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 Year	2006-07	2005-06
Figures in nos.
No. of policies sold	3,136,393	1,461,039
No. of claims handled	642,777	243,951
No. of employees	4,770	2,283
No. of offices	220	154

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.