ICICI Lombard General: Performance Review for quarter ended December 31, 2020

Ref. No.: MUM/SEC/240-01/2021
January 19, 2021
To,	To,
General Manager	Vice-President
Listing Department	Listing Department
BSE Limited	National Stock Exchange of India Ltd
Phiroze Jeejeebhoy Tower,	Exchange Plaza, 5th Floor, Plot C/1,
14th Floor, Dalal Street,	G Block, Bandra-Kurla Complex,
Mumbai - 400 001	Bandra (East), Mumbai - 400 051

Equity (BSE: 540716/ NSE: ICICIGI); Debt (BSE: 954492/ NSE: ILGl26)

Dear Sir/Madam,

Sub: Outcome of the Board Meeting held on January 19, 2021

Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we wish to inform you that the Board of Directors of the Company, at their Meeting held today i.e. Tuesday, January 19, 2021 in Mumbai, have inter-alia approved:

• Audited Financial Results of the Company for the quarter and nine months ended December 31, 2020. A copy of the Audited Financial Results for the quarter and nine months ended December 31, 2020 together with the Statutory Auditors' Report in the prescribed format is enclosed herewith. A copy of the press release being issued in this connection is also attached.
• Re-appointmentof Mr. Uday Chitale (DIN: 00043268) as a Non-executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from April 19, 2021 to April 18, 2026, subject to approval of the Members. Further, pursuant to Section 48A of the Insurance Act, 1938, the re-appointment is subject to the approval of IRDAI.
• Re-appointmentof Mr. Suresh Kumar (DIN: 00494479) as a Non-executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from June 1, 2021 to May 31, 2026, subject to approval of the Members of the Company.
• Re-appointmentof Mr. Ved Prakash Chaturvedi (DIN: 00030839) as a Non- executive, Independent Director of the Company, not liable to retire by rotation, for the second term of five (5) consecutive years effective from July 13, 2021 to July 12, 2026, subject to approval of the Members of the Company.

The Board has decided to seek the approval of Members of the Company for reappointment of Mr. Uday Chitale, Mr. Suresh Kumar and Mr. Ved Prakash Chaturvedi as Non-executive, Independent Directors of the Company, as mentioned above, through Postal Ballot.

ICICI Lombard General Insurance Company Limited

IRDA Reg. No. 115	CIN: L67200MH2000PLC129408
Mailing Address:	Registered Office:	Toll free No. : 1800 2666
401 & 402, 4th Floor, Interface 11,	ICICI Lombard House, 414, Veer Savarkar Marg,	Alternate No.: [phone]
(Chargeable)	Near Siddhi Vinayak Temple, Prabhadevi,	Email: [e-mail]
New Linking Road, Malad (West),	Mumbai - 400 025	Website: www.icicilombard.com
Mumbai - 400 064

Further, pursuant to the requirements of Listing Regulations, please note the below details:

	Mr. Uday Chitale
	(DIN: 00043268)
Reason for change in	Re-appointment of Non-executive, Independent Director of
Directorships	the Company.
Date of re-appointment	April 19, 2021
Brief Profile of Director	Mr. Uday Chitale is a Chartered Accountant with
	professional standing of over 45 years. He is senior partner
	the Mumbai headquartered firm M/s M. P. Chitale & Co. Mr.
	Chitale has extensive experience spanning varied
	businesses as auditor and management advisor and has
	assisted clients in business organization, governance &
	strategy, commercial dispute resolution & negotiations,
	foreign collaborations & joint ventures, M & A transactions
	and valuations.
	Mr. Chitale is a non-executive Independent Director at
	some prominent corporates that include ICICI Bank, ICICI
	Lombard General Insurance Company, India Infradebt and
	Axis Mutual Fund Trustee Limited.
	His past directorships include Finolex Industries, NCDEX,
	JSW Steel, GMR Infrastructure, JSW Energy, ICICI
	Securities, ICICI Primary Dealership, United Western Bank
	and Jana Small Finance Bank.
	Mr. Chitale served as a Director and Vice-President Asia
	Pacific of DFK International, a global network of accounting
	firms and business advisors.
	He is a member of investment advisory committee of an AIF
	- Innovation in Food and Agriculture Fund. He is a member
	of the Board of Governors of National Institute of Securities
	Markets (NISM).

Mr. Chitale is also active as Mediator in the field of alternative dispute resolution (ADR) - arbitration and conciliation of commercial disputes. He is the founder of Indian Council for Dispute Resolution and has done pioneering work in promoting mediation and conciliation and creating awareness of ADR amongst industrial and business community. An Accredited Mediator of CEDR-UK,

ICICI Lombard General Insurance Company Limited

IRDA Reg. No. 115	CIN: L67200MH2000PLC129408
Mailing Address:	Registered Office:	Toll free No. : 1800 2666
401 & 402, 4th Floor, Interface 11,	ICICI Lombard House, 414, Veer Savarkar Marg,	Alternate No.: [phone]
(Chargeable)	Near Siddhi Vinayak Temple, Prabhadevi,	Email: [e-mail]
New Linking Road, Malad (West),	Mumbai - 400 025	Website: www.icicilombard.com
Mumbai - 400 064

Mr. Chitale is on the panel of ADR practitioners of leading

arbitral institutions.

Mr. Chitale has served on expert committees set up by

Institute of Chartered Accountants of India (ICAI),

Securities and Exchange Board of India (SEBI), Reserve

Bank

of

India

(RBI),

Insurance

Regulatory

and

Development Authority (IRDA), Indian Banks' Association

(IBA) and several industry associations and chambers of

commerce. He has also been associated with public bodies

and socially relevant institutions in honorary capacity.

Disclosure of

Mr. Uday

Chitale

is

not

related to

any Director

of

the

relationship between

Company

Directors

Mr. Ved Prakash Chaturvedi

Mr. Suresh Kumar

(DIN: 00030839)

(DIN: : 00494479)

Reason for

Re-appointment

of

Non-

Re-appointment of Non-

change in

executive,

Independent

executive, Independent Director

Directorships

Director of the Company.

of the Company.

Date of re-

July 13, 2021

June 1, 2021

appointment

Brief Profile of

Mr. Ved Prakash

Chaturvedi,

Mr.

Suresh

Muthukrishna

Director

aged

55,

is

Non-executive,

Kumar, aged 70, is an

Independent

Director

of

the

Independent

Director

of

the

Company. He holds a post

Company since June 1, 2016.

graduate

diploma

in

He holds a Bachelor of

management

from

Indian

Commerce

(B.

Com.

Hons.)

Institute

of

Management,

degree from the University of

Bengaluru.

He

has

been

Bombay

and

completed

associated with our Company

Advanced

Management

since July 13, 2016. He has

Programme

at

the

London

experience

in

building

Business

School,

Stanford

investment

management

and

University

and

Columbia

wealth

management

University. He is a Fellow of the

businesses

both

organically

Indian

Institute

of

Bankers

and

through

acquisitions.

(FIIB).

Previously, he worked with Tata

Asset Management Limited as

He has over 45 years of

the

managing

director

from

experience

in

project finance,

October 2004 to October 2010

corporate

banking,

remedial

and with L & T Investment

credit

management,

treasury

Management

Limited

as

a

and

capital

markets,

asset

director from September 2011

management

and investment

to September 2014. He has

banking activities. He is a Board

served on the board of

Member

of

ICICI

Prudential

Association of Mutual Funds in

Asset

Management

Company

ICICI Lombard General Insurance Company Limited

IRDA Reg. No. 115

CIN: L67200MH2000PLC129408

Mailing Address:

Registered Office:

Toll free No. : 1800 2666

401 & 402, 4th Floor, Interface 11,

ICICI Lombard House, 414, Veer Savarkar Marg,

Alternate No.: [phone]

(Chargeable)

Near Siddhi Vinayak Temple, Prabhadevi,

Email: [e-mail]

New Linking Road, Malad (West),

Mumbai - 400 025

Website: www.icicilombard.com

Mumbai - 400 064

	India (AMFI) from June 2004 to	Limited since April 2011, Aster
	September 2010.	DM Healthcare Limited	since
		September	2015,		Values
		Alternative		Investments
		International	Private		Limited
		since	September	2008	and
		Tricolour Financial Services Pvt.
		Ltd. since July 2017. He is also
		an Oversight Board Member of
		Emirates REITs (Real	Estate
		Investment Trust) in the UAE's
		DIFC jurisdiction. He is the
		Managing Director	of	Tricolour
		Values	Investments	PSC	and
		also	an	Oversight	Board
		Member in the DIFC. He is
		Chairman of the Indian Business
		& Professional Council (IBPC) in
		Dubai.
Disclosure of	Mr. Ved Prakash Chaturvedi is	Mr. Suresh Kumar is not related
relationship	not related to any Director of the	to any Director of the Company.
between	Company.
Directors

Further, we affirm that Mr. Uday Chitale (DIN: 00043268), Mr. Suresh Kumar (DIN:

00494479) and Mr. Ved Prakash Chaturvedi (DIN: 00030839) have not been debarred from holding the office of director by virtue of any SEBI order or any other such authority.

The Meeting of the Board of Directors of the Company commenced at 4.25 p.m. (IST) and concluded at 6:30 p.m. (IST).

The above information is being made available on the Company's website www.icicilombard.com

You are requested to kindly take the same on records.

Thanking you,

Yours Sincerely,

For ICICI Lombard General Insurance Company Limited

Digitally signed by Vikas

Vikas Mehra Mehra

Date: 2021.01.19 18:54:02 +05'30'

Vikas Mehra

Company Secretary

ICICI Lombard General Insurance Company Limited

IRDA Reg. No. 115	CIN: L67200MH2000PLC129408
Mailing Address:	Registered Office:	Toll free No. : 1800 2666
401 & 402, 4th Floor, Interface 11,	ICICI Lombard House, 414, Veer Savarkar Marg,	Alternate No.: [phone]
(Chargeable)	Near Siddhi Vinayak Temple, Prabhadevi,	Email: [e-mail]
New Linking Road, Malad (West),	Mumbai - 400 025	Website: www.icicilombard.com
Mumbai - 400 064

ICICI Lombard General Insurance Company Limited

CIN: L67200MH2000PLC129408

Registered Office Address: ICICI Lombard House, 414, Veer Savarkar Marg,

Near Siddhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra

IRDAI Registration No. 115 dated August 3, 2001

[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated 30.01.2017]

Annexure-I

Statement of Audited Results for the Quarter and year to date ended December 31, 2020

Sl.

No.Particulars

OPERATING RESULTS 1

• Net Premium written 1
  3 Premium Earned (Net)
  4 Income from investments (net) 2

(a) Foreign exchange gain / (loss)

• (b) Investment income from pool (Terrorism / Nuclear)
• 1. Contribution from Shareholders Funds towards excess EOM
  2. Miscellaneous Income

• Total income (3 to 5)

• Commissions & Brokerage (net)
  8 Net commission 3

(a)

• (b) Other operating expenses (i+ii+iii)
• 1. Advertisement and publicity
  2. Sales promotion
  3. Other expenses

1. Premium Deficiency Incurred Claims
2. (a) Claims Paid
3. 1. Change in Outstanding Claims (Including IBNR/IBNER)
4. Total Expense (8+9+10+11)
5. Underwriting Profit/ (Loss) (3-12)
6. Provisions for doubtful debts (including bad debts written off)
7. Provisions for diminution in value of investments
8. Operating Profit/(Loss) (6-12) Appropriations
9. (a) Transfer to Profit and Loss A/c
10. 1. Transfer to Reserves

NON-OPERATING RESULTS

1. (a) Transfer from Policyholders' Fund
2. 1. Income from investments
   2. Other income
3. Expenses other than those related to insurance business

20

1. Provisions for diminution in value of investments
2. Total Expense (19+20+21)
3. Profit / (Loss) before extraordinary items (18-22)
4. Extraordinary Items
5. Profit/ (Loss) before tax (23-24)
6. Provision for tax
7. Profit / (Loss) after tax (PAT)

9

	3 months ended / As at		Year to date ended / As at	Year ended / As at
December 31, 2020	September 30, 2020	December 31, 2019	December 31, 2020	December 31, 2019	March 31, 2020
Audited	Audited	Audited	Audited	Audited	Audited
411,174	325,451	376,946	1,076,046	1,036,079	1,359,237
320,886	249,220	265,758	792,019	720,916	964,069
261,141	246,252	245,616	739,777	705,797	940,352
44,188	40,856	33,636	124,444	112,413	154,250
(166)	73	3	8	52	302
697	1,073	561	2,635	1,622	2,477
-	-	-	-	-	7,508
31	86	74	334	313	387
305,891	288,340	279,890	867,198	820,197	1,105,276
22,439	16,514	7,705	49,115	19,361	36,399
22,439	16,514	7,705	49,115	19,361	36,399
16,477	17,762	16,844	54,628	50,750	67,969
7,683	2,443	1,950	11,921	14,828	17,372
41,148	29,425	29,647	91,445	65,299	86,251
14,888	15,071	15,631	43,143	41,967	57,718
-	-	-	-	-	-
158,455	120,027	137,883	386,613	378,261	512,917
13,592	45,350	38,160	112,977	142,904	172,241
274,682	246,592	247,820	749,842	713,370	950,867
(13,541)	(340)	(2,204)	(10,065)	(7,573)	(10,515)
-	-	-	-	-	-
-	-	-	-	-	-
31,209	41,748	32,070	117,356	106,827	154,409
31,209	41,748	32,070	117,356	106,827	154,409
-	-	-	-	-	-
31,209	41,748	32,070	117,356	106,827	154,409
13,990	12,362	10,064	37,800	34,679	46,444
6	9	1,535	17	1,546	1,557
2,701	5,348	2,100	10,228	6,177	15,886
341	343	2,577	1,252	4,223	4,820
340	(7,029)	-	(6,691)	27	12,015
3,382	(1,338)	4,677	4,789	10,427	32,721
41,823	55,457	38,992	150,384	132,625	169,689
-	-	-	-	-	-
41,823	55,457	38,992	150,384	132,625	169,689
10,470	13,883	9,581	37,647	41,442	50,313
31,353	41,574	29,411	112,737	91,183	119,376

28	(a)	Interim Dividend	-	-	3.50	-	3.50	3.50
	(b) Final Dividend	-	-	-	-	3.50	3.50
29	Profit / (Loss) carried to Balance Sheet	517,268	485,915	376,333	517,268	376,333	404,531
30			45,453	45,450	45,444	45,453	45,444	45,447
31	Reserve & Surplus (Excluding Revaluation Reserve)	681,173	649,545	539,685	681,173	539,685	567,957
32	Share Application Money Pending Allotment	17	35	25	17	25	21
33	Fair Value Change Account and Revaluation Reserve	60,739	21,918	19,340	60,739	19,340	(42,863)
34			48,500	48,500	48,500	48,500	48,500	48,500
	Total Assets:
	(a) Investments:
35		- Shareholders' Fund	722,046	682,662	571,561	722,046	571,561	585,957
		- Policyholders' Fund	2,267,156	2,233,533	1,912,965	2,267,156	1,912,965	2,046,716
	(b) Other Assets (Net of current liabilities and provisions)	(2,153,321)	(2,150,747)	(1,831,533)	(2,153,321)	(1,831,533)	(2,013,611)
	Analytical Ratios 4 :
	(i)	Solvency Ratio4a	2.76	2.74	2.18	2.76	2.18	2.17
	(ii)	Expenses of Management Ratio4b	29.4%	30.2%	26.9%	28.3%	26.1%	26.6%
	(iii)	Incurred Claim Ratio	65.9%	67.2%	71.7%	67.5%	73.8%	72.9%
	(iv)	Net Retention Ratio	78.0%	76.6%	70.5%	73.6%	69.6%	70.9%
	(v)	Combined Ratio	97.9%	99.7%	98.7%	99.1%	100.5%	100.4%
	(vi)
		(a) Basic and diluted EPS before extraordinary items (net of tax
		expense) for the period 5
		(b) Basic and diluted EPS after extraordinary items (net of tax expense)
36		for the period 5
(vii)	NPA ratios:
		(a) Gross and Net NPAs	-	-	-	-	-	-
		(b) % of Gross & Net NPAs	-	-	-	-	-	-
	(viii)	Yield on Investments 5,6,7
		(a) Without unrealized gains8	1.96%	2.07%	1.77%	5.94%	6.28%	7.94%
		(b) With unrealised gains	4.36%	2.24%	2.33%	12.02%	7.23%	7.49%
	(ix)	Public shareholding
		(a) No. of shares	218,687,818	218,652,678	200,592,148	218,687,818	200,592,148	200,622,458
		(b) Percentage of shareholding	48.12%	48.11%	44.14%	48.12%	44.14%	44.15%
		(c) % of Government holding	-	-	-	-	-	-
		(in case of public sector insurance companies)	-	-	-	-	-	-

Footnotes:

• Net of reinsurance (Including Excess of Loss Reinsurance).
  2 Including capital gains, net of amortisation and losses.
  3 Commission is net of commission received on reinsurance cession.
  4 Analytical ratios have been calculated as per definition given in IRDAI analytical ratios disclosures.

4a The Solvency has been computed at the last day of the period.

4b The Expenses of Management has been computed on the basis of Gross Direct Premium

• Not annualised

• Excludes unrealised gains or losses on real estate and unlisted equity

• Yield on investments with unrealised gains is computed using the modified Dietz method
  8 The computation is based on time weighted average book value.

Annexure-II

[Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with IRDAI Circular reference : IRDA/F&A/CIR/LFTD/027/01/2017 dated 30.01.2017]

Segment1 Reporting for the Quarter and year to date ended December 31, 2020

Sl. No.	Particulars		3 months ended / As at		Year to date ended / As at	Year ended / As at
		December 31, 2020	September 30, 2020	December 31, 2019	December 31, 2020	December 31, 2019	March 31, 2020
		Audited	Audited	Audited	Audited	Audited	Audited
1	Segment Income:
	(A) Fire
	Net Premium Earned	13,408	12,522	8,053	35,537	19,015	27,358
	Income from Investments	64	1,513	41	2,792	2,113	3,893
	Other Income	500	812	259	2,119	1,061	1,779
	(B) Marine
	Net Premium Earned	7,450	5,309	6,415	18,728	18,648	25,632
	Income from Investments	543	516	447	1,569	1,743	2,202
	Other Income	(19)	(6)	(50)	4	(18)	17

1. Health including Personal Accident*

1. Health Retail

	Net Premium Earned	18,483	18,206	17,712	54,122	52,132	69,655
	Income from Investments	1,952	1,929	1,635	5,679	5,752	7,791
	Other Income	-	8	3	23	20	7,464
	(ii) Health Group, Corporate
	Net Premium Earned	49,482	45,673	41,926	136,555	118,375	156,388
	Income from Investments	3,986	4,051	2,897	11,814	10,227	13,850
	Other Income	(158)	(49)	52	(232)	229	526
	(iii) Health Government Business
	Net Premium Earned	25	20	263	51	257	176
	Income from Investments	50	74	35	181	135	253
	Other Income	-	-	-	-	-	68
	(D) Miscellaneous
	(i) Miscellaneous Retail
	Net Premium Earned	1,345	1,501	1,117	4,204	4,383	6,009
	Income from Investments	791	741	669	2,284	2,673	3,540
	Other Income	-	1	3	1	-	-
	(ii) Miscellaneous Group, Corporate
	Net Premium Earned	12,089	11,954	11,363	34,775	32,563	42,981
	Income from Investments	1,821	1,625	1,352	5,017	4,654	6,238
	Other Income	143	391	295	786	477	513
	(E) Crop Insurance
	Net Premium Earned	1	88	469	737	1,606	173
	Income from Investments	512	812	146	2,127	886	1,968
	Other Income	-	(1)	-	-	1	-
	(F) Motor
	Net Premium Earned	158,858	150,979	158,298	455,068	458,818	611,980
	Income from Investments	34,469	29,595	26,414	92,981	84,230	114,515
	Other Income	96	76	76	276	217	307
2	Premium Deficiency
	(A) Fire	-	-	-	-	-	-
	(B) Marine	-	-	-	-	-	-
	(C) Health including Personal Accident*
	(i) Health Retail	-	-	-	-	-	-
	(ii) Health Group, Corporate	-	-	-	-	-	-
	(iii) Health Government Business	-	-	-	-	-	-
	(D) Miscellaneous
	(i) Miscellaneous Retail	-	-	-	-	-	-
	(ii) Miscellaneous Group, Corporate	-	-	-	-	-	-
	(E) Crop Insurance	-	-	-	-	-	-
	(F) Motor	-	-	-	-	-	-

• Segment Underwriting Profit / (Loss):

(A) Fire	4,174	544	2,753	3,546	1,855	3,843
(B) Marine	(20)	(576)	472	(2,048)	750	1,328
(C) Health including Personal Accident*
(i) Health Retail	34	(3,251)	(93)	(4,541)	3,825	3,065
(ii) Health Group, Corporate	2,319	(1,948)	7,281	(2,655)	14,296	15,755
(iii) Health Government Business	1,342	-	594	1,286	940	981
(D) Miscellaneous
(i) Miscellaneous Retail	819	1,035	4,928	2,986	6,337	7,575
(ii) Miscellaneous Group, Corporate	2,711	334	1,385	3,954	4,502	5,886
(E) Crop Insurance	65	(123)	(92)	(293)	(1,020)	(345)
(F) Motor	(24,985)	3,645	(19,432)	(12,300)	(39,058)	(48,603)

Sl. No.	Particulars		3 months ended / As at		Year to date ended / As at	Year ended / As at
		December 31, 2020	September 30, 2020	December 31, 2019	December 31, 2020	December 31, 2019	March 31, 2020
		Audited	Audited	Audited	Audited	Audited	Audited
4	Segment Operating Profit / (Loss):
	(A) Fire	4,737	2,869	3,052	8,456	5,028	9,514
	(B) Marine	503	(66)	868	(476)	2,474	3,547
	(C) Health including Personal Accident*
	(i) Health Retail	1,987	(1,313)	1,545	1,162	9,597	18,320
	(ii) Health Group, Corporate	6,147	2,054	10,230	8,927	24,753	30,131
	(iii) Health Government Business	1,393	73	629	1,468	1,075	1,301
	(D) Miscellaneous
	(i) Miscellaneous Retail	1,609	1,776	5,601	5,270	9,011	11,115
	(ii) Miscellaneous Group, Corporate	4,675	2,351	3,033	9,757	9,634	12,637
	(E) Crop Insurance	578	689	54	1,835	(134)	1,625
	(F) Motor	9,580	33,315	7,058	80,957	45,389	66,219
5	Segment Technical Liabilities:
	Unexpired Risk Reserve - Net
	(A) Fire	35,104	35,098	22,501	35,104	22,501	21,948
	(B) Marine	7,644	8,450	7,690	7,644	7,690	6,071
	(C) Health including Personal Accident*
	(i) Health Retail	56,081	56,789	54,920	56,081	54,920	57,723
	(ii) Health Group, Corporate	124,255	133,410	114,824	124,255	114,824	120,579
	(iii) Health Government Business	37	54	-	37	-	-
	(D) Miscellaneous
	(i) Miscellaneous Retail	30,492	30,868	33,516	30,492	33,516	32,771
	(ii) Miscellaneous Group, Corporate	29,748	27,235	25,744	29,748	25,744	25,285
	(E) Crop Insurance	-	1	-	-	-	-
	(F) Motor	352,696	284,408	316,021	352,696	316,021	319,439
	Outstanding Claims Reserves Including IBNR &
	IBNER - Gross
	(A) Fire	235,649	222,588	184,878	235,649	184,878	194,589
	(B) Marine	101,824	102,171	58,441	101,824	58,441	58,990
	(C) Health including Personal Accident*
	(i) Health Retail	41,847	41,279	33,272	41,847	33,272	32,026
	(ii) Health Group, Corporate	104,973	99,360	64,797	104,973	64,797	63,254
	(iii) Health Government Business	7,785	10,863	11,094	7,785	11,094	10,743
	(D) Miscellaneous
	(i) Miscellaneous Retail	3,816	3,726	3,948	3,816	3,948	3,634
	(ii) Miscellaneous Group, Corporate	147,096	141,066	123,509	147,096	123,509	129,216
	(E) Crop Insurance	44,224	96,959	265,664	44,224	265,664	252,894
	(F) Motor	1,165,018	1,143,939	1,020,708	1,165,018	1,020,708	1,055,391

Footnote:

• Segments include : (A) Fire, (B) Marine, (C) Health including Personal Accident - (i) Health Retail, (ii) Health Group, and (iii) Health Government Schemes, (D) Miscellaneous - (i) Retail, (ii) Group / Corporate, (E) Crop Insurance, (F) Motor

• * includes Travel Insurance

Other Disclosures*

Status of Shareholders Complaints for the nine months ended December 31, 2020

Sr No Particulars	Number
1	No. of Investor complaints pending at the beginning of period	0
2	No. of Investor complaints during the period	0
3	No. of Investor complaints disposed off during the period	0
4	No. of Investor complaints remaining unresolved at the end of the period	0

* The above disclosure is not required to be audited.

Notes forming part of Annexure I and Annexure II

• The above financial results of the Company for the quarter and year to date ended December 31, 2020 were reviewed and recommended by the Audit Committee and subsequently approved by the Board of Directors at its Meeting held on January 19, 2021.

• The above financial results were audited by the joint statutory auditors, Chaturvedi & Co., Chartered Accountants and PKF Sridhar & Santhanam LLP, Chartered Accountants who have issued unmodified opinion on these financial results.

3

• During the quarter ended June 30, 2020, the company had made certain changes to its Employee Privilege Leave plan, introducing an option to encash accumulated leave on separation from the

Company. Consequently, the additional charge, computed actuarially, for the quarter ended December 31, 2020 is 312 Lakhs (for the quarter ended September 30, 2020 is 91 Lakhs) and year

5 Other income (non-operating results) includes interest on income tax refund for the quarter ended December 31, 2020 : NIL (for the quarter ended September 30, 2020 : NIL), for year to date

• During the quarter ended December 31, 2020, the Company has made an impairment of 340 Lakhs, for the quarter ended September 30, 2020 the Company has reversed previously assessed impairment of 7,029 Lakhs as underlying securities were sold, and the resultant losses were recognised and for the year to date ended the Company has reversed impairment (net of impairment made in quarter ended December 31, 2020) of 6,691 Lakhs (During the year ended March 31, 2020, the Company created an impairment provision of 12,015 lakhs on assessment of impairment of certain securities).

• The Company has used the principles of prudence in applying judgments, estimates and assumptions to assess and provide for the impact of the CoViD-19 pandemic on the interim condensed financial statements based on internal and external sources of information. However, due to the uncertainties associated with the pandemic, the actual impact may not be in line with the estimates as of the date of approval of the interim condensed financial statements. The Company will continue to closely monitor any changes to the estimates basis future economic conditions. Further, the impact assessment done by the company does not indicate any adverse impact on its ability to continue as a going concern.

• The Board of Directors of the Company at its Meeting held on August 21, 2020, have, inter alia, approved a Scheme of Arrangement amongst Bharti AXA General Insurance Company Limited
  or and ICICI Lombard General Insurance Company Limited and their respective shareholders and creditors prepared pursuant to Sections 230 to 232, other applicable provisions of the Companies Act, 2013 read with the rules framed thereunder and Section 35 to 37 and other applicable provisions of the Insurance Act, 1938 (read with the rules and regulations framed thereunder). The Scheme provides inter alia for the demerger of the general insurance business of the Demerged Company into the Company as a going concern with effect from the Appointed Date i.e. April 1, 2020 and, as consideration for the demerger, the issue of 35,756,194 equity shares of the Company to the shareholders of the Demerged Company once the Scheme becomes effective.
  The Scheme is subject to, inter alia, applicable statutory and regulatory approvals including from Insurance Regulatory and Development Authority of India Competition Commission of India, Stock Exchanges, Securities and Exchange Board of India, shareholders and creditors of the companies involved in the Scheme and the relevant jurisdictional benches of the National
  Company Law Tribunal and will take effect when final approval is received from IRDAI in accordance with the Insurance Act, 1938 read with the Insurance Regulatory Development Authority (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011 and other rules and regulations framed thereunder.
  During the quarter ended December 31, 2020 the Company has received approval from (a) CCI, (b) an in-principle approval from IRDAI under Section 35 to 37 of the Insurance Act, 1938 read with IRDA (Scheme of Amalgamation and Transfer of General Insurance Business) Regulations, 2011, (c) Observation letters issued by BSE Limited and National Stock Exchange of India Limited, enabling the Company to file the draft Scheme with NCLT. Further, NCLT vide its order has inter alia directed the Company to convene the meeting of its equity shareholders to consider and approve the Scheme. The impact of the scheme shall be given in the Financial Statements as and when the scheme becomes effective.

The expenditure relating to demerger has been charged to profit and loss account under other than those related to insurance for quarter ended December 31, 2020 499

• The Code on Social Security, 2020 relating to employee benefits, during employment and post-employment, received Presidential assent on September 28, 2020. The Ministry of Labour and Employment has released draft rules for the Code on Social Security, 2020 on November 13, 2020, and has invited suggestions from stakeholders. The Company will assess the impact on its financial statements in the period in which the related rules to determine the financial impact are notified and the Code becomes effective.

1. The IRDAI, vide its circular IRDA/F&A/CIR/MISC/099/04/2020 dated April 24, 2020 stipulated that, in view of the emerging market conditions and to conserve capital with the insurance companies in the interest of Policyholders and of the economy at large, has urged insurers to take conscious call to refrain from dividend pay-out from profits pertaining to the financial year ended March 31, 2020 till further instructions. This position was to be reassessed by the Authority based on financial results of insurers for the quarter ending September 30, 2020. Further communication from the Authority in this matter is awaited.
2. In view of the seasonality of Industry, the financial results for the quarters and year to date ended are not indicative of full year's expected performance.
3. In accordance with requirements of IRDAI master circular on preparation of financial statements and filing of returns, the Company will publish the financials on the company's website latest by February 14, 2021.
4. Figures of the previous year / quarters and year to date ended have been re-grouped /re-arranged to conform to current year / current quarter and year to date ended presentation.

	For and on behalf of the Board
ICAI UDIN: 21040479AAAAAO6964	ICAI UDIN: 21201402AAAAAD9370
Mumbai	Bhargav Dasgupta
January 19, 2021	Managing Director & CEO

ICICI Lombard General Insurance Company Limited

CIN: L67200MH2000PLC129408

Registered Office Address: ICICI Lombard House, 414, Veer Savarkar Marg,

Near Siddhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra

IRDAI Registration No. 115 dated August 3, 2001

Balance Sheet

As at December 31, 2020

	Schedule	At	At
		December 31, 2020	March 31, 2020
Sources of funds
Share capital	5	4,545,316	4,544,663
Reserves and Surplus	6	68,117,284	56,795,679
Share application money-pending allotment		1,681	2,145
Fair value change account		6,073,861
Shareholders funds		1,459,788	(948,118)
Policyholders funds		4,614,073	(3,338,180)
Borrowings	7	4,850,000	4,850,000
Total		83,588,142	61,906,189
Application of funds
Investments - Shareholders	8	72,204,646	58,595,714
Investments - Policyholders	8A	226,715,577	204,671,553
Loans	9	-	-
Fixed assets	10	6,381,648	6,765,814
Deferred tax asset		4,636,821	3,063,067
Current assets
Cash and bank balances	11	1,133,869	326,362
Advances and other assets	12	81,199,838	96,998,375
Sub-Total (A)		82,333,707	97,324,737
Current liabilities	13	244,530,288	249,798,046
Provisions	14	64,153,969	58,716,650
Sub-Total (B)		308,684,257	308,514,696
Net current assets (C) = (A - B)		(226,350,550)	(211,189,959)
Miscellaneous expenditure (to the extent not written off or adjusted)	15	-	-
Debit balance in profit and loss account		-	-
Total		83,588,142	61,906,189

For Chaturvedi & Co.	For PKF Sridhar & Santhanam LLP	For and on behalf of the Board
Chartered Accountants	Chartered Accountants
Firm Regn No.: 302137E	Firm Regn No.: 003990S/S200018
Mumbai		Bhargav Dasgupta
January 19, 2021		Managing Director & CEO
SN Chaturvedi	R. Suriyanarayanan
Partner	Partner
Membership No: 040479	Membership No: 201402

January 19, 2021

PERFORMANCE FOR THE QUARTER AND NINE MONTHS ENDED

DECEMBER 31, 2020

Gross Direct Premium Income (GDPI) of the Company increased to 105.25 billion in 9M FY2021 compared to 101.32 billion in 9M FY2020, a growth of 3.9%. This was in line with the industry growth.

• GDPI of the Company increased to 40.34 billion in Q3 FY2021 compared to 36.93 billion in Q3 FY2020, a growth of 9.2%. The industry growth for Q3 FY2021 was 4.9%.

Combined ratio improved to 99.1% in 9M FY2021 compared to 100.5% in 9M FY2020.

• Combined ratio improved to 97.9% in Q3 FY2021 compared to 98.7% in Q3 FY2020.

Profit before tax (PBT) grew by 13.4% to 15.04 billion in 9M FY2021 from 13.26 billion in 9M FY2020, whereas PBT grew by 7.3% to 4.18 billion in Q3 FY2021 compared to 3.90 billion in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.

• Capital gains were at 2.92 billion in 9M FY2021 compared to 2.24 billion in 9M FY2020. Capital gains were at 1.08 billion in Q3 FY2021 compared to 0.17 billion in Q3 FY2020.

Profit after tax (PAT) grew by 23.6% to 11.27 billion in 9M FY2021 compared to

9.12 billion in 9M FY2020, whereas PAT grew by 6.6% to 3.14 billion in Q3 FY2021 from 2.94 billion in Q3 FY2020.

Return on Average Equity (ROAE) was 22.4% in 9M FY2021 compared to 21.8% in 9M FY2020, whereas ROAE was 17.6% in Q3 FY2021 compared to 20.3% in Q3 FY2020. This includes upfront expensing of acquisition cost relative to the growth of 9.2% in GDPI for Q3 FY2021, whereas the full benefit of earned premium will be realized over the policy period.

Solvency ratio was 2.76x at December 31, 2020 as against 2.74x at September 30, 2020 and higher than the minimum regulatory requirement of 1.50x. Solvency ratio was 2.17x at March 31, 2020.

Operating Performance Review
																													(		billion)
	Financial				Q3					Q3			Growth				9M			9M			Growth
	Indicators																			FY2020
				FY2021			FY2020				%			FY2021			FY2020			%
	GDPI			40.34		36.93				9.2%		105.25	101.32		3.9%	133.13
	PBT			4.18		3.90				7.3%		15.04	13.26	13.4%	16.97
	PAT			3.14		2.94				6.6%		11.27	9.12	23.6%	11.94
Ratios
	Financial Indicators							Q3						Q3						9M				9M				FY2020
				FY2021			FY2020			FY2021				FY2020
	ROAE (%)		Annualised			17.6%	20.3%					22.4%			21.8%			20.8%
	Combined ratio (%)			97.9%		98.7%					99.1%			100.5%			100.4%

Notes:

Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses Commission on Reinsurance)/ Net Written Premium

Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business

Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)

Net Worth = Share Capital + Reserves & Surplus

About ICICI Lombard General Insurance Company Limited

We are one of the leading private sector non- life insurers in India. We offer our customers a comprehensive and well-diversified range of products, including motor, health, crop, fire, personal accident, marine, engineering and liability insurance, through multiple distribution channels. More details are available at www.icicilombard.com

For further press queries please get in touch with Ms. Seema Jadhav [phone] or email to [e-mail]

For investor queries please get in touch with Mr. Sarvesh Agrawal [phone] or send an email to [e-mail]/ [e-mail]

Disclaimer

Except for the historical information contained herein, statements in this release

expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other related services in the countries that we operate or where a material number of our customers reside, the continued service of our senior management, our ability to successfully implement our strategy, including our use of the Internet and other technology our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the outcome of any internal or independent enquiries or regulatory or governmental investigations, investment income, cash flow projections, impact of competition; the impact of changes in capital, solvency ratio, exposure to reputational risk, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. ICICI Lombard General Insurance Company Limited undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof.