In the last week of May, the board of ICICI Bank had approved a proposal to raise the bank's stake in ICICI Lombard General Insurance Company by upto 4% in multiple tranches, and makes the general insurance company its subsidiary.

ICICI Bank already holds 48.02% stake in the general insurer, and it plans to acquire at least 2.5% of the 4% before 9 September 2024.

On August 4, ICICI Bank received the approval from Reserve Bank of India for increasing its shareholding in ICICI Lombard General Insurance Company up to 4%, in multiple tranches.

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.

The general insurer reported 11.8% increase in net profit to Rs 390.36 crore on 14.07% rise in total income to Rs 4,538.03 crore in Q1 FY24 over Q1 FY23.