Development Credit Bank & ICICI Lombard General Insurance bancassurance tie-up 6 Jan 2010

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PRESS RELEASE

• Strengthens distribution network of ICICI Lombard

Mumbai, January 6, 2010 – ICICI Lombard General Insurance Company Ltd., the

country’s largest private sector General Insurance Company and Development Credit

Bank Ltd., a new generation private sector bank signed a bancassurance agreement for

the distribution of general insurance products through 80 branches of DCB across 10

states and 2 union territories.

Under this agreement ICICI Lombard GIC Ltd. will make available its industry leading

insurance products such as ‘Zero Depreciation add-on’ and ‘Health Advantage

Plus’. Zero Depreciation add-on offers full claim on the value of parts replaced without

any deduction for depreciation whereas Health Advantage Plus is a comprehensive

health insurance policy that covers the policyholder’s outpatient department treatment

(OPD) expenses.

Commenting on the partnership, Mr. Neelesh Garg, Director – Retail, ICICI Lombard

GIC Ltd. said “Given it’s deeply customer centric orientation, ICICI Lombard is very

happy to partner with an organization like Development Credit Bank which places the

highest priority on customer service and satisfaction. Our partnership strengthens and

In his statement, Mr. Murali M Natrajan, Managing Director and CEO of

Development Credit Bank Ltd. said, “Our mission is to provide the best of products

and services to support our customers in their business and personal progress. We are

extremely excited with our partnership with ICICI Lombard General Insurance which

gives us a big opportunity to bring value to our customers”

Development Credit Bank & ICICI Lombard General Insurance bancassurance tie-up 6 Jan 2010

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general insurance, reinsurance, insurance claims management and investment

management.

ICICI Lombard is the largest private sector general insurance company in India with a

Gross Written Premium (GWP) of Rs. 34,198.4 million for the year ended March 31,

2009.

The company presently has around 5,697 employees in 409 branches. In the financial

year ended March 31, 2009, the company issued over 4 million policies and serviced

over 33 lakh claims. The company has a claim disposal ratio of 97% (percentage of

has been conferred the Golden Peacock- Eco Innovation Award of 2009 for weather

insurance and the Customer and Brand Loyalty award in the “Insurance Sector - Non-

Life” at the 2nd Loyalty awards, 2009. It was awarded the ‘General Insurance Company

of the Year’ at the 11th Asia Insurance Industry Awards. The company also won the

NDTV Profit Business Leadership Award 2007 and was adjudged as the most

Customer Responsive Company in the Insurance category at the Economic Times

Avaya GlobalConnect Customer Responsiveness Award 2006. It has the Gold Shield

for “Excellence in Financial Reporting” by the ICAI (Institute of Chartered Accountants

of India) for the year ended March 31, 2006.

A new generation private sector bank, Development Credit Bank Ltd. (DCB) is the

preferred banking services provider across 80 branches across 10 states and two union

territories. The Bank has recently launched several value added initiatives and intends

to become one of the country’s preferred and profitable private sector banks, providing

a comprehensive suite of “best in class” products for customers in Retail, SME and

Corporate Banking market segments in chosen geographies.

DCB has deep roots in India since its inception in the 1930’s. Its promoter the Aga Khan

Development Credit Bank & ICICI Lombard General Insurance bancassurance tie-up 6 Jan 2010

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revenues in excess of US$1.5 billion. The Fund is active in 16 countries in the

developing world.

For more details about Development Credit Bank Ltd. please visit www.dcbl.com &

http://www.akdn.org/akfed

For more details about ICICI Lombard GIC Ltd., please visit www.icicilombard.com

For any further information, please contact: