The company has received demand notice for the violation of non- payment of GST on the co-insurance premium received as follower in case of co- insurance transactions issue and non-payment of GST on re insurance commission deducted from the reinsurance premium ceded to various Indian and Foreign reinsurers. The matter is industry wide issue.

Earlier on 27 September 2023, the company had received show cause cum demand notice (SCN) alleging a tax demand of Rs 17,288,610,803/- excluding interest and penalty for the period July 2017 to March 2022 covering various states where the company was registered during this period.

ICICI Lombard General Insurance Company is the largest private sector non life insurer in India based on gross direct premium income. The company offer a comprehensive and well diversified range of products, including motor insurance, health insurance, travel and personal accident insurance, crop insurance, fire insurance, marine insurance and engineering and liability insurance, through multiple distribution channels.

The company’s standalone net profit declined 2.2% to Rs 577.27 crore in Q2 FY24 as compared with Rs 590.53 crore posted in Q2 FY23. Total income stood at Rs 5,271.06 crore in Q2 FY24, up 12% YoY.