ICICI Lombard General Insurance Company Ltd will consider an initial public offering on reaching an overall market share of around 10 per cent even as ICICI Prudential Life Insurance plans to increase its capital base in the current fiscal.

"ICICI Lombard General will need to reach a mature level and around 10 per cent overall market share in the general insurance sector before considering an option of an IPO," ICICI Bank Managing Director and Chief Executive K V Kamath told newspersons on Tuesday.

The company, in which the bank holds a majority stake, has been making profits and 'we are happy with it,' he added.

ICICI Prudential Life Insurance Company, has become the first private life insurer to cross the milestone of 10 lakh policies, company managing director Shikha Sharma said.

She said the sum assured stands at about Rs 22,500 crore (Rs 225 billion) and new business premium income is Rs 1,700 crore (Rs 17 billion).

The capital base was Rs 675 crore (Rs 6.75 billion) and the joint venture partners would infuse additional capital in their operations in the current fiscal, she said. She declined to divulge the amount to be invested further.

To commemorate the milestone, the company has launched an initiative 'Dil Se' to secure the future of underprivileged children. The company would altogether gift 50 LifeLink insurance policies totalling Rs 10 lakh to such children in Mumbai, Delhi, Kolkata, Chennai and Bangalore, she added.