ICICI Lombard enters into bancassurance tie-up with AU Small Finance Bank

ICICI Lombard General Insurance Company said that it has entered into a bancassurance tie-up with AU Small Finance Bank.

The partnership will provide the AU Bank's diverse customers access to the insurer's portfolio and enhance penetration across India.

AU Small Finance Bank is a scheduled commercial bank. It is the largest Small Finance Bank with a deep understanding of the rural and semi-urban markets that has enabled it build robust business model facilitating inclusive growth. AU started its banking operations in April 2017 and as on 30 September 2022, it has established operations across 980 banking touchpoints in 20 states & 2 union territories. The bank has a net worth of Rs 10,114 crore, deposit base of Rs 58,335 crore and gross advances of Rs 52,452 crore.

AU Bank is rapidly expanding its distribution footprints across India and this tie-up between two giants in their respective industries will aim to further enrich its general insurance offering with agile, digital & paperless solutions offered by ICICI Lombard. The entire suite of products will be offered across 980+ banking touchpoints spread over 20 states & 2 union territories.

Speaking about the partnership Sanjeev Mantri, executive director, ICICI Lombard, said, At ICICI Lombard, we are in constant endeavour to provide consumers and businesses effective risk management solutions based on their evolving needs.

As an industry leader, we are excited to partner with AU Small Finance Bank - India's largest small finance bank, in providing customers a comprehensive product portfolio. This partnership will help further strengthen our distribution and unravel growth opportunities through the bank's wide network.

With our extensive range of customised solutions for risk management we are confident that we will be able to address varied customer segments across India."

ICICI Lombard General Insurance Company is one of the leading general insurance companies and the leading motor insurer in the country. The company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.

The general insurer's net profit rose 32.21% to Rs 590.53 crore on a 18.04% increase in net sales to Rs 3,836.55 crore in Q2 FY23 over Q2 FY22.

The scrip fell 1.03% to currently trade at Rs 1226 on the BSE.

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