,147,238
317,876 247,683 2,170,298 (2,605,164) 2,229,052 (2,839,545)
642,468 382,477 18,843,739 20,280,384 19,897,782 21,118,673
- - - - - -
2,948,911 1,690,940 80,793,015 69,140,924 85,208,010 71,426,366
(362,609) 469,366 12,109,673 7,439,615 12,314,174 9,237,092
(362,609) 469,366 12,109,673 7,439,615 12,314,174 9,237,092

- - - - - -
- - - - - -
(362,609) 469,366 12,109,673 7,439,615 12,314,174 9,237,092
For and on behalf of the Board
Lalita D. Gupte Sandeep Batra

Chairperson Director


Vikas Mehra Gopal Balachandran


Schedules
forming part of the financial statements
Schedule: 1
Premium Earned (net)
Particulars Fire Marine
Marine- Marine- Marine- Motor-OD Motor-TP Motor- Worksmen's

Cargo Others Total Total Compensation
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
Premium from direct 10,845,870 3,366,671 1,070,162 4,436,833 34,077,737 30,157,565 64,235,302 600,813
business written-net of
GST
Add: Premium on 667,183 146,011 22,601 168,612 10,966 - 10,966 -

reinsurance accepted
Less: Premium on 9,603,349 1,097,023 1,052,754 2,149,777 5,059,355 1,622,229 6,681,584 94,590
reinsurance ceded
Net premium 1,909,704 2,415,659 40,009 2,455,668 29,029,348 28,535,336 57,564,684 506,223
Adjustment for change in 330,864 107,066 (18,691) 88,375 1,893,414 5,314,782 7,208,196 21,112
reserve for unexpired risks
Total premium earned 1,578,840 2,308,593 58,700 2,367,293 27,135,934 23,220,554 50,356,488 485,111
(net)

2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
Premium from direct 9,165,035 2,878,747 783,192 3,661,939 30,622,414 21,872,270 52,494,684 539,994
business written-net of
service tax and GST
Add: Premium on 665,089 118,787 16,945 135,732 24,535 - 24,535 -

reinsurance accepted
Less: Premium on 8,253,424 995,223 764,482 1,759,705 4,610,167 1,209,642 5,819,809 64,701
reinsurance ceded
Net premium 1,576,700 2,002,311 35,655 2,037,966 26,036,782 20,662,628 46,699,410 475,293
Adjustment for change in 135,788 89,032 (8,625) 80,407 3,037,858 2,239,672 5,277,530 15,011
reserve for unexpired risks
Total premium earned 1,440,912 1,913,279 44,280 1,957,559 22,998,924 18,422,956 41,421,880 460,282
(net)

(` in 000’s)
Miscellaneous Total
Public/ Engineering Aviation Personal Health Credit Crop/ Others Total -

Product Accident Insurance Insurance Weather Miscellaneous
Liability Insurance
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
357,308 2,849,291 712,876 5,291,546 22,671,629 411,349 24,517,532 7,951,926 129,599,572 144,882,275
4,594 321,135 41,281 26,698 1,656,708 - 24 112,629 2,174,035 3,009,830
202,175 2,225,695 660,558 975,839 7,403,652 377,949 18,836,273 3,295,096 40,753,411 52,506,537
159,727 944,731 93,599 4,342,405 16,924,685 33,400 5,681,283 4,769,459 91,020,196 95,385,568
7,928 71,639 (3,320) 1,178,945 1,818,270 (1,332) (4) 911,417 11,212,851 11,632,090
151,799 873,092 96,919 3,163,460 15,106,415 34,732 5,681,287 3,858,042 79,807,345 83,753,478
(` in 000’s)
Miscellaneous Total
Public/ Engineering Aviation Personal Health Credit Crop/ Others Total -

Liability Insurance
2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
308,122 2,480,854 670,307 4,530,364 18,488,310 440,071 23,710,568 7,078,298 110,741,572 123,568,546
2,700 373,920 237,939 8,838 887,453 - - 95,994 1,631,379 2,432,200
191,888 2,004,844 632,177 1,295,320 6,320,783 405,989 18,271,876 2,532,673 37,540,060 47,553,189
118,934 849,930 276,069 3,243,882 13,054,980 34,082 5,438,692 4,641,619 74,832,891 78,447,557
2,462 106,482 (63,488) 896,429 1,909,188 1,641 (8,536) 977,295 9,114,014 9,330,209
116,472 743,448 339,557 2,347,453 11,145,792 32,441 5,447,228 3,664,324 65,718,877 69,117,348

Schedules
Schedule: 2
Claims Incurred (net)

2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
Claims paid- Direct 5,011,088 2,046,781 223,055 2,269,836 18,280,310 8,888,434 27,168,744 198,847
Add: Re-insurance 57,786 38,233 2,500 40,733 - - - -

accepted
Less: Re-insurance ceded 4,143,688 485,029 213,205 698,234 2,720,755 2,300,327 5,021,082 10,314
Net Claims paid 925,186 1,599,985 12,350 1,612,335 15,559,555 6,588,107 22,147,662 188,533
Add: Claims outstanding 2,184,912 1,640,686 260,066 1,900,752 5,719,231 75,535,263 81,254,494 651,737
at the end of the year
Less: Claims outstanding 1,796,467 1,271,360 253,160 1,524,520 5,209,443 61,037,924 66,247,367 608,224
at the beginning of the
year
Total claims incurred 1,313,631 1,969,311 19,256 1,988,567 16,069,343 21,085,446 37,154,789 232,046

2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
Claims paid- Direct 3,352,732 1,955,970 266,290 2,222,260 14,883,180 8,086,500 22,969,680 198,228
Add: Re-insurance 47,215 20,827 5,579 26,406 - - - -

accepted
Less: Re-insurance ceded 2,677,897 622,953 218,299 841,252 3,094,261 2,499,505 5,593,766 10,821
Net Claims paid 722,050 1,353,844 53,570 1,407,414 11,788,919 5,586,995 17,375,914 187,407
Add: Claims outstanding 1,796,467 1,271,360 253,160 1,524,520 5,209,443 61,037,924 66,247,367 608,224
at the end of the year
Less: Claims outstanding 1,897,763 1,589,498 281,656 1,871,154 4,657,076 46,887,278 51,544,354 444,746
at the beginning of the
year
Total claims incurred 620,754 1,035,706 25,074 1,060,780 12,341,286 19,737,641 32,078,927 350,885

(` in 000’s)
Miscellaneous Total
Public/ Engineering Aviation Personal Health Credit Crop/ Others Total-

Liability Insurance
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
194,270 877,074 158,049 1,049,435 12,327,620 222,075 33,723,574 2,314,374 78,234,062 85,514,986
- 34,575 306,454 - 1,485,012 - 193 2 1,826,236 1,924,755
131,113 599,792 130,429 200,965 1,464,477 201,498 25,531,492 760,063 34,051,225 38,893,147
63,157 311,857 334,074 848,470 12,348,155 20,577 8,192,275 1,554,313 46,009,073 48,546,594
217,650 758,844 628,794 2,301,020 3,881,261 41,547 6,750,707 2,723,297 99,209,351 103,295,015
169,107 746,629 800,975 2,018,374 3,392,523 45,222 8,892,597 2,518,428 85,439,446 88,760,433
111,700 324,072 161,893 1,131,116 12,836,893 16,902 6,050,385 1,759,182 59,778,978 63,081,176
(` in 000’s)
Miscellaneous Total

Liability Insurance
2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
218,631 990,783 314,079 745,992 9,623,984 199,292 11,736,375 1,668,135 48,665,179 54,240,171
- 161,481 478,484 - 354,950 - 6,110 760 1,001,785 1,075,406
110,001 842,168 303,756 108,551 804,540 180,382 8,712,063 440,791 17,106,839 20,625,988
108,630 310,096 488,807 637,441 9,174,394 18,910 3,030,422 1,228,104 32,560,125 34,689,589
169,107 746,629 800,975 2,018,374 3,392,523 45,222 8,892,597 2,518,428 85,439,446 88,760,433
141,383 878,630 689,728 2,095,940 3,916,841 47,912 4,568,255 2,206,078 66,533,867 70,302,784
136,354 178,095 600,054 559,875 8,650,076 16,220 7,354,764 1,540,454 51,465,704 53,147,238

Schedules
Schedule: 3
Commission

2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19

Commission paid
-Direct 555,306 326,254 19,466 345,720 6,532,081 273,377 6,805,458 62,106
Add: Commission on 63,994 27,951 4,733 32,684 36 - 36 -
re-insurance accepted
Less: Commission on 878,422 48,377 12,151 60,528 1,520,535 109,133 1,629,668 15,510
re-insurance ceded
Net Commission (259,122) 305,828 12,048 317,876 5,011,582 164,244 5,175,826 46,596

2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18

Commission paid
-Direct 400,769 283,205 8,676 291,881 3,580,233 2,664 3,582,897 53,806
Add: Commission on 71,652 22,301 3,752 26,053 50 - 50 -
re-insurance Accepted
Less: Commission on 954,485 57,814 12,437 70,251 1,912,165 54,693 1,966,858 8,824
re-Insurance Ceded
Net Commission (482,064) 247,692 (9) 247,683 1,668,118 (52,029) 1,616,089 44,982
Schedule: 3A
Commission Paid-Direct
(` in 000’s)
Particulars 2018-19 2017-18
Agents 1,408,665 1,147,816
Brokers 6,547,267 3,531,668
Corporate agency 2,412,556 2,252,173
Motor Insurance Service Providers 549,315 182,761
Point of Sale 160,502 4,006
Insurance Marketing Firm 1,127 -
Web aggregator 15,181 -
Referral - -
Total 11,094,613 7,118,424

(` in 000’s)
Miscellaneous Total
Liability Insurance
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
16,653 191,087 9,387 545,445 1,891,918 40,494 6,880 624,159 10,193,587 11,094,613
1,864 78,090 8,868 5,641 65,489 - 5 7,871 167,864 264,542
12,957 462,496 11,964 515,584 4,642,276 57,845 574,158 268,695 8,191,153 9,130,103
5,560 (193,319) 6,291 35,502 (2,684,869) (17,351) (567,273) 363,335 2,170,298 2,229,052
(` in 000’s)
Miscellaneous Total
Liability Insurance
2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
13,393 140,561 11,549 460,996 1,571,184 38,750 1,804 550,834 6,425,774 7,118,424
608 57,236 45,042 1,360 109,876 - - 4,689 218,861 316,566
11,506 243,102 5,133 887,402 4,558,153 63,313 1,358,904 146,604 9,249,799 10,274,535
2,495 (45,305) 51,458 (425,046) (2,877,093) (24,563) (1,357,100) 408,919 (2,605,164) (2,839,545)

Schedules
Schedule: 4
Operating expenses related to insurance business

Marine- Marine- Marine- Motor- Motor-TP Motor- Worksmen's
Cargo Others Total OD Total Compensation
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
Employees’ remuneration & welfare benefits 139,222 365,686 5,945 371,631 1,169,026 1,434,154 2,603,180 33,695
Travel, conveyance and vehicle running 12,992 40,462 700 41,162 88,106 124,898 213,004 3,311
expenses
Training expenses 2,202 3,845 52 3,897 23,276 24,631 47,907 509
Rents, rates & taxes* 14,091 18,559 308 18,867 221,739 229,453 451,192 3,699
Repairs & maintenance 12,752 11,073 242 11,315 138,029 159,564 297,593 3,305
Printing & stationery 2,206 2,441 41 2,482 30,525 32,787 63,312 556
Communication 7,877 8,656 162 8,818 75,201 85,163 160,364 1,550
Legal & professional charges 45,065 37,747 637 38,384 272,809 305,124 577,933 4,531
Auditors' fees, expenses etc
(a) as auditor 411 520 9 529 6,249 6,140 12,389 109
(b) as adviser or in any other capacity,
in respect of
(i) Taxation matters - - - - - - - -
(ii) Insurance matters - - - - - - - -
(iii) Management services; and - - - - - - - -
(c) in any other capacity 41 59 3 62 181 181 362 5
Advertisement and publicity 19,255 12,603 127 12,730 525,277 718,441 1,243,718 3,540
Interest & Bank charges 2,377 2,406 28 2,434 91,848 99,703 191,551 751
Others
(a) Business support services 3,153 3,521 41 3,562 22,473 47,200 69,673 1,381
(b) Sales promotion 134,977 103,413 484 103,897 2,000,763 2,104,909 4,105,672 53,133
(c) Miscellaneous expenses 2,859 4,348 53 4,401 5,919 6,723 12,642 271
Depreciation 12,095 18,000 297 18,297 178,098 177,727 355,825 3,099
Service tax and GST on premium account - - - - - - - -
Total 411,575 633,339 9,129 642,468 4,849,519 5,556,798 10,406,317 113,445
* Rent expense is net off rental income of ` 19,624 thousand (previous period ` 20,155 thousand)

Marine- Marine- Marine- Motor- Motor-TP Motor- Worksmen's
Cargo Others Total OD Total Compensation
2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
Employees’ remuneration & welfare benefits 214,671 167,816 3,084 170,900 1,037,740 1,037,227 2,074,967 33,309
Travel, conveyance and vehicle running 23,716 14,322 307 14,629 68,266 79,140 147,406 3,017
expenses
Training expenses 2,352 1,879 31 1,910 16,354 14,680 31,034 271
Rents, rates & taxes * 20,420 24,296 443 24,739 326,956 266,315 593,271 5,854
Repairs & Maintenance 13,316 11,202 275 11,477 161,979 151,368 313,347 3,956
Printing & stationery 1,822 2,195 40 2,235 33,939 28,777 62,716 565
Communication 11,322 8,123 148 8,271 113,619 101,182 214,801 2,054
Legal & professional charges 21,345 22,840 387 23,227 279,895 243,868 523,763 4,828
Auditors' fees, expenses etc
(a) as auditor 361 458 8 466 5,954 4,725 10,679 109
(b) as adviser or in any other capacity,
in respect of
(i) Taxation matters - - - - - - - -
(ii) Insurance matters - - - - - - - -
(iii) Management services; and - - - - - - - -
(c) in any other capacity 39 40 2 42 179 145 324 5
Advertisement and publicity 25,240 16,051 204 16,255 436,859 441,726 878,585 4,683
Interest & Bank Charges 1,224 1,398 15 1,413 71,252 58,734 129,986 601
Others
(a) Business support services 16,832 23,709 38 23,747 3,281,562 2,194,808 5,476,370 22,489
(b) Sales promotion 81,798 57,662 315 57,977 855,093 996,566 1,851,659 27,845
(c) Miscellaneous expenses 10,613 12,068 142 12,210 28,157 26,233 54,390 1,108
Depreciation 10,741 12,753 226 12,979 165,935 133,564 299,499 3,008
Service tax and GST on premium account - - - - - - - -
Total 455,812 376,812 5,665 382,477 6,883,739 5,779,058 12,662,797 113,702
* Rent expense is net off rental income of ` 20,155 thousand (previous period ` 27,999 thousand)

(` in 000’s)
Miscellaneous Total
Public/Product Engineering Aviation Personal Health Credit Crop/Weather Others Total-
Liability Accident Insurance Insurance Insurance Miscellaneous
2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19 2018-19
45,104 56,622 6,945 568,147 1,373,177 11,235 190,376 319,419 5,207,900 5,718,753
7,354 5,522 590 42,311 102,849 1,397 51,778 26,414 454,530 508,684
163 958 155 5,743 21,351 43 4,041 4,837 85,707 91,806

1,437 6,804 637 46,217 137,818 280 254,851 37,191 940,126 973,084
2,030 6,057 837 42,490 113,978 379 29,086 29,775 525,530 549,597
279 1,058 123 8,627 27,569 62 5,903 4,722 112,211 116,899
1,143 3,442 345 65,290 93,024 228 13,864 39,346 378,596 395,291
2,526 21,862 1,289 81,812 262,656 34,196 337,367 126,885 1,451,057 1,534,506
34 203 20 935 3,642 7 1,223 871 19,433 20,373
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
11 30 10 35 223 1 26 53 756 859
765 5,663 269 88,389 276,456 168 875 204,259 1,824,102 1,856,087
129 1,128 66 17,743 48,511 30 2,744 23,297 285,950 290,761
249 1,750 100 9,045 26,060 43 6,330 6,212 120,843 127,558

7,793 64,589 1,500 787,157 1,273,942 778 25,524 505,005 6,825,093 7,063,967
143 954 50 2,418 24,211 84 1,700 4,798 47,271 54,531
1,142 5,949 585 27,740 108,730 212 33,844 27,508 564,634 595,026
- - - - - - - - - -
70,302 182,591 13,521 1,794,099 3,894,197 49,143 959,532 1,360,592 18,843,739 19,897,782
(` in 000’s)
Miscellaneous Total
Public/Product Engineering Aviation Personal Health Credit Crop/Weather Others Total-
Liability Accident Insurance Insurance Insurance Miscellaneous
2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18 2017-18
41,558 113,080 15,368 456,889 1,168,300 9,394 193,238 444,337 4,550,440 4,936,011
5,685 12,487 2,116 34,447 103,124 980 39,353 36,307 384,922 423,267
163 1,184 231 3,271 12,330 28 2,172 4,613 55,297 59,559

1,734 10,915 3,837 53,411 167,131 503 70,521 67,531 974,708 1,019,867
2,332 7,183 2,322 40,855 121,510 436 37,652 41,967 571,560 596,353
206 989 317 5,808 20,610 42 5,891 5,506 102,650 106,707
1,097 5,755 1,058 55,590 124,636 252 18,725 84,079 508,047 527,640
2,789 11,018 2,626 44,742 190,817 33,925 246,982 86,850 1,148,340 1,192,912
28 194 63 742 2,985 8 1,244 1,061 17,113 17,940
- - - - - - - - - -
- - - - - - - - - -
- - - - - - - - - -
12 30 12 31 148 - 37 59 658 739
606 9,022 1,023 100,055 363,844 272 25,464 338,289 1,721,843 1,763,338
51 771 72 9,515 30,232 19 896 19,076 191,219 193,856
1,009 18,953 201 75,673 117,591 75 3,447 51,951 5,767,759 5,808,338

3,715 40,435 1,881 374,768 846,762 686 42,522 538,709 3,728,982 3,868,757
157 3,380 (2,978) 9,422 20,182 271 1,858 (16,576) 71,214 94,037
795 5,778 1,726 21,381 86,915 226 33,482 32,822 485,632 509,352
- - - - - - - - - -
61,937 241,174 29,875 1,286,600 3,377,117 47,117 723,484 1,736,581 20,280,384 21,118,673

Schedules
Schedule: 5
Share Capital
(` in 000’s)
Particulars At March 31, 2019 At March 31, 2018
Authorised Capital
475,000,000 (previous year : 475,000,000) Equity Shares of ` 10 each 4,750,000 4,750,000
Issued Capital
Subscribed Capital
Called up Capital
Less : Calls unpaid
Add : Equity Shares forfeited (Amount originally paid up) - -
Less : Par value of Equity Shares bought back - -
Less : (i) Preliminary Expenses to the extent not written off - -
(ii) Expenses including commission or brokerage on - -
underwriting or subscription of shares
Total 4,543,099 4,539,483
Note: Of the above, 253,843,806 shares are held by the holding company, ICICI Bank Limited (previous year : 253,843,806 shares)
Schedule: 5A
Share Capital
Pattern of shareholding
[As certified by the management]
(` in 000’s)
Shareholder At March 31, 2019 At March 31, 2018
Number of % of Holding Number of % of Holding
Shares Shares
Promoters
- Indian (ICICI Bank Limited) 253,843,806 55.87% 253,843,806 55.92%
Others
- Indian 68,231,813 15.02% 76,703,219 16.90%
- Foreign 132,234,325 29.11% 123,401,279 27.18%
Total 454,309,944 100.00% 453,948,304 100.00%

Schedule: 6
Reserves and Surplus
(` in 000’s)
1. Capital Reserve - -
2. Capital Redemption Reserve - -
3. Share Premium (refer note 4.17)
Opening balance 15,666,881 15,335,510
Additions during the period 33,465 331,371
Deductions during the period- share issue expenses - -
Closing balance 15,700,346 15,666,881
4. General Reserves
Opening balance 333,642 333,642
Additions during the period - -
Deductions during the period - -
Closing balance 333,642 333,642
Less: Debit balance in Profit and Loss Account - -
Less: Amount utilized for Buy-back - -
5. Catastrophe Reserve - -
6. Other Reserves
Debenture Redemption Reserve
Opening balance 103,929 -
Additions during the period 138,572 103,929
Deductions during the period - -
7. Balance of Profit in Profit and Loss Account 32,385,018 24,767,694
TOTAL 48,661,507 40,872,146
Schedule: 7
Borrowings
(` in 000’s)
Debentures/Bonds (refer note 5.2.18) 4,850,000 4,850,000
Banks - -
Financial Institutions - -
Others - -
Total 4,850,000 4,850,000

Schedules
Schedule: 8
Investments-Shareholders
(` in 000’s)
Long term investments
1.
Government securities and Government guaranteed bonds including 15,399,197 13,784,821
Treasury Bills
2. Other Approved Securities (note 3 below) - -
3. Other Investments
(a) Shares
(i) Equity (note 4 below) 5,014,781 6,572,485
(ii) Preference 86,774 12,353
(b) Mutual Funds - -
(c) Debentures/Bonds (note 5 below and note 5.2.24 in Schedule 16) 11,970,366 9,581,511
(d) Investment Properties-Real Estate (note 6 below) 257,896 1,415,907
(e) Other Securities (note 8 below) 1,696,484 1,333,342
4. Investments in Infrastructure and Housing 14,906,807 11,020,771
Total Long Term Investments 49,332,305 43,721,190
Short term investments

Government securities and Government guaranteed bonds including
1. 517,618 -
Treasury Bills
2. Other Approved Securities (note 7 below) 2,124,105 775,491
(a) Shares
(i) Equity - -
(ii) Preference - -
(b) Mutual Funds 247,649 1,007,030
(c) Debentures/Bonds 424,942 544,090
(d) Other Securities - -
4. Investments in Infrastructure and Housing 784,138 1,235,845
Total Short Term Investments 4,098,452 3,562,456
Total Investments 53,430,757 47,283,646
Notes:
1. Aggregate book value of investments (other than listed equities) is ` 47,758,816 thousand (previous year: ` 40,078,436 thousand).
2. Aggregate market value of investments (other than listed equities) is ` 47,551,020 thousand (previous year: ` 40,126,619 thousand).
3. Long term other approved securities include fixed deposit amounting to ` NIL (previous year: ` NIL).

4. Includes investments qualifying for Infrastructure and Housing investments of ` 556,518 thousand (previous year ` 473,190 thousand).
5. Includes investments in Perpetual Bonds of ` 3,825,955 thousand (previous year ` 3,661,663 thousand).
6. Investment Properties-Real Estate is shown at cost less accumulated depreciation of ` 23,114 thousand (previous year: ` 94,140 thousand).
The fair value of Real Estate is ` 306,915 thousand (previous year: ` 1,699,752 thousand) which is based on a valuation report.
7. Short term other approved securities includes Certificate of Deposits amounting to ` 446,664 thousand, Fixed deposits amounting to
` 129,849 thousand, Commercial Paper amounting to ` 235,765 thousand and TREPS amounting to ` 1,311,829 thousand (previous year:
Certificate of Deposits amounting to ` 475,729 thousand, Fixed deposits amounting to ` 63,276 thousand, Commercial Paper amounting to
` 236,486 thousand and TREPS amounting to ` NIL).
8. Includes investment in Fixed deposit amounting to ` 35,413 thousand (previous year: ` NIL).
9. Investment in mutual fund has been reclassified as approved investment to be in conformity with the IRDAI regulations (Refer note 5.2.27
in Schedule 16).
10. Investment assets have been allocated in the ratio of policyholders and shareholders funds (refer note 4.8 in Schedule 16).

Schedules
Schedule: 8A
Investments-Policyholders
(` in 000’s)
Long term investments
1. Government securities and Government guaranteed bonds including 49,827,179 40,678,131
Treasury Bills
2. Other Approved Securities (note 3 below) - -
(a) Shares
(i) Equity (note 4 below) 16,226,327 19,394,985
(ii) Preference 280,774 36,452
(b) Mutual Funds - -
(c) Debentures/ Bonds (note 5 below) 35,496,809 28,274,431
(d) Investment Properties-Real Estate (note 6 below) 834,476 -
(e) Other Securities (note 8 below) 4,753,191 3,263,269
Total Long Term Investments 155,652,707 124,168,862
Short term investments

1. Government securities and Government guaranteed bonds including 1,674,855 -
Treasury Bills
2. Other Approved Securities (note 7 below) 6,872,968 2,288,423
(a) Shares
(i) Equity - -
(ii) Preference - -
(b) Mutual Funds 764,710 2,933,276
(c) Debentures/Bonds 1,374,985 1,605,574
(d) Other Securities - -
Total Short Term Investments 13,224,751 10,474,172
Total Investments 168,877,458 134,643,034
Notes:
1. Aggregate book value of investments (other than listed equities) is ` 150,524,802 thousand (previous year: ` 113,380,965 thousand).
2. Aggregate market value of investments (other than listed equities) is ` 150,071,298 thousand (previous year: ` 112,685,496 thousand).
3. Long term other approved securities include fixed deposit amounting to ` NIL (previous year Fixed deposits of ` NIL).
4. Includes investments qualifying for Infrastructure and Housing investments of ` 1,800,726 thousand (previous year ` 1,396,354 thousand).
5. Includes investments in Perpetual Bonds of ` 12,379,640 thousand (previous year ` 10,812,754 thousand).
6. Investment Properties-Real Estate is shown at cost less accumulated depreciation of ` 74,789 thousand (previous year ` NIL). The fair value
of Real Estate is ` 993,085 thousand (previous year ` NIL) which is based on a valuation report.
7. Short term other approved securities includes Certificate of Deposits amounting to ` 1,445,266 thousand, Fixed deposits amounting to
` 420,151 thousand, Commercial Paper amounting to ` 762,865 thousand and TREPS amounting to ` 4,244,684 thousand (previous year
Certificate of Deposits amounting to ` 1,403,847 thousand, Fixed deposits amounting to ` 186,724 thousand, Commercial Paper amounting
to ` 697,852 thousand and TREPS amounting to ` NIL).
8. Includes investment in Fixed deposit amounting to ` 114,587 thousand (previous year: ` NIL).
9. Investment in mutual fund has been reclassified as approved investment to be in conformity with the IRDAI regulations (Refer note 5.2.27
in Schedule 16).
10. Investment assets have been allocated in the ratio of policyholders and shareholders funds (refer note 4.8 in Schedule 16)

Schedule: 9
Loans
(` in 000’s)
Security wise classification
Secured
(a) On mortgage of property
(aa) In India - -
(bb) Outside India - -
(b) On Shares, Bonds, Govt. Securities - -
(c) Others - -
Unsecured - -
Total - -
Borrower wise classification

(a) Central and State Governments - -
(b) Banks and Financial Institutions - -
(c) Subsidiaries - -
(d) Industrial Undertakings - -
(e) Others - -
Total - -
Performance wise classification

(a) Loans classified as standard
(aa) In India - -
(b) Non-performing loans less provisions
(aa) In India - -
Total - -
Maturity wise classification

(a) Short Term - -
(b) Long Term - -
Total - -
Note:- There are no loans subject to restructuring (previous year ` NIL).

Schedules
Schedule: 10
Fixed Assets
Particulars Cost/Gross Block

April 01, 2018 Additions Deductions March 31, 2019
Goodwill - - - -
Intangibles-Computer Software 3,562,930 236,796 5,739 3,793,987
Land-Freehold 2,411,770 - - 2,411,770
Leasehold Property - - - -
Buildings (note 1 below) 237,611 267,302 6,678 498,235
Furniture & Fittings (note 2 below) 686,806 375,474 141,655 920,625
Information Technology Equipment 507,155 194,960 36,845 665,270
Vehicles 104,920 48,344 3,120 150,144
Office Equipment (note 3 below) 399,236 303,691 55,552 647,375
Others - - - -
Total 7,910,428 1,426,567 249,589 9,087,406
Work in Progress (note 4 below)
Grand total 7,910,428 1,426,567 249,589 9,087,406
Previous year 7,481,493 472,196 43,261 7,910,428
Note:
1. Includes transfer of ` 267,302 thousand at cost less accumulated depreciation of ` 18,516 thousand from Investment properties for self/
own use as approved by IRDAI
2. Includes transfer of ` 25,993 thousand at cost less accumulated depreciation of ` 6,258 thousand from Investment properties for self/own
use as approved by IRDAI
3. Includes transfer of ` 6,094 thousand at cost less accumulated depreciation of ` 1,234 thousand from Investment properties for self/own
use as approved by IRDAI
4. Net of provision for doubtful advances of ` 1,475 thousand (Previous period : ` NIL)
Schedule: 11
Cash and Bank Balances
(` in 000’s)
Cash (including cheques, drafts and stamps) 430,522 312,780
Balances with scheduled banks :
(a) Deposit Accounts
(aa) Short-term (due within 12 months) * 1,941,828 3,044,078
(bb) Others - -
(b) Current Accounts 1,644,116 2,561,306
(c) Others - -
Money at Call and Short Notice
(a) With Banks - -
(b) With other institutions - -
Others - -
Total 4,016,466 5,918,164
* Other than Fixed Deposits forming part of Investment assets which is reflected under Schedule 8 and Schedule 8A - Investments
* Includes Fixed Deposit of ` 540,100 thousand (previous year ` 540,100 thousand) placed with BSE Ltd as a part of Listing Obligation and
` 1000 thousand (previous year ` NIL) placed with SBI bank for issuance of bank guarantee (refer note 5.1.2).

(` in 000’s)
Depreciation Net Block
April 01, 2018 For the year On Sales/ March 31, 2019 March 31, 2019 March 31, 2018
ended Adjustments
- - - - - -
2,849,561 328,237 5,739 3,172,059 621,928 713,369
- - - - 2,411,770 2,411,770
- - - - - -
52,134 15,641 (17,848) 85,623 412,612 185,477
593,923 91,351 133,971 551,303 369,322 92,883
465,013 60,226 36,685 488,554 176,716 42,142
17,449 25,409 950 41,908 108,236 87,471
256,848 52,397 41,900 267,345 380,030 142,388
- - - - - -
4,234,928 573,261 201,397 4,606,792 4,480,614 3,675,500
171,704 384,357
4,234,928 573,261 201,397 4,606,792 4,652,318 4,059,857
3,765,986 509,493 40,551 4,234,928 4,059,857

Schedules
Schedule: 12
Advances and Other Assets
(` in 000’s)
Advances
Reserve deposits with ceding companies 1,473 1,473
Application money for investments - -
Prepayments 144,343 267,133
Advances to Directors / Officers - -
Advance tax paid and taxes deducted at source 1,501,312 659,582
(net of provision for tax)
MAT credit entitlement - -
Others
- Sundry Advances & Deposits 1,126,101 943,766
- Provision for doubtful debts (9,199) (6,166)
- Surplus in Gratuity fund - -
- Advance to Employees against expenses 113 1,117,015 522 938,122
Total (A) 2,764,143 1,866,310
Other Assets
Income accrued on investments/deposits 5,989,124 4,677,873
Outstanding Premiums 23,147,596 20,009,217
Less: Provisions for doubtful debts 1,081,876 22,065,720 679,489 19,329,728
Agents’ Balances - -
Foreign Agencies’ Balances - -
Due from other Entities carrying on Insurance business (net) 67,668,687 77,092,786
(including reinsurers)
Less : Provisions for doubtful debts 423,265 67,245,422 1,213,040 75,879,746
Due from subsidiaries/holding company - -
Assets held for unclaimed amount of policyholders 1,625,595 1,286,156
Add: investment income accruing on unclaimed amount 281,425 1,907,020 138,002 1,424,158
Others
- GST paid in advance - -
- Unsettled investment contract receivable - 259,010
- Margin deposit 41,200 40,100
- Sundry receivable 23,982 65,182 835 299,945
Total (B) 97,272,468 101,611,450
Total (A+B) 100,036,611 103,477,760

Schedule: 13
Current Liabilities
(` in 000’s)
Agents’ Balances 141,308 119,752
Balances due to other insurance companies (net) 17,347,674 19,903,868
Deposits held on re-insurance ceded 192,748 130,227
Premiums received in advance 13,438,460 295,161
Unallocated Premium 8,283,352 4,197,457
Sundry Creditors 6,250,006 4,473,169
Due to subsidiaries/holding company 87,794 84,844
Claims Outstanding (gross) 164,255,969 159,160,313
Due to Officers/Directors - -
Unclaimed amount of policyholders 1,938,704 1,122,939
(refer note no. 5.2.13)
Add: investment income accruing on unclaimed amount 281,425 2,220,129 138,002 1,260,941
Others:
- Statutory Dues 308,643 311,261
- Salary Payable 9,275 4,712
- Collections-Environment Relief fund 221 1,265
(refer note no. 5.2.8)
- Book Overdraft 1,101,286 3,243,945
- Employee rewards 1,064,504 1,122,791
- Deposits 54,560 40,790
- Interim dividends payable 1,108 179
- Dividend distribution tax on interim dividend - -
- Interest accrued but not due on Borrowings 268,577 270,770
- Service Tax/GST Liability 1,202,742 4,010,916 490,849 5,486,562
Total 216,228,356 195,112,294

Schedules
Schedule: 14
Provisions
(` in 000’s)
Reserve for unexpired risk 56,009,832 44,377,741
Less: Unabsorbed enrollment costs - Government Schemes - 56,009,832 - 44,377,741
Reserve for premium deficiency - -
For taxation (less advance tax paid and taxes deducted at - -
source)
For proposed dividends - -
For dividend distribution tax - -
Others
- Gratuity 31,548 84,055
- Long term performance pay 224,847 218,447
- Accrued leave 92,805 73,639
- For future recoverable under reinsurance contracts - 349,200 30,068 406,209
Total 56,359,032 44,783,950
Schedule: 15
Miscellaneous expenditure
(To the extent not written off or adjusted)
(` in 000’s)
Discount allowed on issue of shares/ debentures - -
Others - -
Total - -

Schedule: 16
Significant accounting policies and notes forming part of the financial statements for the year ended
March 31, 2019
1 Background
ICICI Lombard General Insurance Company Limited (‘the Company’) was incorporated on October 30, 2000.
The Company obtained Regulatory approval to undertake General Insurance business on August 3, 2001 from
the Insurance Regulatory and Development Authority of India (‘IRDAI’) and holds a valid certificate of registration.
The equity shares of the Company are listed on BSE Limited and National Stock Exchange from September
27, 2017.
2 Basis of preparation of financial statements

The financial statements have been prepared and presented on a going concern basis in accordance with
Generally Accepted Accounting Principles followed in India under the historical cost convention, unless
otherwise specifically stated, on the accrual basis of accounting, and comply with the applicable accounting
standards referred to in section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts)
Rules, 2014, and in accordance with the provisions of the Insurance Act, 1938, Insurance Laws (Amendment)
Act, 2015 (to the extent notified), Insurance Regulatory and Development Authority Act, 1999, the Insurance
Regulatory and Development Authority of India (Preparation of Financial Statements and Auditor’s Report of
Insurance Companies Regulations), 2002 (‘the Regulations’) and orders/directions prescribed by the IRDAI in
this behalf, the provisions of the Companies Act, 2013 (to the extent applicable) in the manner so required and
current practices prevailing within the insurance industry in India.
The management evaluates, all recently issued or revised accounting pronouncements, on an ongoing basis.
The Financial Statements are presented in Indian rupees rounded off to the nearest thousand.
3 Use of estimates
The preparation of the financial statements in conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amount of assets and liabilities as
of the balance sheet date, reported amounts of revenues and expenses for the period ended and disclosure
of contingent liabilities as of the balance sheet date. The estimates and assumptions used in these financial
statements are based upon management’s evaluation of the relevant facts and circumstances as on the date of
the financial statements. Actual results may differ from those estimates. Any revision to accounting estimates
is recognised prospectively in current and future periods.
4 Significant accounting policies

4.1 Revenue recognition
Premium income
Premium including reinsurance accepted (net of Goods & Service Tax) other than for Long term (with term more
than one year) motor insurance policies for new cars and new two wheelers sold on or after September 1, 2018
is recorded on receipt of complete information, for the policy period at the commencement of risk. For Crop
insurance, the premium is accounted based on management estimates that are progressively actualised on
receipt of information. For installment cases, premium is recorded on installment due dates. Reinstatement
premium is recorded as and when such premiums are recovered. Premium earned including reinstatement

Schedules
premium and re-insurance accepted is recognised as income over the period of risk or the contract period
based on 1/365 method, whichever is appropriate on a gross basis. Any subsequent revisions to premium as
and when they occur are recognised over the remaining period of risk or contract period, as applicable.
In case of long term motor insurance policies for new cars and new two wheelers sold on or after
September 1, 2018, premium received (net of Goods & Service Tax) for third party liability coverage is
recognized equally over the policy period at the commencement of risk on 1/n basis where ‘n’ denotes the
term of the policy in years and premium received for Own damage coverage is recognized as per the annual
premium allocation determined at the inception of the policy in accordance with the product parameters filed
with IRDAI, on receipt of complete information. Reinstatement premium is recorded as and when such
premiums are recovered. Premium allocated for the year is recognised as income earned based on 1/365
method, on a gross basis. Reinstatement premium is allocated on the same basis as the original premium over
the balance term of the policy. Any subsequent revisions to premium as and when they occur are recognised
on the same basis as the original premium, over the balance term of the policy.
Adjustments to premium income arising on cancellation of policies are recognised in the period in which it is
cancelled. Adjustments to premium income for corrections to area covered under Crop insurance are recognized
in the period in which the information is confirmed by the concerned Government/nodal agency.
Income from reinsurance ceded

Commission on reinsurance ceded is recognised as income in the period of ceding the risk.
Profit commission under reinsurance treaties, wherever applicable, is recognised as income in the year of final
determination of profits as confirmed by reinsurers and combined with commission on reinsurance ceded.
Income earned on investments

Interest and rental income on investments are recognised on an accrual basis. Accretion of discount and
amortisation of premium relating to debt securities and non-convertible preference shares is recognised over
the holding/maturity period on a constant yield basis.
Dividend income is recognised when the right to receive dividend is established. Dividend income in respect of
listed equity shares is recognised on ex-dividend date.
Realised gain/loss on securities, which is the difference between the sale consideration and the carrying value
in the books of the Company, is recognised on the trade date. In determining the realised gain/loss, cost of
securities is arrived at on ‘Weighted average cost’ basis. Further, in case of listed equity shares and mutual fund
units, the profit or loss on sale also includes the accumulated changes in the fair value previously recognised in
the fair value change account.
Sale consideration for the purpose of realised gain/loss is net of brokerage and taxes, if any, and excludes
interest received on sale.
4.2 Premium received in advance

This represents premium received during the period, where the risk commences subsequent to the balance
sheet date and in case of long term motor insurance policies for new cars and new two wheelers sold on or
after September 1, 2018 premium allocated to subsequent periods.

4.3 Reinsurance premium
Insurance premium on ceding of the risk other than for long term motor insurance policies for new cars and
new two wheelers sold on or after September 1, 2018 is recognised simultaneously along with the insurance
premium in accordance with reinsurance arrangements with the reinsurers.
September 1, 2018, Reinsurance premium is recognized on the insurance premium allocated for the year
simultaneously along with the recognition of the insurance premium in accordance with the reinsurance
arrangements with the reinsurers. Any subsequent revision to premium ceded is recognised in the period of
such revision. Adjustment to reinsurance premium arising on cancellation of policies is recognised in the period
in which they are cancelled. Adjustments to reinsurance premium for corrections to area covered under Crop
insurance are recognized simultaneously along with related premium income.
4.4 Reserve for unexpired risk

Reserve for unexpired risk is recognised net of reinsurance ceded and represents premium written that is
attributable to, and is to be allocated to succeeding accounting periods. For Fire, Marine Cargo and Miscellaneous
business it is calculated on a daily pro-rata basis except in the case of Marine Hull business it is computed at
100% of net premium written on all unexpired policies on the balance sheet date.
4.5 Claims
Claims incurred comprise claims paid, estimated liability for outstanding claims made following a loss occurrence
reported and estimated liability for claims Incurred But Not Reported (‘IBNR’) and claims Incurred But Not
Enough Reported (‘IBNER’). Further, claims incurred also include specific claim settlement costs such as survey/
legal fees and other directly attributable costs.
Claims (net of amounts receivable from reinsurers/coinsurers) are recognised on the date of intimation based on
internal management estimates or on estimates from surveyors/insured in the respective revenue account(s).
Estimated liability for outstanding claims at balance sheet date is recorded net of claims recoverable from/
payable to co-insurers/reinsurers and salvage to the extent there is certainty of realisation. Salvaged stock is
recognised at estimated net realisable value based on independent valuer’s report.
Estimated liability for outstanding claims is determined by the management on the basis of ultimate amounts
likely to be paid on each claim based on the past experience and in cases where claim payment period exceeds
four years based on actuarial valuation. These estimates are progressively revalidated on availability of further
information.
IBNR reserves are provisions for claims that may have been incurred during the accounting period but have not
been reported or claimed. The IBNR provision also includes provision, for claims that have been incurred but
are not enough reported (IBNER). The provision for IBNR and IBNER is based on actuarial estimate duly certified
by the Appointed Actuary of the Company. The actuarial estimate is derived in accordance with relevant IRDAI
regulations and Guidance Note GN 21 issued by the Institute of Actuaries of India.
4.6 Acquisition costs

Acquisition costs are those costs that vary with, and are primarily related to the acquisition of new and renewal
of insurance contracts viz. commission, policy issue expenses, etc. These costs are expensed in the period in
which they are incurred except for commission on long term motor insurance policies for new cars and new two
wheelers sold on or after September 1, 2018.

Schedules
September 1, 2018 commission is expensed at the applicable rates on the premium allocated for the year.
4.7 Premium deficiency

Premium deficiency is recognised at segmental revenue account level when the sum of expected claim costs
and related expenses and maintenance costs (related to claims handling) exceed the reserve for unexpired
risks. The premium deficiency is calculated and duly certified by the Appointed Actuary.
4.8 Investments
Investments are recorded at cost on trade date and include brokerage, transfer charges, stamps etc., if any, and
exclude interest accrued up to the date of purchase.
(A) Classification
- Investments maturing within twelve months from balance sheet date and investments made with the
specific intention to dispose off within twelve months are classified as ‘short term investments’.
- Investments other than ‘short term investments’ are classified as ‘long term investments’.
Investments that are earmarked, are allocated separately to policyholder’s or shareholder’s, as applicable;
balance investments are segregated at Shareholder’s level and Policyholder’s level notionally based on
policyholder’s funds and shareholder’s funds at the end of period as prescribed by IRDAI.
(B) Valuation
Investments are valued as follows:
Debt securities and Non–convertible preference shares
All debt securities including government securities, non-convertible and redeemable preference shares and
Additional Tier 1 perpetual bonds are considered as ‘held to maturity’ and accordingly stated at amortised
cost determined after amortisation of premium or accretion of discount on a constant yield basis over the
holding period/maturity.
Equity shares and Convertible preference shares

Listed equities and convertible preference shares at the balance sheet date are stated at fair value, being
the last quoted closing price on the National Stock Exchange and in case these are not listed on National
Stock Exchange, then based on the last quoted closing price on the Bombay Stock Exchange.
Mutual funds (Other than venture capital fund)

Mutual fund investments are stated at fair value, being the closing net asset value at balance sheet date.
Investment Properties – Real Estate

Investment Properties- Real Estate are stated at historical cost less accumulated depreciation (calculated
at the same rate as applicable for Fixed Assets-Buildings).
Investments other than those mentioned above are valued at cost.
(C) Fair Value Change Account

In accordance with the Regulations, unrealised gain/loss arising due to changes in fair value of listed equity
shares, convertible preference shares and mutual fund investments are taken to the ‘fair value change
account’. This balance in the fair value change account is not available for distribution, pending realisation.

(D) Impairment of Investments
The Company assesses at each Balance Sheet date whether any impairment has occurred in respect of
investment in equity, units of mutual fund, investment in venture fund/alternative investment fund (AIF)
and investment properties. The impairment loss, other than considered temporary, if any, is recognised in
the profit and loss account and the carrying value of such investment is reduced to its recoverable value.
If on the assessment at balance sheet date a previously impaired loss no longer exists, then such loss is
reversed to the profit & loss account and the investment is restated to that extent.
4.9 Employee Stock Option Scheme (“ESOS”)

The Company follows the intrinsic method for computing the compensation cost, for options granted under the
scheme(s). The difference if any, between the intrinsic value and the grant price, being the compensation cost
is amortised over the vesting period of the options.
4.10 Fixed assets, Intangibles and Impairments

Fixed assets and depreciation
Fixed assets are stated at cost less accumulated depreciation. Cost includes the purchase price, purchase tax
(other than those recoverable from tax authorities) and any cost directly attributable to bringing the asset to its
working condition for its intended use.
Depreciation on assets purchased/disposed off during the year is provided on pro rata basis with reference to
the date of additions/deductions.
Depreciation on fixed assets is provided on straight-line method using the rates based on the economic useful
life of assets as estimated by the management/limits specified in Schedule II of the Companies Act, 2013
as below:
Nature of Fixed Assets Management Useful life as per the limits prescribed in
Estimate of Useful Schedule II of the Companies Act, 2013
Life in years in Years
Building 60.00 60.00
Information Technology equipment–Servers & 3.00 6.00
Networks
Information Technology equipment–Others 3.00 3.00
Furniture & Fittings 6.67 10.00
Office Equipment 10.00 5.00
Vehicles 5.00 8.00
In case of Office Equipment, the management estimate of the useful life is higher and for Information Technology
equipment (Servers & Networks), Furniture & Fitting and Vehicles, the management estimate of the useful life is
lower than that prescribed in Schedule II of the Companies Act, 2013. This is based on the consistent practices
followed, past experience and is duly supported by technical advice.
Depreciation on Furniture & Fittings and Office Equipment in leased premises is recognised on a straight-line
basis over the primary period of lease or useful life as determined by management, whichever is lower.
All assets including intangibles individually costing up to ` 5,000 are fully depreciated/amortised in the year in
which they are acquired.

Schedules
Capital work in progress

Capital work in progress includes assets not ready for the intended use and are carried at cost, comprising
direct cost and related incidental expenses.
Intangibles Assets
Intangible assets comprising computer software are stated at cost less accumulated amortisation. Computer
software including improvements are amortised over a period of 4 years, being the management’s estimate of
the useful life of such intangibles.
Impairment of Assets
The Company assesses at each balance sheet date whether there is any indication that any asset may be
impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverable amount
and the impairment loss is recognised in the profit and loss account. If at the balance sheet date there is any
indication that a previously assessed impairment loss no longer exists, then such loss is reversed and the asset
is restated to that extent.
4.11 Operating Lease

Payments made towards assets/premises taken on operating lease are recognised as an expense in the revenue
account(s) and profit and loss account over the lease term on straight-line basis. Initial direct costs incurred
specifically for an operating lease are charged to the revenue account(s) and profit and loss account.
4.12 Employee benefits

Short term employee benefits
Employee benefits payable wholly within twelve months of rendering the service are classified as short term
employee benefits and are recognized in the period in which the employee renders the related service. These
benefits include salaries, bonus, and compensated absences.
Long term employee benefits

Provident fund
This is a defined contribution scheme and contributions payable to the Regional Provident Fund Authority are
provided on the basis of prescribed percentage of salary and are charged to revenue account(s) and profit and
loss account.
Gratuity
Gratuity, which is a defined benefit scheme, is provided on the basis of actuarial valuation including actuarial
gains/losses at balance sheet date and is recognised in the revenue account(s) and profit and loss account. The
actuarial valuation has been carried out using the Projected Unit Credit Method.
Accrued leave
Compensated absences are provided based on actuarial valuation including actuarial gains/losses at balance
sheet date and are recognised in the revenue account(s) and profit and loss account. The actuarial valuation
has been carried out using the Projected Accrued Benefit Method which is same as the Projected Unit Credit
Method in respect of past service.
Long Term Performance Pay

Long Term Performance Pay is provided based on actuarial valuation including actuarial gains/losses at balance
sheet date and is recognised in the revenue account(s) and profit and loss account. The actuarial valuation has
been carried out using the Projected Unit Credit Method.

4.13 Foreign currency transactions
ransactions denominated in foreign currencies are recorded at the rates prevailing on the date of the transaction.
T
Foreign exchange denominated monetary assets and liabilities, are restated at the rates prevalent at the date of
the balance sheet. The gains/losses on account of restatement and settlement are recognised in the revenue
account(s) and profit and loss account.
The premium or discount arising at the inception of a forward exchange contract, not intended for trading
or speculation purpose, is amortised as expense or income as the case may be over the life of the contract.
Exchange difference on account of change in rates of underlying currency at the expiry of the contract period
is recognised in the revenue account(s) and profit and loss account. Any profit or loss arising on cancellation or
roll-over of such a forward exchange contract is recognised as income or expense for the contract period.
4.14 Borrowings
Borrowing costs are charged to the Profit and Loss account in the period in which they are incurred.
4.15 Grants
The Company recognises grants only when there is reasonable assurance that the conditions attached to them
shall be complied with, and the grants will be received.
Grants related to assets are presented in the balance sheet by showing the grant as a deduction from the gross
value of the assets concerned in arriving at their book value. Grants related to revenue are recognised over
the period necessary to match them with the related costs, for which they are intended to compensate, on a
systematic basis. Such grants are deducted in reporting the related expense.
Unspent balances of grants are carried forward to the subsequent years under the head “Current Liabilities” for
adjustment against expenses in those years.
A grant that becomes refundable is treated as an extraordinary item. The amount of such refundable grant
related to revenue is applied first against any unamortised deferred credit remaining in respect of the grant. To
the extent that the amount refundable exceeds any such deferred credit, or where no deferred credit exists, the
amount is charged immediately to the profit and loss account.
The amount refundable related to a specific fixed asset is recorded by increasing the book value of the asset.
Where the book value of the asset is increased, depreciation on the revised book value is provided.
4.16 Taxation
Current tax
The Company provides for income tax on the basis of taxable income for the current accounting period in
accordance with the provisions of the Income Tax Act, 1961.
In accordance with the recommendations contained in guidance note issued by the Institute of Chartered
Accountants of India, Minimum Alternate Tax (‘MAT’) credit is recognised as an asset to the extent there is
convincing evidence that the Company will pay normal income tax in future by way of a credit to the profit and
loss account and shown as MAT credit entitlement.
Deferred tax
Deferred tax assets and liabilities are recognised for the future tax consequences attributable to timing
differences between the accounting income as per the Company’s financial statements and the taxable income
for the year.

Schedules
Deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognised using the
tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets can be
realised in future, however, where there is unabsorbed depreciation or carried forward loss under taxation laws,
deferred tax assets are recognised only if there is virtual certainty of realisation of such assets.
Deferred tax assets are reviewed at each balance sheet date and appropriately adjusted to reflect the amount
that is reasonably/virtually certain to be realised.
Goods and Service Tax

Goods and Service Tax (“GST”) collected (net of refunds) is considered as a liability against which GST paid for
eligible input services, to the extent claimable, is adjusted and the net liability is remitted to the appropriate
authority. Unutilized GST credits, if any, are carried forward under “Other Assets” and disclosed in Schedule 12
for adjustment in subsequent periods. At the end of every reporting period, the company assesses whether
the unutilized GST credits are eligible for carrying forward as per the related legal provisions. Any ineligible GST
credit is expensed on such determination. GST liability to be remitted to the appropriate authority is disclosed
under “Others - GST Liability” in Schedule 13.
GST on capital assets is included in the acquisition cost of such assets.
4.17 Share issue expenses

Share issue expenses are adjusted against share premium account.
4.18 Earnings per share

The basic earnings per share is calculated by dividing the net profit after tax by weighted average number of
equity shares outstanding during the reporting period.
Number of equity shares used in computing diluted earnings per share comprises the weighted average number
of shares considered for basic earnings per share and also weighted average number equity shares which
would have been issued on conversion of all dilutive potential shares. In computing diluted earnings per share
only potential equity shares that are dilutive are considered.
4.19 Provisions and Contingencies

A provision is recognised when an enterprise has a present obligation as a result of past event and it is probable
that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate
can be made. Provisions are not discounted to their present value and are determined based on best estimate
required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and
adjusted to reflect the current best estimates.
Contingent losses arising from claims other than insurance claims, litigation, assessment, fines, penalties, etc.
are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated.
A disclosure for a contingent liability other than those under policies is made when there is a possible obligation
or a present obligation that may, but probably will not require an outflow of resources.
Show Cause Notices issued by various Government Authorities are not considered as Obligation. When the
demand notices are raised against such show cause notices and are disputed by the Company, these are
classified as disputed obligations.

When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of
resources is remote, no provision or disclosure is made.
Contingent asset are neither recognised nor disclosed in the financial statements.
4.20 Cash and cash equivalents

Cash & cash equivalent include cash and cheques in hand, bank balances and other investments (fixed deposits)
with original maturity of three months or less which are subject to insignificant risk of changes in values.
5. Notes to accounts
5.1 Statutory disclosures as required by IRDAI
5.1.1 Contingent liabilities
(` in 000’s)
Particulars At At
March 31, 2019 March 31, 2018
Partly-paid up investments - -
Claims, other than those under policies, not acknowledged as debt - -
Underwriting commitments outstanding NA NA
Guarantees given by or on behalf of the Company - -
Statutory demands/liabilities in dispute, not provided for 4,305,776 4,166,548
(Refer note-1 & 2 below)
Reinsurance obligations to the extent not provided for in - -
accounts
Others : (Refer note-3 & 4 below) 1,884 157,829
Note: (1) The Company has disputed the demand raised by Income Tax Authorities of ` 227,099 thousand (previous year:
` 227,099 thousand), the appeals of which are pending before the appropriate Authorities. This excludes Income
Tax demand related to Assessment Year 2003-04, 2005-06, 2006-07 & 2008-09 in respect of which the Company has
received favorable appellate order, which is pending for effect to be given by the Assessing Authority.
(2) Includes demand (including interest and penalty) of ` 4,078,677 thousand (previous year:` 3,939,449 thousand) from
Service Tax Authorities/Goods & Service Tax Authorities, the appeals of which are pending before the appropriate
Authorities.
(3) The Company has received a demand of ` 45,955 thousand (previous year: ` 45,900 thousand) from Government of
Uttar Pradesh seeking refund of premium on policies issued under the RSBY scheme. The company holds outstanding
claim reserves of ` 44,071 thousand (previous year: ` 41,400 thousand) against these RSBY Policies. The company
has filed an appeal with National Grievance Redressal Committee (NGRC).
(4) In terms of IRDAI circular no. IRDA/F&A/CIR/MISC/105/07/2018 dated July 11, 2018, Master circular no. IRDA/F&A/
CIR/MISC/20/02/2018 dated February 6, 2018 stands withdrawn and accordingly, the Company need not disclose the
amount transferred to the Senior Citizens’ Welfare Fund (SCWF) as Contingent liability as part of financial statement
from financial year 2018-19 onwards. In the previous year the Company has shown ` 153,329 thousand (Including
interest thereon of ` 19,651 thousand) transferred to the Senior Citizen’s welfare fund as contingent liability.
5.1.2 The assets of the Company are free from all encumbrances except for fixed deposits of ` 541,100
thousand (previous year: ` 540,100 thousand) (Included in short term deposit account in Schedule – 11)
for issuing bank guarantees.
5.1.3 Estimated amount of commitment pertaining to contracts remaining to be executed in respect of fixed
assets (net of advances) is ` 306,972 thousand (previous year: ` 250,056 thousand).
5.1.4 Commitment in respect of loans is ` NIL (previous year: ` NIL) and investments is ` 6,932,036 thousand
(previous year: ` 909,308 thousand).

Schedules
5.1.5 Claims
Claims, less reinsurance paid to claimants in/outside India are as under:
(` in 000’s)
Particulars For the year ended For the year ended
March 31, 2019 March 31, 2018
In India 86,220,995 54,107,948
Outside India 1,218,746 1,207,629
Ageing of gross claims outstanding is set out in the table below:

(` in 000’s)
Particulars As at As at
March 31,2019 March 31, 2018
More than six months 45,434,370 35,125,420
Others 118,821,599 124,034,893
Claims settled and remaining unpaid for more than six months is ` NIL (previous year: ` NIL).
Claims where the claim payment period exceeds four years:
As per circular F&A/CIR/017/May-04, the claims made in respect of contracts where claims payment
period exceeds four years, are required to be recognised on actuarial basis. Accordingly, the Appointed
Actuary has certified the fairness of the liability assessment, assuming ‘NIL’ discount rate.
In this context, the following claims have been valued on the basis of a contractually defined benefit
amount payable in monthly installments.
Product Name: Personal protect

(` in 000’s)
March 31, 2019 March 31, 2018
Count Amount Count Amount
Intimated 255 322,545 483 467,156
Paid 792 25,030 756 21,873
Outstanding 330 354,900 356 298,011
5.1.6 Premium
(A) All premiums net of Re-insurance are written and received in India.
(B) No premium income is recognized on varying risk pattern.
5.1.7 Sector wise details of the policies issued are given below:
Sector For the year ended March 31, 2019 For the year ended March 31, 2018
GDPI No. of % of No. of % of GDPI No. of % of No. of % of
` in 000’s Policies Policy lives GDPI ` in 000’s Policies Policy lives GDPI
Rural 28,608,945 761,664 2.88 - 19.75 27,087,941 717,698 3.05 - 21.92
Social 75,257 0 0.00 10,408,643 0.05 378,553 0 0.00 6,275,397 0.31
Urban 116,198,073 25,722,414 97.12 - 80.20 96,102,052 22,802,165 96.95 - 77.77
Total 144,882,275 26,484,078 100.00 100.00 123,568,546 23,519,863 100.00 100.00

5.1.8 Extent of risks retained and reinsured is set out below (excluding excess of loss and catastrophe
reinsurance)
Particulars Basis For the year ended For the year ended
March 31, 2019 March 31, 2018
Retention Ceded Retention Ceded
Fire Total sum insured 21% 79% 21% 79%
Marine – Cargo Value at risk 72% 28% 70% 30%
Marine – Hull Value at risk 7% 93% 7% 93%
Miscellaneous
- Engineering Total sum insured 34% 66% 34% 66%
- Motor Total sum insured 90% 10% 89% 11%
- Workmen’s Compensation Value at risk 85% 15% 90% 10%
- Public Liability Value at risk 48% 52% 55% 45%
- Personal Accident Value at risk 82% 18% 72% 28%
- Aviation Value at risk 21% 79% 40% 60%
- Health Value at risk 70% 30% 67% 33%
- Credit Insurance Value at risk 8% 92% 8% 92%
- Crop/Weather Insurance Value at risk 26% 74% 27% 73%
- Others Value at risk 64% 36% 70% 30%
5.1.9 (A) Investments

Value of contracts in relation to investments for:
- Purchases where deliveries are pending ` 81,944 thousand (previous year: ` NIL); and
- Sales where payments are overdue ` NIL (previous year: ` NIL).
Historical cost of investments that are valued on fair value basis is ` 21,651,683 thousand (previous
year: ` 25,063,263 thousand).
(` in 000’s)
Particulars As at As at
March 31,2019 March 31, 2018
Equity Shares 20,640,383 21,128,563
Mutual Funds 1,011,300 3,934,700
Total 21,651,683 25,063,263
All investments are made in accordance with Insurance Act, 1938 and Insurance Regulatory and
Development Authority of India (Investment) Regulations, 2016 and are performing investments.
(Refer note no. 5.2.24)
(B) Allocation of investment income

Investment income which is directly identifiable is allocated on actuals to revenue account(s) and profit
and loss account as applicable. Investment income which is not directly identifiable has been allocated
on the basis of the ratio of average policyholder’s investments to average shareholder’s investments,
average being the balance at the beginning of the year and at the end of the reporting year.

Schedules
Further, investment income across segments within the revenue account(s) has also been allocated on
the basis of segment-wise policyholders funds.
5.1.10 Allocation of expenses

Allocation/apportionment of Operating Expenses is based on the Organisational Structure of the
Company comprising off Business, Service and Support Groups. Business comprises of Wholesale
Business Group, Retail Business Group (including Sub Groups) and Government Business Group.
Expenses incurred by Business Group are direct in nature. Service Group comprises of Customer
Service Group which consists of Underwriting and Claims Group, created based on product segments.
Support Group consists of Investments, Operations, Legal, Finance and Accounts, Reinsurance,
Technology etc. Expenses incurred by Service and Support Groups are indirect in nature.
Operating expenses relating to insurance business are allocated to specific classes of business on the
following basis:
- Direct expenses pertaining to Business Group that are directly identifiable to a product segment
are allocated on actuals and other direct expenses are apportioned in proportion to the net written
premium of the product within the Business Group. However, in case of retail business group, the
other expenses of its sub group are apportioned based on the net written premium contributed by
the respective sub group;
- Expenses pertaining to Service Group are apportioned directly to the product to which it pertains.
In case of multiple products, expenses are apportioned in proportion to the net written premium
of the multiple products;
- Expenses pertaining to Support Group and any other expenses, which are not directly allocable,
are apportioned on the basis of net written premium in each business class.
In accordance with the IRDAI (Expenses of Management of Insurers transacting General or Health
Insurance Business) Regulations, 2016, operating expenses of ` 241,920 thousand in excess of
segmental limits pertaining to Miscellaneous- Retail segment are reduced proportionately from each
expenditure head and are borne by the shareholders.
5.1.11 Employee Benefit Plans

(A) Defined contribution plan
(` in 000’s)
Expenses on defined contribution plan For the year ended For the year ended
March 31, 2019 March 31, 2018
Contribution to staff provident fund 197,850 168,203
(B) Defined benefit plan

Gratuity
The Company has a defined gratuity benefit plan payable to every employee on separation from
employment. The Company makes the contribution to an approved gratuity fund which is maintained
and managed by ICICI Prudential Life Insurance Company Limited.

Reconciliation of opening and closing balance of the present value of the defined benefit obligation for
gratuity benefits of the Company is given below:
(` in 000’s)
Reconciliation of Benefit Obligations and Plan Assets For the year ended For the year ended
March 31, 2019 March 31, 2018
Change in Defined Benefit Obligation
Opening Defined Benefit Obligation 607,582 540,390
Current Service Cost 77,296 71,775
Interest Cost 47,103 39,110
Actuarial Losses/(Gain) 65,887 10,310
Liabilities assumed on Acquisition - -
Benefits Paid (67,189) (54,003)
Closing Defined Benefit Obligation 730,679 607,582
Change in the Fair Value of Assets
Opening Fair Value of Plan Assets 523,527 542,670
Expected Return on Plan Assets 37,943 39,923
Actuarial Gains/(Losses) 5,699 (5,063)
Contributions by Employer 199,151 -
Assets acquired on acquisition - -
Benefits paid (67,189) (54,003)
Closing Fair Value of Plan Assets 699,131 523,527
Expected Employer’s contribution Next Year 70,000 70,000
(` in 000’s)
Reconciliation of Present Value of the obligation At At
and the Fair Value of the Plan Assets March 31, 2019 March 31, 2018
Fair Value of Plan Assets at the end of the year (699,131) (523,527)
Present Value of the defined obligations at the
730,679 607,582
end of the year
Liability recognised in the balance sheet 31,548 84,055
Asset recognised in the balance sheet - -
Assumptions
Discount Rate 7.00% p.a. 7.45% p.a.
Mortality Rate Indian Assured Indian Assured
Lives Mortality Lives Mortality
(2012-14) (2006-08)
Retirement Age 58.00 58.00
Attrition Rate 10% - 26% 10% - 26%
Expected Rate of Return on Plan Assets 7.50% p.a. 7.50% p.a.
Salary Escalation Rate 9.00% p.a. 9.00% p.a.

Schedules
Investment Pattern of Gratuity Funds:

(` in 000’s)
Particulars As at March 31, 2019 As at March 31, 2018
Amount % Amount %
Group Balanced Fund 511,069 73 454,010 87
Group Debt Fund 14 0 14 0
Group Short Term Debt Fund 188,048 27 69,503 13
Total Funds* 699,131 100 523,527 100
*The funds are managed by ICICI Prudential Life Insurance Company Limited.
(` in 000’s)
Expenses to be recognised in statement of Profit For the year ended For the year ended
and Loss Account March 31, 2019 March 31, 2018
Current Service Cost 77,296 71,775
Interest on Defined Benefit Obligation 47,104 39,110
Expected return on Plan Assets (37,943) (39,923)
Net Actuarial Losses/(Gains) recognised in year 60,188 15,373
Past Service Cost - -
Losses/(Gains) on “Curtailments & Settlements” - -
Losses/(Gains) on “Acquisition/ Divestiture” - -
Effect of limit in Para 59 (b) - -
Total included in Employee Benefit Expense 146,644 86,335
Experience adjustments of five years is given below

(` in 000’s)
Particulars March March March March March
31, 2019 31, 2018 31, 2017 31, 2016 31, 2015
Defined Benefit Obligation 730,679 607,582 540,390 417,465 384,444
Plan assets 699,131 523,527 542,670 421,344 382,942
Surplus/(Deficit) (31,548) (84,055) 2,280 3,879 (1,502)
Exp. Adj on Plan Liabilites 48,064 28,632 44,699 (32,494) 5,957
Exp. Adj on Plan Assets 5,699 (5,063) 18,732 (11,373) 26,894
Accrued Leave
The Company has a scheme for accrual of leave for employees, the liability for which is determined on
the basis of Actuarial Valuation carried out at the year end. Assumptions stated above are applicable
for accrued leaves also.
(` in 000’s)
March 31, 2019 March 31, 2018
Add: Provision made during the year 19,166 (31,389)
Assumptions

Long Term Performance Pay
The Company has schemes for Long Term Performance incentive plan. The plan is a discretionary
deferred compensation plan with a vesting period of three years. The Company has determined the
liability on the basis of Actuarial valuation.
(` in 000’s)
March 31, 2019 March 31, 2018
Add: Provision made during the year 6,400 (65,002)
Assumptions
5.1.12 Remuneration to Managerial and Key Management Persons

(A) The details of remuneration of MD & CEO and two Wholetime Directors’ as per the terms of
appointment are as under:
(` in 000’s)
Particulars (see note below) For the year ended For the year ended
March 31, 2019 March 31, 2018
Salaries and allowances 129,479 109,520
Contribution to provident and other funds 5,550 4,856
Perquisites 1,541 1,559
Managerial remuneration in excess of ` 15,000 thousand, for each Managerial personnel has been
charged to profit and loss account. Additionally, the Directors are granted options pursuant to
Company’s Employees Stock Option Scheme and ICICI Bank’s Employees Stock Option Scheme.
(B) The details of remuneration of Key Management Persons as per guidelines issued by IRDAI vide
Ref. no. IRDA/F&A/GDL/CG/100/05/2016 dated May 18, 2016 and as per the terms of appointment
of Company are as under:
(` in 000’s)
Particulars (see note below) For the year ended For the year ended
March 31, 2019 March 31, 2018
Salaries and allowances 199,271 165,424
Contribution to provident and other funds 6,100 5,301
Perquisites 1,592 1,372
Note: Provision towards gratuity, leave accrued and Long Term Performance Pay are determined actuarially on an
overall basis and accordingly have not been considered for the above disclosures. Additionally, the KMP’s based
on entitlements are granted options pursuant to Company’s Employees Stock Option Scheme and ICICI Bank’s
Employees Stock Option Scheme.
5.1.13 (A) Share Capital

During the year the Company has allotted 361,640 equity shares (previous year: 2,797,618 equity
shares) under ESOP raising ` 37,081 thousand (previous year: ` 359,347 thousand).
During the year the Company has not made any preferential allotment (previous year ` NIL).

Schedules
(B)
Share Application
At March 31, 2019 the Company had not received any share application money (previous year:
` NIL) against which shares are yet to be allotted.
5.1.14 Outsourcing, business development and marketing support expenses

Expenses relating to outsourcing, business development and marketing support are:
(` in 000’s)
March 31, 2019 March 31, 2018
Outsourcing expenses 2,156,219 1,770,139
Business development
- Sales promotion 7,153,367 3,868,826
- Business support services 128,669 5,808,351
Marketing support 1,892,416 1,763,337
5.1.15 Details of penal actions taken by various Govt. authorities during year ended March 31, 2019:
(` in 000’s)
Sl Authority Non- Penalty Penalty Penalty
No. Compliance/ Awarded Paid Waived/
Violation Reduced
1 Insurance Regulatory and - - - -
Development Authority (-) (-) (-) (-)
2 Service Tax Authorities 18,214 18,214 18,214 -
(-) (-) (-) (-)
3 Income Tax Authorities - - - -
(-) (-) (-) (-)
4 Any other Tax Authorities - - - -
(-) (-) (-) (-)
5 Enforcement Directorate/ - - - -
Adjudicating Authority/ Tribunal (-) (-) (-) (-)
or any Authority under FEMA
6 Registrar of Companies/ NCLT/ - - - -
CLB/ Department of Corporate (-) (-) (-) (-)
Affairs or any Authority under
Companies Act, 1956
7 Penalty awarded by any - - - -
Court/ Tribunal for any matter (-) (-) (-) (-)
including claim settlement but
excluding compensation
8 Securities and Exchange Board - - - -
of India (-) (-) (-) (-)
9 Competition Commission - - - -
of India (-) (-) (-) (-)
10 Any other Central/State/Local - - - -
Govt/Statutory Authority (-) (-) (-) (-)
(Tariff Advisory Committee)
Figure in brackets pertain to year ended March 31, 2018

5.1.16 Summary of Financial Statements for five years:
(` in 000’s)
Particulars FY 2018-19 FY 2017-18 FY 2016-17 FY 2015-16 FY 2014-15
Operating Result
Gross direct premium 144,882,275 123,568,546 107,251,960 80,907,071 66,777,956
Net premium income # 95,385,568 78,447,557 65,947,994 54,348,919 44,276,854
Income from investments (net)@ 13,355,190 11,267,503 10,012,329 9,299,869 7,641,750
Other income 413,516 278,607 446,568 400,599 227,116
Total income 109,154,274 89,993,667 76,406,891 64,049,387 52,145,720
Commissions (net) 2,229,052 (2,839,545) (4,341,303) (3,279,732) (3,738,213)
(including brokerage)
Operating expenses 19,897,782 21,118,673 19,820,372 17,112,042 13,870,587
Net incurred claims & other outgoes 63,081,176 53,147,238 49,543,315 39,282,142 34,434,368
Change in unexpired risk reserve 11,632,090 9,330,209 4,311,952 6,132,746 1,923,506
Operating Profit/(Loss) 12,314,174 9,237,092 7,072,555 4,802,189 5,655,472
Non - Operating Result
Total income under shareholder’s 3,669,990 2,725,239 2,028,459 2,274,739 1,251,749
account (net of expenses)
Profit/(Loss) before tax 15,984,164 11,962,331 9,101,014 7,076,928 6,907,221
Provision for tax 5,491,538 3,344,574 2,082,175 2,002,461 1,551,076
Profit/(Loss) after tax 10,492,626 8,617,757 7,018,839 5,074,467 5,356,145
Miscellaneous
Policy holder’s account:
Total funds 172,154,124 134,006,827 107,240,107 88,920,306 70,427,250
Total investments
Not applicable as investments are not earmarked
Yield on investments
Shareholder’s account:
Total funds 53,204,606 45,411,629 37,252,943 31,756,464 28,233,291
Total investments
Not applicable as investments are not earmarked
Yield on investments
Paid up equity capital 4,543,099 4,539,483 4,511,507 4,475,384 4,465,940
Net worth ** 53,204,606 45,411,629 37,252,943 31,756,464 28,233,291
Total assets 334,026,207 297,496,589 233,508,755 156,758,044 136,563,891
Yield on total investments 9% 9% 10% 11% 10%
(annualised)
Earnings per share (`) 23.11 19.01 15.66 11.35 12.03
Book value per share (`) 117.11 100.04 82.57 70.96 63.22
Total dividend (excluding dividend tax) 2,270,104 679,988 1,571,008 1,341,696 891,225
Dividend per share (`) 5.00^ 1.50 3.50 3.00 2.00
# Net of Reinsurance
@ Includes Profit Net of Losses on sale/redemption of investments and at gross Interest, Dividend & Rent
** Shareholders funds/Net worth= (Share capital + Reserve & Surplus) – (Miscellaneous Expenditure + Debit balance in profit &
loss account)
^ This includes Final dividend of ` 2.50 per share for FY 2017-18 paid during FY 2018-19 and Interim dividend of ` 2.50 per share
for FY 2018-19. The proposed final dividend of ` 3.50 per share for FY 2018-19 is subject to requisite approval of Members which
will be paid in FY 2019-20.

Schedules
5.1.17 Ratio Analysis:

(A) For ratios at March 31, 2019 refer Annexure 1a and 1b and for March 31, 2018 refer Annexure 2a
and 2b
(B)
Solvency Margin
(` in 000’s)
Solvency Margin At March 31, 2019 At March 31, 2018
Required solvency margin under IRDAI Regulations (A) 23,446,500 21,907,300
Available solvency margin (B) 52,576,200 44,912,000
Solvency ratio actual (times) (B/A) 2.24 2.05
Solvency ratio prescribed by Regulation 1.50 1.50
5.1.18 Employee Stock Option Scheme (ESOS)

The Company instituted the ESOS Scheme pursuant to the resolutions passed by our Board and
Shareholders on April 26, 2005 and July 22, 2005, respectively. The Company had granted Stock options
to employees in compliance with the Securities and Exchange Board of India (Employee stock option
scheme and employee stock purchase scheme) guidelines, 1999. Pursuant to the ESOS Scheme,
no eligible employee could, in aggregate be granted in a financial year, options greater than 0.1% of
the issued equity share capital of the Company and the aggregate of options granted to the eligible
employees under the ESOS Scheme was capped at 5% of the issued capital of our Company as on the
date of such grants. ESOS Scheme was further amended pursuant to the resolutions passed by the
Board and Shareholders on June 9, 2017 and July 10, 2017, respectively, to approve the amendment
in the ESOS Scheme for, inter alia, aligning it with the Securities and Exchange Board of India (Share
Based Employee Benefits) Regulations, 2014. Further, the exercise price was finalized by the Board
Nomination and Remuneration Committee in concurrence with the Board based on an independent
valuer’s report. During the year ended March 31, 2019, the Company has granted options under the
ESOS scheme in compliance with Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014 and is set out below.
The salient features of the Scheme are stated below:

Performance ESOPs (2005, 2006 & 2007):
Scheme
Date of grant 2005 April 26, 2005
2006 April 24, 2006
2007 April 21, 2007
No. of Options granted (in 000’s) 13,322
Grant Price ` 35 – ` 60
Graded Vesting Period
1st Year 20% of option
2nd Year 20% of option
3rd Year 30% of option
4th Year 30% of option
Maximum term of option granted Later of the thirteenth anniversary of the date of grant of
options or fifth anniversary of the date of vesting
Mode of settlement Equity

Performance ESOPs (2009):
Scheme
Date of grant 2009 July 21, 2009
Grant Price ` 91
Maximum term of option granted Later of the tenth anniversary of the date of grant of options
or fifth anniversary of the date of vesting
Scheme
Grant Price ` 114
Scheme
No. of Options granted (in 000’s) 723
Grant Price ` 109

Schedules
Scheme
No. of Options granted (in 000’s) 947
Grant Price ` 715.15
Maximum term of option granted 5 years from the date of grant
Special ESOPs (2018):
Scheme
Grant Price ` 715.15
Maximum term of option granted 5 years from the date of grant
The estimated fair value is computed on the basis of Black- Scholes option for Performance ESOP
(2018) and Special ESOP (2018) issued during the year ended March 31, 2019. No options are vested
during the year ended March 31, 2019 and ` 37,081 thousand (previous year: ` 359,347 thousand) was
realised by exercise of options.
The company follows intrinsic value method and hence there was no charge in the Revenue Accounts
and Profit and Loss Account. Had the Company followed the fair value method for valuing its options
for the year ended, the charge to the Revenue Accounts and Profit and Loss Account would have
been higher by ` 176,244 thousand (Previous year ` NIL) and profit after tax would have been lower by
` 115,686 thousand (Previous year ` NIL). Consequently, the Company’s basic and diluted earnings per
share would have been ` 22.85 and ` 22.81 respectively.
The weighted average price of options exercised during the year ended March 31, 2019 is ` 102.5
(previous year: ` 130.1).

A summary of status of Company’s Employee Stock Option Scheme in terms of option granted,
forfeited and exercised by the employees and Wholetime Directors is given below:
(in 000’s)
Particulars Other than Wholetime Wholetime Directors’
Directors’
At March At March At March At March
31, 2019 31, 2018 31, 2019 31, 2018
Outstanding at the beginning of the year 255 2,185 240 995
Add: Granted during the year 2,345 - 184 -
Less: Forfeited/lapsed during the year (18) (21) - -
Less: Exercised during the year (174) (1,909) (188) (755)
Outstanding at the end of the year 2,408 255 236 240
Exercisable at the end of the year 2,408 255 236 240
The weighted average remaining contractual life of options outstanding at the end of the year is as
follows:
Exercise Price At March 31, 2019 At March 31, 2018

(in `) Option Weighted avg Option Weighted avg
Outstanding remaining Outstanding remaining
(in 000’s) contractual life (in 000’s) contractual life
(in years) (in years)
35 - - 9 0.1
40 - - 6 1.1
60 16 1.1 23 2.1
91 - 0.3 110 1.3
114 57 1.1 260 2.1
109 60 2.1 87 3.1
715.15 933 4.3 - -
715.15 1,578 4.3 - -
Total 2,644 4.2 495 2.0
5.2 Other disclosures

5.2.1 Basis used by the Actuary for determining provision required for IBNR/IBNER
IBNR (including IBNER) liability as at March 31, 2019 for all lines of business has been estimated by
the Appointed Actuary in compliance with the guidelines issued by IRDAI from time to time and the
applicable provisions of the Guidance Note 21 issued by the Institute of Actuaries of India.
Pursuant to IRDAI regulation of Asset, Liabilities, and Solvency margin of General Insurance Business
Regulations 2016 (IRDAI/Reg/7/119/2016 dated April 7, 2016); claim reserves are determined as the
aggregate amount of Outstanding Claim Reserve and Incurred but Not Reported (IBNR) claim reserve
for 28 stipulated lines of business.
Pursuant to Actuarial Practice (APS) 33 issued by Institute of Actuaries of India (IAI) which is
mandatory and effective from December 1, 2017, the peer review of statutory valuation of liabilities for
March 31, 2019 has been carried out by an independent actuary.

Schedules
5.2.2 Provision for Free Look period

The provision for Free Look period ` 336 thousand (previous year: ` 127 thousand) is duly certified by
the Appointed Actuary.
5.2.3 Contribution to Terrorism Pool

The Company in accordance with the requirements of IRDAI has participated in contributing to the
Terrorism Pool. This pool is managed by the General Insurance Corporation of India (‘GIC’). Amounts
collected as terrorism premium are ceded at 100% of the terrorism premium collected to the Terrorism
Pool, subject to conditions and an overall limit of ` 20 billion.
In accordance with the terms of the agreement, GIC retrocedes, to the Company, terrorism premium
to the extent of the Company’s share in the risk, which is recorded as reinsurance accepted.
Such reinsurance accepted is recorded based on intimation/confirmation received from GIC.
Accordingly, reinsurance accepted, on account of the terrorism pool has been recorded only up to
December 31, 2018 (previous year: December 31, 2017) as per the last confirmation received.
5.2.4 India Nuclear Insurance Pool

In view of the passage of the Civil Liability for Nuclear Damage Act, 2010, GIC Re as Indian Reinsurer
initiated the formation of the India Nuclear Insurance Pool (INIP) along with other domestic non-life
insurance companies by pooling the capacity to provide insurance covers for nuclear risks. INIP is an
unregistered reinsurance arrangement among its members i.e. capacity providers without any legal
entity. GIC Re and 11 other non-life insurance companies are Founder Members with their collective
capacity of ` 15,000,000 thousand. GIC Re is also appointed as the Pool Manager of the INIP. The
business underwritten by the INIP will be retroceded to all the Member Companies including GIC Re
in proportion of their capacity collated. Out of the total capacity of ` 15,000,000 thousand of the INIP,
the capacity provided by the Company is ` 1,000,000 thousand. The Company has not received any
statement of accounts for the period subsequent to April 1, 2018. The proportionate share on income
for the period from the pool has been accounted on an estimated basis.
5.2.5 Interest, Rent and Dividend income

Interest, Dividend & Rent income is net of interest expense of ` NIL (previous year: ` 1,755 thousand)
on account of REPO transactions.
5.2.6 Re-insurance inward

The results of reinsurance inward are accounted as per last available statement of accounts/
confirmation from reinsurers.
5.2.7 Contribution to Solatium fund

In accordance with the requirements of the IRDAI circular dated March 18, 2003 and based on
recommendations made at General Insurance Council meeting held on February 4, 2005 and as per
letter no. HO/MTD/Solatium Fund/2010/482 dated July 26, 2010 from The New India Assurance Co.
Ltd. (Scheme administrator), the Company has provided 0.1% of the total Motor TP premium of the
Company towards solatium fund.

5.2.8 Environment Relief Fund
During the year, an amount of ` 3,871 thousand (Previous year ` 4,056 thousand) was collected
towards Environment Relief Fund for public liability policies and an amount of ` 4,915 thousand
(Previous year ` 3,711 thousand) has been transferred to “United India Insurance Company Limited,
Environment Fund Account” as per Notification of Environment Relief Fund (ERF) scheme under the
public liability Insurance Act, 1991 as amended. The balance amount of ` 221 thousand (Previous year
` 1,265 thousand) has been disclosed under the head current liabilities in schedule 13.
5.2.9 Leases
In respect of premises taken on operating lease, the lease agreements are generally mutually renewable/
cancelable by the lessor/lessee.
Non Cancelable operating lease

The detail of future rentals payable are given below:
(` in 000’s)
a. not later than one year 1,817 1,302
b. later than one year and not later than five years 308 760
c. later than five years - -

An amount of ` 1,770 thousand (previous year: ` 3,083 thousand) towards said lease payments has
been recognised in the statement of revenue account.
5.2.10 Micro and Small scale business entities

There is no Micro, Small & Medium enterprise to which the Company owes dues, which are outstanding
for more than 45 days as at March 31, 2019 (previous year: ` NIL). This information as required to be
disclosed under Micro, Small and Medium Enterprises Development Act 2006, has been determined
to the extent such parties have been identified on the basis of information available with the Company.
5.2.11 Segmental reporting

Primary reportable segments
The Company’s primary reportable segments are business segments, which have been identified in
accordance with AS 17 – Segment Reporting read with the Regulations. The income and expenses
attributable to the business segments are allocated as mentioned in paragraph 5.1.9 & 5.1.10 above.
Segment revenue & results have been disclosed in the Revenue accounts.

Schedules
Segmental Assets & Liabilities to the extent identifiable to business segment:
(` in 000’s)
Current Assets Current Liabilities Provisions
Outstanding Claims Reserve for
Segment Year Unexpired risk
Premium Outstanding
Fire FY 2018-19 10,296 17,357,168 1,201,847
FY 2017-18 36,129 15,370,707 870,983
Engineering FY 2018-19 - 3,359,540 579,410
FY 2017-18 80,240 3,048,607 507,771
Marine Cargo FY 2018-19 27,353 2,738,789 540,139
FY 2017-18 - 2,225,987 433,072
Marine Hull FY 2018-19 - 2,888,146 55,870
FY 2017-18 - 2,367,097 74,562
Motor OD FY 2018-19 7,058 7,314,990 15,789,790
FY 2017-18 - 6,862,700 13,896,375
Motor TP FY 2018-19 4,680 81,557,545 16,462,801
FY 2017-18 - 68,075,907 11,148,018
Workmen Compensation FY 2018-19 - 722,435 206,947
FY 2017-18 - 664,505 185,835
Public/Product Liability FY 2018-19 - 430,961 78,700
FY 2017-18 - 345,697 70,772
Personal Accident FY 2018-19 - 3,979,787 5,762,017
FY 2017-18 4,262 3,486,562 4,583,072
Aviation FY 2018-19 - 1,738,809 52,555
FY 2017-18 - 1,801,215 55,875
Health FY 2018-19 500,850 5,332,087 10,013,278
FY 2017-18 1,040,242 4,408,308 8,195,008
Credit Insurance FY 2018-19 - 505,082 6,742
FY 2017-18 - 511,089 8,073
Crop/Weather Insurance FY 2018-19 21,506,678 30,522,632 -
FY 2017-18 18,155,389 45,150,762 4
Others FY 2018-19 8,805 5,807,998 5,259,736
FY 2017-18 13,466 4,841,170 4,348,320
Total Amount FY 2018-19 22,065,720 164,255,969 56,009,832
FY 2017-18 19,329,728 159,160,313 44,377,741
Secondary reportable segments

There are no reportable geographical segments since the Company provides services only to
customers in the Indian market or Indian interests abroad and does not distinguish any reportable
regions within India.

5.2.12 Related party
Party where control exists
ICICI Bank Limited (Holding Company)
Other related parties with whom transactions have taken place during the year:
Fellow Subsidiaries/Associates/Other related entities:
Name of the Related Party Relationship

ICICI Bank Limited Holding Company
ICICI Prudential Life Insurance Company Limited Fellow Subsidiary
ICICI Securities Limited Fellow Subsidiary
ICICI Home Finance Company Limited Fellow Subsidiary
ICICI Venture Funds Management Company Limited Fellow Subsidiary
ICICI Prudential Asset Management Company Limited Fellow Subsidiary
ICICI Securities Primary Dealership Limited Fellow Subsidiary
ICICI Strategic Investments Fund Fellow Subsidiary
ICICI Bank UK PLC Fellow Subsidiary
ICICI Equity Fund Fellow Subsidiary
ICICI Securities Inc. Fellow Subsidiary
ICICI Securities Holdings Inc. Fellow Subsidiary
ICICI Trusteeship Services Limited Fellow Subsidiary
ICICI Investment Management Company Limited Fellow Subsidiary
ICICI International Limited Fellow Subsidiary
ICICI Bank Canada Fellow Subsidiary
ICICI Prudential Trust Limited Fellow Subsidiary
ICICI Prudential Pension Funds Management Company Limited Fellow Subsidiary
Key Management Personnel (KMP):
Bhargav Dasgupta, Managing Director & CEO

Alok Kumar Agarwal, Executive Director
Sanjeev Mantri, Executive Director
Relatives of KMP with whom transactions have taken place during the year:
Ranjana Dasgupta : Spouse of Bhargav Dasgupta

Malini Dasgupta : Daughter of Bhargav Dasgupta
Meghna Dasgupta : Daughter of Bhargav Dasgupta
Ansuman Dasgupta : Father of Bhargav Dasgupta
Brij Mohan Gupta : Brother of Alok Kumar Agarwal
Vibha Mantri : Spouse of Sanjeev Mantri
Anoushka Mantri : Daughter of Sanjeev Mantri
Aditya Mantri : Son of Sanjeev Mantri
Nimisha Chandak : Sister of Sanjeev Mantri

Schedules
Details of transaction with related parties for the year ended March 31, 2019 are given below:
(` in 000’s)
Particulars ICICI Bank ICICI ICICI ICICI ICICI Others FAL KMP
Ltd Home Securities Prudential Securities Corporation* & their
Finance Co Primary Life Ltd relatives
Ltd Dealership Insurance
Ltd Co Ltd
Holding Fellow Fellow Fellow Fellow
Company Subsidiary Subsidiary Subsidiary Subsidiary
Premium income 1,902,487 24,977 4,087 207,272 87,552 66,363 - 158
(1,699,440) (9,113) (4,332) (215,943) (89,112) (66,771) (-) (279)
Claim payments net 50,932 - 881 -2,880 36,122 392 - -
of claims received (42,160) (-) (1,945) (-4,236) (30,043) (11,806) (-) (87)
Commission/ 1,273,345 24,192 - - 5,015 - - -
Brokerage payouts (1,109,676) (24,679) (-) (-) (4,984) (-) (-) (-)
Investment
- Purchases 2,016,945 - 2,998,049 1,053,200 - - - -
(1,217,983) (-) (1,321,400) (3,978,445) (-) (-) (-) (-)
- Sales - - - 952,784 - - - -
(1,591,230) (-) (549,393) (4,511,052) (-) (-) (-) (-)
Issue of Share capital - - - - - - - 1,880
(-) (-) (-) (-) (-) (-) (-) (7,550)
Receipt of Share - - - - - - - 17,827
premium (-) (-) (-) (-) (-) (-) (-) (80,775)
Premium paid - - - 14,187 - - - -
(-) (-) (-) (11,634) (-) (-) (-) (-)
Establishment & 357,338 -17,663 - - 4,097 - - 136,570
other expenditure (288,010) (-17,214) (-) (-873) (2,298) (-) (-) (115,934)
IPO expenses 4,530 - - - - - - -
(193,615) (-) (-) (-) (-) (-) (332,140) (-)
Royalty expenses 86,178 - - - - - - -
(52,641) (-) (-) (-) (-) (-) (-) (-)
Dividend paid 1,269,219 - - - - - - 4,280
(404,587) (-) (-) (-) (-) (-) (116,083) (1,115)
Fixed Assets
- Sales - - - 23 - - - -
(-) (-) (-) (-) (-) (-) (-) (-)
Figures in brackets pertains to the year ended March 31, 2018

*The joint-venture agreement dated October 4, 2000 (as amended/restated from time to time) entered among Fairfax Financial
Holdings and ICICI Bank has been terminated pursuant to a termination agreement executed on July 3, 2017.

Balances with related parties at March 31, 2019, are given below:
(` in 000’s)
Particulars ICICI Bank ICICI ICICI ICICI ICICI Others FAL KMP
Ltd Home Securities Prudential Securities Corporation* & their
Finance Primary Life Ltd relatives
Co Ltd Dealership Insurance
Ltd Co Ltd
Holding Fellow Fellow Fellow Fellow
Company Subsidiary Subsidiary Subsidiary Subsidiary
Assets
Cash, Bank Balances 150,962 - - - - - - -
& Deposits (-684,903) (-) (-) (-) (-) (-) (-) (-)
Liabilities
Capital 2,538,438 - - - - - - 10,630
(2,538,438) (-) (-) (-) (-) (-) (449,788) (8,750)
Share premium 10,872,192 - - - - - - 101,827
(10,872,192) (-) (-) (-) (-) (-) (3,819,959) (84,000)
Premium received 694,948 442 4,280 7,877 1,032 44,290 - -
in advance/Cash (296,267) (153) (5,085) (11,826) (760) (44,396) (-) (-)
deposits
Others liabilities/ 665,549 9,872 - 6,822 438 - - -
Payables (591,540) (7,109) (-) (986) (1,577) (1,584) (-) (-)
Figures in brackets are as at March 31, 2018
Above amounts are excluding Service Tax and GST wherever applicable
*The joint-venture agreement dated October 4, 2000 (as amended/restated from time to time) entered among Fairfax Financial Holdings and
ICICI Bank has been terminated pursuant to a termination agreement executed on July 3, 2017.

Schedules
5.2.13 (a) Details of age-wise analysis of the unclaimed amount of the policyholders (excluding Income
from Investment) for the year ended March 31, 2019
(` in 000’s)
Particulars Total Age-wise analysis
Amount 0-6 7-12 13–18 19–24 25–30 31–36 Beyond
months months months months months months 36
months
Claims settled but - - - - - - - -
not paid to the (-) (-) (-) (-) (-) (-) (-) (-)
policyholders/ insured’s
due to any reasons
except under litigation
from the insured/
policyholders
Sum due to the insured/ - - - - - - - -
policyholders on (-) (-) (-) (-) (-) (-) (-) (-)
maturity or otherwise
Any excess collection of 891,602 1,976 265,331 215,718 109,620 62,656 30,885 205,416
the premium/ tax or any (170,088) (6,578) (132) (117) (29) (1,850) (2,190) (159,192)
other charges which
is refundable to the
policyholders either as
terms of conditions of
the policy or as per law
or as may be directed
by the Authority but not
refunded so far
Cheques issued but 1,047,102 290,899 70,423 39,757 19,292 49,887 24,432 552,412
not encashed by the (952,851) (233,703) (34,286) (58,545) (29,320) (17,985) (25,198) (553,814)
policyholder/ insured
Total 1,938,704 292,875 335,754 255,475 128,912 112,543 55,317 757,828
(1,122,939) (240,281) (34,418) (58,662) (29,349) (19,835) (27,388) (713,006)
Movement in unclaimed amount of policy holders due

(` in 000’s)
March 31, 2019 March 31, 2018
Opening Balance 1,260,941 1,330,280
Add: Amount transferred to unclaimed amount during
the year 2,150,473 809,505
Add: Cheques issued out of the unclaimed amount
but not encashed by the policyholders 7,182 8,910
Add: Investment income 164,551 77,997
Less: Amount paid during the year 1,243,791 812,422
Less: Amount transferred to SCWF (net of claims paid
in respect of amounts transferred) 119,227 153,329
Closing balance 2,200,129 1,260,941

(b)
Premium refundable to beneficiaries/government in the case of Crop/Weather Insurance is
considered for transfer to ‘Unclaimed Amount of Policyholders Account’ only on final determination
of sown insured area and the consequential refund computation is duly confirmed by concerned
government agencies.
5.2.14 Details of earning per share for the year ended March 31, 2019
(` in 000’s)
March 31, 2019 March 31, 2018
Profit/(loss) available to equity shareholders ` 10,492,626 8,617,757
Weighted average number of equity shares
Number of shares at the beginning of the year 453,948 451,151
Share issued during the year 362 2,797
Total number of equity share outstanding at the end
of the year 454,310 453,948
Weighted average number of equity shares
outstanding during the year 454,051 453,361
Add : Effect of dilutive issues of options and share
application pending allotment 893 430
Diluted weighted average number of equity shares
outstanding during the year 454,943 453,791
Nominal value of equity shares ` 10 10
Basic earning per share ` 23.11 19.01
Diluted earning per share ` 23.06 18.99
5.2.15 Deferred taxes

The major components of deferred tax are as under:
(` in 000’s)
Particulars As at March 31, 2019 As at March 31, 2018
Timing differences on account of:
Reserve for Unexpired Risks 2,407,757 1,376,111
Provision for escalation in lease rentals 44,878 40,452
Depreciation - -
Leaves accrued 32,430 25,733
Provision for doubtful debts 527,532 671,832
Total 3,012,597 2,114,128
Net deferred tax asset/(liability) 3,012,597 2,114,128
Deferred tax expense/(income) recognised in the (898,469) (1,241,839)
Profit and Loss A/c

Schedules
5.2.16 REPO/Reverse repo transactions

(` in 000’s)
Minimum Maximum Daily average Outstanding at
outstanding outstanding outstanding March 31, 2019
during the year during the year during the year
Securities sold under repo
(At cost)
Government Securities - - - -
(109,647) (493,741) (325,503) (-)
Corporate Debt Securities - - - -
(-) (-) (-) (-)
Securities purchased under
reverse repo (At cost)
Government Securities 49,939 499,944 294,231 -
(545,948) (4,330,498) (2,019,287) (-)
Corporate Debt Securities - - - -
(-) (-) (-) (-)
5.2.17 During the year ended March 31, 2019 the Company has incurred expenditure towards CSR
activities which are as below;
(a) Gross amount required to be spent by the company during the year was ` 181,534 thousand
(previous year: ` 148,824 thousand).
(b) Amount spent during the year is ` 183,691 thousand (previous year: ` 149,645 thousand).
(` in 000’s)
Particulars In cash Yet to be Total
paid in
cash
(i) Construction/acquisition of any asset - - -
(-) (-) (-)
(ii) On purposes other than (i) above 183,691 - 183,691
(149,645) (-) (149,645)
(a) Contribution to ICICI Foundation projects 136,100 - 136,100
(Skill development & sustainable livelihoods; (111,600) (-) (111,600)
elementary education & healthcare)
(b) Ride to safety (helmet distribution to children) 28,815 - 28,815
(25,173) (-) (25,173)
(c)
Access to Healthcare: Sanitation and 3,048 - 3,048
Healthcare (Preventive and Curative) (1,133) (-) (1,133)
(d) Eye check-up camps for under privileged 15,728 - 15,728
school children led by employees (11,739) (-) (11,739)
(e) Contribution to Disaster Relief fund - - -
(-) (-) (-)

5.2.18 Terms of Borrowings
(A) Gist of the terms of issue are as follows:
Series 1/2016-2017
Type, Nature and Seniority of Instrument Unsecured, subordinated, fully paid-up, listed,
redeemable and non-convertible debentures
Face Value (per security) ` 1,000,000
Issue Size ` 4,850,000 thousand
Issue Date/Date of Allotment July 28, 2016
Redemption Date July 28, 2026
Call option Date July 28, 2021
Coupon Rate 8.25% per annum
Credit Rating “AAA” by CRISIL and “AAA” by ICRA
Listing Listed on WDM segment of NSE and BSE
Frequency of the Interest Payment Annual
(B) Maturity Pattern from the date of issue

(` in 000’s)
Maturity buckets Borrowings
1 to 5 years -
Above 5 years 4,850,000
Total 4,850,000
(C) Debenture Redemption Reserve

Pursuant to IRDAI circular no. IRDA/F&A/OFC/01/2014-15/115 dated August 4, 2017, and as
required by Companies (Share Capital and Debentures) Rules, 2014, Company has started creating
Debenture Redemption Reserve (DRR) from July 1, 2017 on a straight-line basis over the balance
tenure. The appropriation as on March 31, 2019 on this account is ` 242,501 thousand.
5.2.19 As at March 31, 2019 there are no (previous year: ` NIL) outstanding forward exchange contracts.
5.2.20 The Company’s pending litigations comprise of claims against the Company and proceedings pending
with Tax Authorities. The Company has reviewed all its pending litigations and proceedings and has made
adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable,
in its financial statements. The Company does not expect the outcome of these proceedings to have a
material impact on its financial position. (Refer Note no. 5.1.1 for details on contingent liabilities)
5.2.21 (A) The Company periodically reviews all its long term contracts to assess for any material foreseeable
losses. Based on such review, the Company has made adequate provisions for these long term
contracts in the books of account as required under any applicable law/accounting standard.
(B) As at March 31, 2019, the Company did not have any outstanding long term derivative contracts
(previous year: ` NIL).

Schedules
5.2.22 For the year ended March 31, 2019, the company has transferred ` 1 thousand (previous year: ` NIL)
to the Investor Education & Protection Fund.
5.2.23 Dividend
Interim dividend appropriation for the year ended March 31, 2019 amounted to ` 1,601,812 thousand
(Previous year ` 818,418 thousand) including dividend distribution tax of ` 466,626 thousand (Previous
year ` 138,430 thousand).
The Board of directors have also proposed a final dividend of ` 1,135,775 thousand (Previous year:
` 1,134,871 thousand) subject to requisite approvals. Dividend distribution tax on the same amounts
to ` 274,724 thousand (Previous year: ` 233,276 thousand).
5.2.24 The Company had invested ` 3,250,000 thousand in non-convertible debentures (NCD) of M/s Tata
Sons Limited prior to year ended March 31, 2018. There had been a change in the legal status of
M/s Tata Sons Limited to M/s Tata Sons Private Limited effective from August 6, 2018. The Insurance
Act, 1938 as amended by the Insurance Laws (Amendment) Act, 2015, specifies that an insurer cannot
invest or keep invested in any private limited company.
The company has continued to value and classify these investments as Long-term under the “Approved
Investments” category and allocated this investment to shareholders funds from date of change of
legal status.
During the last quarter, the Company has sold NCD’s amounting to ` 2,250,000 thousand. As at
31st March, 2019 the Company’s investment in the said NCD’s aggregated ` 1,000,000 thousand.
Subsequent to the Balance Sheet date, the Company has disposed of the remaining investment in the
NCD’s of Tata Sons Private Limited.
5.2.25 (a) The Company had dues recoverable to the extent of ` 1,027,565 thousand from certain foreign
reinsurers against which the company held a provision for doubtful debts aggregating to
` 1,002,393 thousand as of March 31, 2019. During the year ended March 31, 2019, the Company
has made recovery of ` 566,826 thousand consequent to final settlement with one of the foreign
reinsurers and the balance dues amounting to ` 460,738 thousand has been written off and the
related provision has been reversed.
(b)
Further the Company has made provision of ` 402,387 thousand during the year ended
March 31, 2019 on account of Mass Health receivables.
5.2.26 Other income (non-operating results) includes interest on tax refund of ` 139,069 thousand (previous
year: ` 80,176 thousand) awarded during the year.

5.2.27 Previous year figures have been regrouped in the respective schedule and notes wherever necessary,
to conform to current year groupings. The details of changes are as under:
Sr. Regrouped from Regrouped to Period Amount Reason

No. (in ` 000’s)
1 Schedule 8 Schedule 8 March 1,007,030 Investment in

Investments - Investments - 2018 mutual fund has
Shareholders Shareholders been regrouped as
(Short term (Short term approved investment
Investments – 3(d) Investments –3(b) to be in conformity
Other Securities) Mutual Funds) with the IRDAI
regulations.
2 Schedule 8A Schedule 8A March 2,933,276 Investment in
Investments - Investments - 2018 mutual fund has
Policyholders Policyholders been regrouped as
(Short term (Short term approved investment
Investments – 3(d) Investments –3(b) to be in conformity
Other Securities) Mutual Funds) with the IRDAI
regulations.
For and on behalf of the Board
Lalita D. Gupte Sandeep Batra

Chairperson Director


Vikas Mehra Gopal Balachandran

Mumbai, April 18, 2019

Annexure-1A Analytical Ratios

as at March 31, 2019
Sr. Particular Total Fire Marine Marine Marine Motor Motor Motor Workmen
No. Cargo Others total OD TP Total compensation
1 Gross Direct Premium Growth Rate 17% 18% 17% 37% 21% 11% 38% 22% 11%
2 Gross Direct Premium to Net Worth Ratio 2.72

3 Growth rate of Net Worth 17%
4 Net Retention Ratio 64% 17% 69% 4% 53% 85% 95% 90% 84%
5 Net Commission Ratio 2% -14% 13% 30% 13% 17% 1% 9% 9%
6 Expense of Management to Gross Direct 21%
Premium Ratio
7 Expense of Management to Net Written 32%
Premium Ratio
8 Net Incurred Claims to Net Earned 75%
Premium
9 Combined Ratio 99%
10 Technical Reserves to Net Premium Ratio 2.31
11 Underwriting balance Ratio -0.02 0.07 -0.25
12 Operating Profit Ratio 15%
13 Liquid Assets to liabilities Ratio 10%

14 Net earnings Ratio 13%
15 Return on Net Worth Ratio 20%
16 Available Solvency margin Ratio to 2.24
Required Solvency Margin Ratio (times)
17 NPA Ratio
Gross NPA Ratio -
Net NPA Ratio -
Notes :
Ratios are computed as per definitions laid down by IRDA Master circular dated October 5, 2012 and corrigendum on master circular dated July 3, 2013
1. GDPI = Premium from direct business written, NWP = Net written premium
2. Shareholders’ funds/ Net worth = (Share capital + Reserve & Surplus) - (Miscellaneous expenditure + Debit balance in profit & loss account)
3. Expenses of management = Commission paid-direct + Operation expenses related to insurance business
4. Liquid asset = Short term investments + Cash and bank balances
5. Policyholders liabilities = Claim outstanding (to be discharged in 12 months) + Reserve for unexpired risk + Reserve for premium deficiency
6. Underwriting profit/ (loss) = Net premium earned-Net claims incurred-Net commission-Operating expense

Public/Product Engineering Aviation PA Health Credit Crop Others Total Basis of calculations
Liability miscellaneous
16% 15% 6% 17% 23% -7% 3% 12% 17% (GDPI current year- GDPI previous year)/
GDPI previous year
GDPI/Net worth
(Net worth current year- Net worth
previous year)/Net worth previous year
44% 30% 12% 82% 70% 8% 23% 59% 69% NWP/(GDPI + RI accepted)
3% -20% 7% 1% -16% -52% -10% 8% 2% Net commission/NWP
Expenses of management/GDPI
Expenses of management/NWP
Net Incurred Claims/Net Earned

Premium
((Net Incurred Claims/Net Earned
Premium) + ((Net Commission +
Operating Expenses)/NWP))
(Reserve for Unexpired Risk + Reserve
for premium deficiency + Reserve for
outstanding claims including IBNR and
IBNER)/NWP
-0.01 (Underwriting profit/loss)/Net Earned
Premium
(Underwriting profit/loss + Investment
income)/Net Earned Premium
Liquid Assets/ Policyholders liabilities
Profit after tax/Net Earned Premium
Profit after tax/Net Worth
Annexure-1B Equity Holding Pattern

1 (a) No. of shares 454,309,944

2 (b) Percentage of shareholding (Indian/Foreign) 70.9%/29.1%
3 (c) % of Government holding (in case of public sector insurance companies) -
4 (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the period ` 23.11 and ` 23.06
5 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the period ` 23.11 and ` 23.06
6 (iv) Book value per share (`) 117.11

Annexure-2A Analytical Ratios

Sr. Particular Total Fire Marine Marine Marine Motor Motor Motor Workmen
No. Cargo Others total OD TP Total compensation
1 Gross Direct Premium Growth Rate 15% 23% 8% 5% 7% 11% 23% 16% 14%
2 Gross Direct Premium to Net Worth Ratio 2.72

3 Growth rate of Net Worth 22%
4 Net Retention Ratio 62% 16% 67% 4% 54% 85% 94% 89% 88%
5 Net Commission Ratio -4% -31% 12% 0% 12% 6% 0% 3% 9%
6 Expense of Management to Gross Direct 23%
Premium Ratio
7 Expense of Management to Net Written 36%
Premium Ratio
8 Net Incurred Claims to Net Earned 77%
Premium
9 Combined Ratio 100%
10 Technical Reserves to Net Premium Ratio 2.59
11 Underwriting balance Ratio (0.03) 0.59 0.14
12 Operating Profit Ratio 13%
13 Liquid Assets to liabilities Ratio 10%

14 Net earnings Ratio 12%
15 Return on Net Worth Ratio 19%
16 Available Solvency margin Ratio to 2.05
Required Solvency Margin Ratio (times)
17 NPA Ratio
Gross NPA Ratio -
Net NPA Ratio -
Notes :
Ratios are computed as per definitions laid down by IRDA Master circular dated October 5, 2012 and corrigendum on master circular dated July 3, 2013
1. GDPI = Premium from direct business written, NWP = Net written premium
2. Shareholders’ funds/ Net worth = (Share capital + Reserve & Surplus)-(Miscellaneous expenditure + Debit balance in profit & loss account)
3. Expenses of management = Commission paid-direct + Operation expenses related to insurance business
4. Liquid asset= Short term investments + Cash and bank balances
5. Policyholders liabilities = Claim outstanding (to be discharged in 12 months) + Reserve for unexpired risk + Reserve for premium deficiency
6. Underwriting profit/ (loss) = Net premium earned-Net claims incurred-Net commission-Operating expense

Public/Product Engineering Aviation PA Health Credit Crop Others Total Basis of calculations
Liability miscellaneous
56% 10% 16% 27% 11% 31% 10% 32% 15% (GDPI current year- GDPI previous year)/
GDPI previous year
GDPI/Net worth
(Net worth current year- Net worth
previous year )/Net worth previous year
38% 30% 30% 71% 67% 8% 23% 65% 67% NWP/(GDPI + RI accepted)
2% -5% 19% -13% -22% -72% -25% 9% -3% Net commission/NWP
Expenses of management/GDPI
Expenses of management/NWP
Net Incurred Claims/Net Earned

Premium
((Net Incurred Claims/Net Earned
Premium) + ((Net Commission +
Operating Expenses)/NWP))
(Reserve for Unexpired Risk + Reserve
for premium deficiency + Reserve for
outstanding claims including IBNR and
IBNER)/NWP
(0.05) (Underwriting profit/loss)/Net Earned
Premium
(Underwriting profit/loss + Investment
income)/Net Earned Premium
Liquid Assets/Policyholders liabilities
Profit after tax/Net Earned Premium
Profit after tax/Net Worth
Annexure-2B Equity Holding Pattern

1 (a) No. of shares 453,948,304

2 (b) Percentage of shareholding (Indian/Foreign) 72.8%/27.2%
3 (c) % of Government holding (in case of public sector insurance companies) -
4 (a) Basic and diluted EPS before extraordinary items (net of tax expense) for the year ` 19.01 and ` 18.99
5 (b) Basic and diluted EPS after extraordinary items (net of tax expense) for the year ` 19.01 and ` 18.99
6 (iv) Book value per share (`) 100.04

Receipts & Payment Account (Direct basis)

for the year ended March 31, 2019
(` in 000’s)
Year ended March 31, 2019 Year ended March 31, 2018
A CASH FLOW FROM OPERATING ACTIVITIES
1 - Premium received from policyholders, 174,278,981 131,180,312
including advance receipt
2 - Other receipts (including-environment relief 499,204 374,397
fund & and Terrorism Pool)
3 - Receipt/(payment) from/to re-insurer net of (7,439,666) (13,210,925)
commissions & claims recovery
4 - Receipt/(payment) from/to co-insurer net of 4,090,044 2,942,444
claims recovery
5 - Payments of claims (net of salvage) (88,542,074) (54,505,848)
6 - Payments of commission and brokerage (12,885,778) (6,941,674)
7 - Payments of other operating expenses* 2
(20,171,608) (22,669,799)
8 - Preliminary and preoperative expenses - -
9 - Deposits, advances & staff loans (net) (139,399) (423,035)
10 - Income tax paid (net) (7,231,737) (3,219,438)
11 - Service taxes/Goods and service tax paid (12,694,645) (9,628,051)
12 - Cash flows before extraordinary items 29,763,322 23,898,383
13 - Cash flows from extraordinary operations - -
14 Net cash from operating activities 29,763,322 23,898,383
B CASH FLOW FROM INVESTING ACTIVITIES
1 - Purchase of fixed assets (1,168,415) (750,290)
(including capital advances)
2 - Proceeds from sale of fixed assets 6,470 (1,161,945) 3,522 (746,768)
3 - Purchase of investments (100,976,121) (120,236,708)
4 - Loans disbursed - -
5 - Sale of investments 63,849,080 86,694,401
6 - Repayments received - -
7 - Rent/interest/dividends received 12,067,451 9,278,410
8 - Investments in money mkt instruments and (2,319,374) 6,072,145
liquid mutual fund (net)
9 - Other payments ( Interest on IMTPIP ) - -
10 - Other payments (Advance payment for - -
purchase of real estate)
11 - Expenses related to investments (32,226) (18,377)
12 - O
ther (Deposit received on leasing of premises) 9,150 (27,402,040) - (18,210,129)
13 Net cash from investing activities (28,563,985) (18,956,897)

(` in 000’s)
Year ended March 31, 2019 Year ended March 31, 2018
C CASH FLOW FROM FINANCING ACTIVITIES
1 - Proceeds from issuance of share capital/ 37,083 346,592
application money (including share premium &
net of share issue expenses)
2 - Proceeds from borrowing - -
3 - Repayments of borrowing - -
4 - Brokerage and other expenses on borrowings - -
5 - Interest/Dividends paid (3,138,118) (1,310,267)
6 Net cash from financing activities (3,101,035) (963,675)
D Effect of foreign exchange rates on cash and cash - -
equivalents, net
E Net increase/(decrease) in cash and cash equivalents (1,901,698) 3,977,811
1 Cash and cash equivalents at the beginning of 5,918,164 1,940,353
the year
2 Cash and cash equivalents at end of the period*1 4,016,466 5,918,164
*1 Cash and cash equivalent at the end of the period includes short term deposits of ` 1,941,828 thousand (previous period: ` 3,044,078
thousand) balances with banks in current accounts ` 1,644,116 thousand (previous period: ` 2,561,306 thousand) and cash including
cheques and stamps in hand amounting to ` 430,522 thousand (previous period: ` 312,780 thousand)
*2 Includes payments towards Corporate Social Responsibility of ` 183,691 thousand (previous period: ` 149,645 thousand)
SN Chaturvedi R. Suriyanarayanan Director Managing Director & CEO
Partner Partner


Glossary
Technical Terms/Abbreviations
Term Description
Accident Year/AY AY is the fiscal year in which a claim event occurred
(regardless of when the claim was reported or the loss
was recorded)
Accretion of discount/amortisation of premium Premium/ discount refers to the price paid for a bond
as against the par value of the bond. This discount or
premium is spread over the remaining life of the bond
and is called accretion or amortisation, respectively
Acquisition Cost Costs that vary with, and are primarily related to, the
acquisition of new, and renewal of insurance contracts.
These include, amongst others, commissions and policy
issue expenses
Adjuster/Surveyor An independent professional appointed by an insurer
which seeks to determine the extent of its liability with
respect to a claim that is submitted
Agent tied to an insurance company An agent of an insurance company who receives or
agrees to receive payment by way of commission or
other remuneration in consideration of his soliciting or
procuring insurance business related to the issuance,
continuance, renewal or revival of insurance policies
All risk insurance policy A type of insurance policy that covers a broad range of
risks, including risks that are not explicitly excluded in
the policy contract
Allocated Loss Adjustment Expenses/ALAE Claim-related expenses that are directly attributable to a
specific claim
Available Solvency Margin/ASM Available solvency margin means the excess of value
of assets of an insurance company over the value of its
liabilities, with certain further prescribed adjustments by
the IRDAI
Broker A licensed person/firm who arranges insurance
contracts with insurance companies and/ or reinsurance
companies on behalf of his clients for remuneration
Cashless facility A facility extended by an insurance company to the
insured where the payments of the costs of treatment/
repair availed by the insured in accordance with the
policy terms and conditions are directly made to the
network provider by the insurance company
Certificate of registration Certificate granted by the IRDAI under the IRDA
(Registration of Indian Insurance Companies)
Regulations, 2000, registering an insurance company to
transact the classes of business specified therein
Claim Incurred (net) Claim incurred (net) are gross incurred claims less all claims
recovered from reinsurers related to those gross incurred
claims. The gross claims incurred comprise of claims paid,
settlement costs, wherever applicable and change in the
outstanding provision for claims at the period end

Term Description
Claim Reserves The reserves in respect of the claims which have
already occurred. It is determined as the aggregate of
outstanding claim reserves and incurred but not reported
claim reserves
Combined ratio The combined ratio is a measure of profitability of a non-
life insurance company’s underwriting business. The
combined ratio is the sum of the loss ratio and the net
expense ratio
Corporate agent Any entity, as prescribed by the IRDAI, that holds a valid
certificate of registration for solicitation and servicing
any of life, general and health insurance business
Cover An insurance contract whether in the form of a policy
or a cover note or a certificate of insurance or any other
form as approved by IRDAI to evidence the existence of
an insurance contract
Crop cutting experiment/CCE A crop cutting experiment is a physical harvest of sampled
plots to estimate the crop yields of a location. The sampled
plots are identified by the agricultural statistics department
of a state using a stratified random survey method
Directors and Officers Liability Directors and Officers liability coverage protects
directors or officers of a corporation from liability arising
out of the performance of their professional duties on
behalf of the corporation
Dividend Cover A measure of the ability of an insurance company to
pay its dividend. It is calculated as operating profit after
tax divided by the total dividend paid for a particular
financial year
Dividend Payout Ratio/DPR The DPR is the ratio of Dividend paid to Profit after tax
for the period.
Excess of loss reinsurance (also known as non- A type of reinsurance transaction pursuant to which the
proportional reinsurance) reinsurer, subject to a specified limit, indemnifies the
ceding insurer against the amount of loss in excess of a
specified retention amount
Expenses of Management All expenses in the nature of operating expenses
including commission, brokerage and remuneration
to the insurance agents, intermediaries and insurance
intermediaries which are charged to the revenue
account, but does not include the charges against
profits such as income tax and wealth tax and other
taxes like service tax borne by the insurer and other
charges which are levied against the profit, as defined in
the Insurance Regulatory and Development Authority of
India (Expenses of Management of Insurers transacting
life insurance business) Regulations, 2016
Expenses ratio Expenses ratio means operating expenses related to
insurance business divided by NWP

Glossary (Contd.)
Term Description
Facultative Reinsurance Reinsurance transacted and negotiated on an individual
risk basis. The ceding insurer has the option to offer the
individual risk to the reinsurer and the reinsurer retains
the right to accept or reject the risk
Fair value change account Unrealised gains/ losses arising due to changes in the
fair value of listed equity shares and mutual funds
FIMMDA Fixed Income Money Market and Derivatives Association
of India
First notice of loss/FNOL The initial report made to an insurer following a loss,
theft, or damage of an insured asset. The FNOL is
normally the first step in the processing of a claim
Gross Direct Premium Income/GDPI GDPI is the total premium received before taking into
account reinsurance assumed and ceded
Gross Written Premium/GWP GWP is the sum of GDPI and reinsurance inward
premium accepted
Headcount Headcount includes employees of ICICI Lombard and
trainees
Incurred but not enough reported/ IBNER IBNER is a reserve reflecting expected changes
(increases and decreases) in the estimates of reported
claims as on the accounting date
Incurred But Not Reported Claim Reserves/IBNR Includes IBNER, estimate for reopened claims, provision
for incurred but not reported claims, provision for claims
in transit as on the accounting date and ALAE
Indian Motor Third Party Insurance Pool/IMTPIP The IMTPIP was a multilateral arrangement for insurance
set up by the IRDAI in respect of third-party claims against
commercial vehicles, the losses or gains from which
were shared by all Indian non-life insurance companies
in proportion to their overall market share. The IMTPIP
was effective from April 1, 2007 to March 31, 2012
Indian Motor Third-party Declined Risk Pool/IMTPDRP The IMTPDRP was an arrangement for insurance, set up
by the IRDAI, in respect of standalone third-party claims
against commercial vehicles that insurers “declined” to
keep on their books. The losses or gains from such pool
were shared by Indian non-life insurance companies that
failed to meet a certain quota of third-party insurance
policies underwritten. The IMTPDRP was effective from
April 1, 2012 to March 31, 2016
Inland Marine Coverage for property that may be in transit, held by
a bailee, at a fixed location, or a movable good that is
often at different locations
Insurance underwriting The process by which an insurance company examines
risk and determines whether the insurer will accept the
risk or not, classifies those accepted and determines the
appropriate rate for coverage provided
Intermediary Entities like insurance brokers, re-insurance brokers,
insurance consultants, individual/corporate agents,
third-party administrators, surveyors, loss assessors and
any other entities as may be specified by the IRDAI for
undertaking insurance related activities

Term Description
Investment Income Investment income will include, income taken to revenue
account and profit and loss account (interest, profit/loss
on sale, accretion of discount, amortization of premium,
dividend earned during the period) and taken to financial
statements pertaining to all the securities held under
that category during that period
Investment leverage Investment leverage is the ratio of total investment
assets (net of borrowings) to net worth
I-Partner An information technology platform extended to
intermediaries, more specifically agents for booking
insurance policies
Kharif Kharif refers to the season which lasts from April to
October and the crops that are cultivated and harvested
in such season
Loss ratio Loss ratio is the ratio of claims incurred (net) to NEP
Loss Reserves Loss reserves are the reserves (or provision) for
outstanding claims, IBNR and IBNER
Modified National Agricultural Insurance Scheme/MNAIS The MNAIS was functioning as a component of National
Crop Insurance Programme (NCIP). This scheme
provides insurance coverage and financial support to the
farmers in the event of failure of crops and subsequent
low crop yield
Monoline insurer A monoline insurer is a non-life insurer having a license to
carry out a specific line of business. Eg: health insurance
including travel and personal accident insurance or
agriculture/crop insurance
Net earned premiums/NEP Net written premium adjusted by the change in URR for
the period
Net expense ratio Net expense ratio is the ratio of the sum of operating
expenses related to insurance business and commission
paid (net) to the NWP
Net Promoter Score/NPS The Net Promoter Score is an index ranging from -100
to 100 that measures the willingness of customers to
recommend a company’s products or services to others.
It is used as a proxy for gauging the customer’s overall
satisfaction with a company’s product or service and
customer’s loyalty to the brand.
Surveyed customers are asked to rate the company
on a scale of 0-10 in terms of how likely they are to
recommend the company to others. Respondents are
grouped as follows:
Promoters – Those who give a rating of 9-10
Passives – Those who give a rating of 7-8
Detractors - Those who give a rating of 0-6
NPS = % Promoters - % Detractors

Glossary (Contd.)
Term Description
Net worth Net worth represents the shareholders’ funds and is
computed as sum of share capital, reserves and surplus,
net of miscellaneous expenditure and debit balance in
the profit and loss account
Net written premium/NWP GWP less premium on reinsurance ceded
Net Promoter Score Net Promoter Score is a tool that is used to gauge the
loyalty of a firm’s customer relationships. It serves as an
alternative to traditional customer satisfaction research
and is claimed to be correlated with revenue growth. It’s
calculated by subtracting percentage of detractors from
percentage of promoters.
Non-Life insurance density The ratio of overall GDPI in the non-life insurance industry
to the population of a country
Non-Life Insurance Penetration Non-life insurance penetration measures the level of
development of the non-life insurance sector in the
country. It indicates the overall Gross Direct Premium
Income of non-life insurance industry as a percentage of
Gross Direct Product of the country.
Obligatory cession The portion of risk that Indian non-life insurance
companies are required by law to cede to General
Insurance Corporation of India (GIC Re)
Outstanding Claim Reserves/OS Reserves The provision made in respect of all outstanding reported
claims as on the accounting date. OS Reserves include
ALAE
Over-the-counter (OTC) products Pre-defined products with standardized price, terms and
conditions offered to customers
Place of Business A regional office, a zonal office, a divisional office,
branch office or any subordinate office or any other
office by whatever name called set up within India or a
‘representative or a liaison office of Indian insurers’ or a
‘foreign branch office of Indian insurer’ set up outside
India by the insurers registered in India
Policyholders’ Funds The policyholders funds shall be the sum of (a)
estimated liability for outstanding claims including
IBNR and IBNER (b) unexpired risk reserve (“URR”) (c)
catastrophe reserve (d) premium deficiency (e) other
liabilities net off other assets.
“Other liabilities” comprise of (i) premium received in
advance (ii) unallocated premium (iii) balance due to
other insurance companies (iv) due to others members
of third party pool (“IMTPIP”), if applicable and (v) Sundry
creditors (due to policyholders). Other assets comprise
of (i) outstanding premium (ii) due from other entities
carrying on insurance business including re-insurers
(iii) balance with terrorism pool (if applicable) and (iv)
balance with motor third party pool, if any (if applicable)

Term Description
Portability The right accorded to an individual health insurance
policyholder (including family cover), to transfer the
credit gained for pre-existing conditions and time bound
exclusions, from one insurer to another or from one plan
to another plan of the same insurer
Pradhan Mantri Fasal Bima Yojana/PMFBY A Government of India programme under which the
central and state governments subsidise the purchase of
yield-based crop insurance for farmers. The PMFBY was
launched in April 2016 and covers food crops, oilseeds
and commercial and horticultural crops
Premium Deficiency Reserve The reserve held in excess of the UPR, which allows for
any expectation that the unearned premium reserve will
be insufficient to cover the cost of claims and related
expenses incurred during the period of unexpired risk
Premium ceded Premium on reinsurance ceded is the premium in relation
to the risk that we cede to our reinsurers
Probable Maximum Loss/PML The maximum loss that an insurer would be expected to
incur on a policy. The probable maximum loss represents
an internal determination of the worst-case scenario for
an insurer
Proportional reinsurance A type of reinsurance transaction pursuant to which
the reinsurer and the ceding insurer share a defined
percentage of the premiums and liabilities of certain
underlying insurance. The reinsurer also typically pays
the ceding reinsurer a commission
Rabi Rabi refers to the season which typically lasts from mid-
November to April/May and the crops that are cultivated
and harvested in such season
Rashtriya Swasthya Bima Yojana/RSBY A Government of India programme under which the
central and state governments provide health insurance
to low income households and certain defined categories
of unorganised workers
Reinstatement premium A prorated insurance or reinsurance premium charged
for the reinstatement of the amount of a primary policy
or reinsurance coverage limit that has been reduced or
exhausted by loss payments under such coverages
Reinsurance Reinsurance is a transaction whereby one company,
the reinsurer, agrees to indemnify another insurance
company, the reinsured against all or part of the loss that
the latter sustains under a policy or policies that it has
issued, in return for a premium

Glossary (Contd.)
Term Description
Reinsurance ceded/accepted Reinsurance means an insurance contract between
one insurance company (cedant) and another insurance
company (reinsurer) to indemnify against losses on one
or more contracts issued by the cedant in exchange
for consideration. The consideration paid/ received is
termed as reinsurance ceded/accepted. The intent of
reinsurance is for an insurance company to reduce the
risks associated with underwritten policies by spreading
risks across alternative institutions
Reserving Triangle A table showing development of estimated ultimate loss
amount and the corresponding outstanding reserves for
each AY over the subsequent periodic valuations
Retained risk The amount of liability for which an insurance
company will remain responsible after accounting for
its reinsurance arrangements
Retention limit The maximum amount of risk retained by an insurer,
beyond which the insurer cedes the risk to reinsurers
Retrocession Retrocession is the ceding of reinsurance accepted to
another reinsurer
Rider The add-on benefits which are in addition to the benefits
under a basic policy
Required Solvency Margin/RSM Shall be the higher of the amounts of RSM 1 and RSM 2
for each line of business (“LOB”) separately.
RSM 1 means required solvency margin based on net
premiums, and shall be determined as 20% of the
amount which is the higher of (a) the gross premiums
multiplied by a factor specified for each LOB and (b) the
net premiums.
RSM 2 means required solvency margin based on net
incurred claims and shall be determined as 30% of the
amount which is the higher of (a) the gross incurred
claims multiplied by a factor specified for each LOB and
(b) the net incurred claims
Salvage Value recoverable from sale of scrap/recovered material
arising from claim
Senior Citizen Welfare Fund/SCWF As part of the Finance Act 2015, the government has
brought in the Senior Citizens’ Welfare Fund Act, 2015
(SCWF). This mandates the transfer of unclaimed
amounts of policyholders to the fund (SCWF) after a
period of 10 years
Shareholders’ Funds Shareholders’ funds comprise of share capital plus all
reserves and surplus (except revaluation reserve and fair
value change account) net of accumulated losses and
Miscellaneous expenditure to the extent not written off
as at the balance sheet date

Term Description
Solatium fund In ‘Hit & Run’ cases, accident victims are eligible for
compensation through a Special Fund constituted in
terms of Section 163 of the Motor Vehicles Act, 1988
called Solatium Fund
Solvency Ratio (Solvency) The ratio of ASM to the RSM
Technical reserves Technical reserves means reserve for unexpired risks plus
premium deficiency reserve plus reserve for outstanding
claims (including IBNR and IBNER)
Third Party Administrators/TPA A company registered with IRDAI, and engaged by an
insurer, for a fee or remuneration, by whatever name
called and as may be mentioned in the agreement,
for providing health services as mentioned under the
Insurance Regulatory and Development Authority of
India (Third Party Administrators - Health Services)
Regulations, 2016
Third-party loss / TP loss A loss suffered by a person(s) other than the insured or
insurer who has incurred losses or is entitled to receive
payment due to acts or omissions of the insured
Treaty A reinsurance contract in which a reinsurance company
agrees to accept all of a particular type of risk from
the ceding insurance company. Reinsurers in a treaty
contract are obliged to accept all risks outlined in the
contract
Underwriting Balance Ratio Computed as underwriting profit or loss divided by net
premium for the respective class of business
Underwriting Results Underwriting profit or loss which is computed as
net premium earned less net claims incurred less
net commission less operating expenses related to
insurance business
Unearned Premium Reserve/UPR An amount representing that part of the premium
written which is attributable and to be allocated to the
succeeding accounting periods
Unexpired Risk Reserve/URR Reserves in respect of the liabilities for unexpired risks
and determined as the aggregate of unearned premium
reserve and premium deficiency reserve
Weather Based Crop Insurance Scheme/WBCIS WBCIS is an index based insurance cover which aims
to mitigate the hardship of the insured farmers against
the likelihood of financial loss by providing protection
against variation in specified weather indices such as
rainfall, humidity, temperature etc. or a combination of
these factors

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IRDAI Reg. No. 115
ICICI trade logo displayed above belongs to ICICI Bank and is used by
ICICI Lombard GIC Ltd. under license and Lombard Logo belongs to ICICI Lombard GIC Ltd.
assigned by Northbridge Financial Corporation solely for the territory of India.
Registered Office: ICICI Lombard House, 414, Veer Savarkar Marg,
Near Siddhivinayak Temple, Prabhadevi, Mumbai 400 025
Toll Free No. 1800 2666. Fax No. 022 61961323. CIN L67200MH2000PLC129408
Website: www.icicilombard.com Email: investors@icicilombard.com

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financial manufactured intellectual human social and relationship

Reporting period, scope and boundary

Corporate Overview 02-59 Statutory Reports 60-123

02 Creating Long-Term Value 60 Directors’ Report

04 ICICI Lombard - One of India’s Leading Corporate Governance Report

12 Message from the Chairperson

14 Message from the Managing Director & CEO

132 Independent Auditors’ Report

140 Independent Auditors’ Certificate

21 Business Model showing Principal Activities 144 Revenue Account

22 Interlinkages of Multiple Types of Capital in 146 Schedules

24 Our Operating Environment 202 Receipts & Payment Account

25 Strategic Objectives 204 Glossary

26 Our Stakeholder Engagement

30 Enterprise Risk Management - Framework &

54 Nurturing and Leveraging Human Capital

58 Corporate Social Responsibility

Creating Long-Term Value

financial manufactured intellectual human social and relationship

002 ICICI Lombard General Insurance Company Limited

Annual Report 2018-19 003

ICICI Lombard - One of India’s Leading Private

In our 18 years of operations, we have

We offer a range of innovative and technology- We are a customer-centric organisation offering

Ownership structure Promoters

004 ICICI Lombard General Insurance Company Limited

1 Corporate Solutions Group

Provides integrated solutions to

Provides insurance solutions to state, central

Provides insurance solutions to

Support functions are leveraged

and Online Platforms. Services:

Annual Report 2018-19 005

ICICI Lombard - One of India’s Leading Private

Revenue Growth Combined Ratio Policy Growth Claims Settled

Investment Assets Profit After Tax Solvency Return on

*on GDPI basis

ICRA iAAA rated Crisil AAA/Stable

006 ICICI Lombard General Insurance Company Limited

Motor Third Party Crop

3% Product-mix Health & Personal Accident Fire

Annual Report 2018-19 007

Awards and Accolades

Best General Insurance Firm 2018

Money Today Financial Awards

Most Broker Friendly Insurer - 2019

Golden Peacock National Training Award 2019

Effie Silver Award 2019

008 ICICI Lombard General Insurance Company Limited

ET Aspire 2 Good Awards

Best Corporate Social

LACP Spotlight Awards

The awards are organised by the League of

Annual Report 2018-19 009

Performance Highlights of the Year

Revenue Profit After Tax

Number of Branches Number of Call Centre Executives

New Products Launched Investment in Technology

010 ICICI Lombard General Insurance Company Limited