The Insurance Regulatory and Development Authority of India (IRDAI) has advised SBI Mutual Funds (SBI MF) to ensure that its total shareholding shall not exceed 10% percent of the total paid-up equity share capital of the company.

Further, the approval of IRDAI is valid for a period of 1 year from the date of IRDAI approval letter.

ICICI Lombard General Insurance Company is the leading private general insurance company 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. ICICI Lombard has 305 branches and 12,865 employees, as on 31 March 2023.

The general insurer reported 39.8% jump in net profit to Rs 436.96 crore on 13.36% rise in total income to Rs 5,255.58 crore in Q4 FY23 over Q4 FY22.

The scrip was currently trading 0.03% lower, at Rs 1214.25 on the BSE.