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38	38	= Business Overview =
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40		-CICI Lombard GIC is the largest7 private-sector non-life insurer in India based on gross direct premium income in fiscal 2020. The company offer its customers a comprehensive and well-diversified range of products, including Fire, Motor, Health, Travel and Personal Accident, Marine, Engineering and Liability insurance, through multiple distribution channels. {{footnote}}https://www.icicilombard.com/docs/default-source/financial-information/annualreportfy2020.pdf?sfvrsn=39fd6bc4_7{{/footnote}}
	40	+ICICI Lombard GIC is the largest private-sector non-life insurer in India based on gross direct premium income in fiscal 2020. The company offer its customers a comprehensive and well-diversified range of products, including Fire, Motor, Health, Travel and Personal Accident, Marine, Engineering and Liability insurance, through multiple distribution channels. {{footnote}}https://www.icicilombard.com/docs/default-source/financial-information/annualreportfy2020.pdf?sfvrsn=39fd6bc4_7{{/footnote}}
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42	42	For fiscal 2020, the company issued 26.2 million policies and covered 40.9 million lives and its gross direct premium income was Rs 133.13 billion, translating into a market share7 of 7.0% among all non-life insurers in India and 14.6% among multi-line private-sector non-life insurers in India. The company's key distribution channels are direct sales, individual agents, corporate agents - banks, other corporate agents, Motor Insurance Service Providers (MISPs), brokers and digital, through which the company service its individual, corporate and government customers.
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44	44	CICI Lombard GIC has maintained leadership position among the private sector non-life insurers in India across Motor Own Damage, Health, Fire, Engineering, Liability and Marine segments in fiscal 2020. The company's GDPI market share in Motor Own Damage segment improved to 13.9% in fiscal 2020 from 12.9% in fiscal 2019. The company witnessed accretion in market share across all the commercial lines such as Fire, Engineering, Marine Cargo and Liability.
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46		-As of March 31, 2020, the company had `263.27 billion in total investment assets with an investment leverage (net of borrowings) of 4.21x. The company's investment policy is designed with an objective of capital preservation and achieving superior total returns within identified risk parameters. The company's philosophy of generating superior risk adjusted returns along with protection of captital has resulted in an annualised portfolio return of 10.2%8 . Listed equities made up of 8.0% of its total investment assets, by carrying value, as at March 31, 2020. Since fiscal 2004, its listed equity portfolio has returned an annualised total return of 23.2%, as compared to an annualised return of 13.8% on the benchmark S&P9 NIFTY index.
	46	+As of March 31, 2020, the company had `263.27 billion in total investment assets with an investment leverage (net of borrowings) of 4.21x. The company's investment policy is designed with an objective of capital preservation and achieving superior total returns within identified risk parameters. The company's philosophy of generating superior risk adjusted returns along with protection of captital has resulted in an annualised portfolio return of 10.2% . Listed equities made up of 8.0% of its total investment assets, by carrying value, as at March 31, 2020. Since fiscal 2004, its listed equity portfolio has returned an annualised total return of 23.2%, as compared to an annualised return of 13.8% on the benchmark S&P9 NIFTY index.
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49	49	[[image:ICICIGI3.png]]
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52	52	= Financial Overview =
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54		-The non-life insurance industry registered growth of 11.7%5 in fiscal 2020. The industry has grown at a CAGR of approximately 16.7% since fiscal 2001. Despite this, non-life insurance penetration in India continues to be around 0.97%6 of Gross Domestic Product against world average of 2.78%6 and given India’s demographic dividend, the sector is poised to reach newer heights in the coming years.
	55	+The non-life insurance industry registered growth of 11.7% in fiscal 2020. The industry has grown at a CAGR of approximately 16.7% since fiscal 2001. Despite this, non-life insurance penetration in India continues to be around 0.97% of Gross Domestic Product against world average of 2.78% and given India’s demographic dividend, the sector is poised to reach newer heights in the coming years.
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56	56	The industry growth is driven by growth in Fire, Motor Third Party, Retail Health and Group Health insurance segments. Fire, Motor Third Party, Retail Health, and Group Health grew by approximately 36.1%, 12.1%, 12.0% and 23.3% in fiscal 2020.
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58		-The company's proportion of Crop segment to overall GDPI is negligible for fiscal 2020 which was consistent with its cautious approach in underwriting this underpriced segment. Further the company did not win any new tender in crop business during the year under review. The graph below depicts the product portfolio mix.
	59	+The company's proportion of Crop segment to overall GDPI is negligible for fiscal 2020 which was consistent with its cautious approach in underwriting this underpriced segment. Further the company did not win any new tender in crop business during the year under review.
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60	60	The company's NEP increased to Rs 94.04 billion for fiscal 2020 from Rs 83.75 billion for fiscal 2019, an increase of 12.3%. The increase was primarily due to increase in NEP from Motor and Health segments.
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107	107	Return on Average Equity (ROAE) was 21.7% in FY2021 compared to 20.8% in FY2020.
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110	110	= References =
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