Monday, August 13, 2007

ICICI Lombard

ICICI Lombard recently came out with its annual report for the 06-07 year. The numbers show a company that continues to be a great growth story- here are some of the numbers:

Financial Year2006-072005-06
Figures in nos.
No. of policies sold


No. of claims handled642,777
No. of employees4,7702,283
No. of offices220154

Financial Year 2004-05 2003-04 2002-03 2001-02
Figures in nos.
No. of policies sold 607,926 249,531 98,293 9,148
No. of claims handled 84,970 23,487 8,022 420
No. of employees 1,249 561 284 116
No. of offices 96 63 35 11

Fairfax currently has a 24% stake in the company and has it recorded on the balance sheet at a conservative valuation. I see the largest private insurer in a fast growing industry, and the chance to take a lot of business from inefficient government competition. This could be a much more significant part of Fairfax in the future.

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