ICICI Lombard General Insurance Company Ltd logo

ICICI Lombard General Insurance Company Ltd

ICICIGI NSE

ICICI Lombard General Insurance Co. Ltd is one of the leading and established private sector general insurance companies in India. It offers a well-diversified range of products and risk management solutions through multiple distribution channels.[1] It was established in 2001 as a JV between ICICI Bank and Fairfax Financial Holdings Ltd. ICICI held 64% stake and the rest was held by JV partner. Fairfax Financial exited in 2019 by selling its remaining 5% stake in the company for ~2,600 crores.[2]

AI Verdict: HOLD Confidence: 6%

ICICI Lombard trades at a PE of 33.1x with consistent 17% ROE and 15% sales CAGR over 3 years, reflecting quality but leaving limited margin of safety. With 67% analyst buy ratings but a negative 1-year stock return of -5%, the risk-reward is balanced at current levels.

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹91,365 Cr
Volatility
Moderate
P/E Ratio
32.56
EBITDA
₹3,824 Cr
Return on Equity
15.72%
Debt to Equity
0
Book Value
₹337.49
EPS
₹42.73
52W High
₹2,068.7
52W Low
₹1,629.5

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 25.7%

Growth Rate

Revenue Growth
12.86% ↗
Net Income Growth
10.51% ↗
Cash Flow Change
128.53% ↗
ROE
-3.81% ↘
ROCE
-1.89% ↘
EBITDA Margin (Avg.)
-1.67% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

ICICI Lombard trades at a PE of 33.1x with consistent 17% ROE and 15% sales CAGR over 3 years, reflecting quality but leaving limited margin of safety. With 67% analyst buy ratings but a negative 1-year stock return of -5%, the risk-reward is balanced at current levels.

Bull Case 8
  • Consistent ROE of 17% maintained over 3, 5, and 10-year periods indicates disciplined underwriting and capital efficiency
  • Compounded sales growth of 15% over 3 years and 17% over 5 years demonstrates strong premium growth momentum in a under-penetrated insurance market
  • Company is almost debt-free, rare for financial services, reducing balance sheet risk significantly with debt-to-equity near zero
  • Strong analyst consensus with 66.67% buy ratings out of 24 analysts covering the stock, suggesting institutional confidence
  • Compounded profit growth of 14% over 3 years and 18% over 10 years shows long-term earnings compounding ability
  • Healthy dividend payout of 25.7% with 0.73% yield provides income alongside growth for patient investors
  • Market cap of Rs 91,250 crore reflects large-cap stability with adequate liquidity for institutional participation
  • TTM sales growth of 13% remains in double digits suggesting continued business momentum despite macro headwinds
Bear Case 8
  • PE ratio of 33.1x is expensive for a general insurer with only 9% TTM profit growth, implying rich valuations relative to near-term earnings trajectory
  • 1-year stock CAGR of -5% indicates price correction and possible de-rating despite steady fundamentals
  • Price-to-book of 5.45x is elevated for a non-life insurer, pricing in significant growth that must materialize to justify current levels
  • TTM profit growth decelerated to 9% versus 14% three-year CAGR, signaling potential margin compression from rising claims or competition
  • Dividend yield of only 0.73% offers minimal income cushion during periods of capital depreciation
  • 5-year stock CAGR of just 4% suggests the stock has significantly underperformed broader indices like Nifty50 over medium term
  • 8.33% of analysts rate the stock a sell and 25% recommend hold, meaning one-third of analysts see limited upside from current prices
  • General insurance sector faces regulatory risk from IRDAI pricing interventions and increasing competitive intensity from new entrants

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Positives 3
  • ₹1,100M tax liability removed Jun 12

    CESTAT allowed ICICI Lombard's appeals, setting aside tax demands, interest, and penalties totaling over ₹1,100 Million, reducing contingent liabilities.

  • May premium up 11.6% YoY Jun 5

    ICICI Lombard reported gross premium of INR 24.05 billion in May, a steady 11.6% year-on-year increase reflecting continued business momentum.

  • ₹7 per share final dividend May 27

    Board fixed May 29, 2026 as record date for ₹7.0 per share final dividend for FY2026, later approved at the June 19 AGM.

Neutral 3
  • ₹71.47 Cr institutional block trade Jun 17

    A block trade of ~4,02,049 shares at ₹1,777.60 per share worth ₹71.47 crore was executed on NSE, indicating large institutional participation.

  • AGM passes all 10 resolutions Jun 19

    All ten resolutions including auditor appointment and director nomination were passed with requisite majority at the June 19, 2026 AGM.

  • BRSR filed, 41.2% renewable energy May 26

    ICICI Lombard filed its FY2026 Business Responsibility and Sustainability Report disclosing 41.2% renewable electricity usage and Gross Direct Premium of ₹287.12 billion.

TL;DR: ICICI Lombard is executing well with steady 11.6% premium growth and a clean FY2026 close highlighted by a ₹7 dividend and a favourable ₹1,100M tax ruling. No material headwinds are visible in recent news. The institutional block trade and ESG disclosures reflect stable governance. The trend is positive with consistent top-line expansion and an improving liability profile heading into FY2027.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
4,519
4,716
5,271
5,194
5,391
5,601
6,147
6,161
6,051
6,396
6,869
6,905
6,825
Expenses
4,874
4,206
4,509
4,639
4,701
4,831
5,207
5,199
5,443
5,415
5,825
6,051
6,138
Operating Profit
-355
510
762
555
690
770
940
962
609
981
1,044
854
686
OPM %
-8%
11%
14%
11%
13%
14%
15%
16%
10%
15%
15%
12%
10%
Other Income
928
10
2
19
8
4
-21
-2
60
13
33
16
32
Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
Depreciation
0
0
0
0
0
0
0
0
0
0
0
0
0
PBT
573
520
764
574
698
774
919
960
668
994
1,077
870
718
Tax %
24%
25%
24%
25%
26%
25%
24%
25%
24%
25%
24%
24%
24%
Net Profit
437
390
577
431
520
580
694
724
510
747
820
659
547
EPS in Rs
8.9
7.95
11.75
8.76
10.54
11.77
14.03
14.63
10.28
15.04
16.47
13.23
10.96
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
4,234
6,033
7,520
6,912
11,163
11,517
12,161
16,026
17,876
20,572
23,961
26,994
Expenses
4,456
5,269
6,601
7,174
9,494
9,745
10,090
15,010
16,612
17,918
20,554
23,264
Operating Profit
-221
764
919
-262
1,669
1,772
2,072
1,016
1,264
2,654
3,407
3,731
OPM %
-5%
13%
12%
-4%
15%
15%
17%
6%
7%
13%
14%
14%
Other Income
992
0
-2
1,569
-2
15
12
809
991
35
39
93
Interest
12
0
0
59
70
0
0
0
0
0
0
0
Depreciation
54
57
7
51
0
90
130
141
142
134
124
165
PBT
705
708
910
1,196
1,598
1,697
1,954
1,684
2,113
2,555
3,321
3,659
Tax %
17%
28%
23%
28%
34%
30%
25%
24%
18%
25%
24%
24%
Net Profit
585
507
702
862
1,049
1,194
1,473
1,271
1,729
1,919
2,508
2,772
EPS in Rs
13.11
11.34
15.56
18.98
23.1
26.27
32.4
25.89
35.21
38.94
50.6
55.61
Div. Payout %
15%
26%
22%
17%
26%
13%
25%
35%
28%
28%
25%
24%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
447
448
451
454
454
454
455
491
491
493
496
498
Reserves
2,439
2,789
3,450
4,087
4,946
5,680
7,144
8,702
9,953
11,712
13,989
16,135
Borrowings
0
0
485
485
485
485
485
255
35
35
0
0
Other Liabilities
11,760
12,440
18,965
24,723
27,517
30,423
31,214
41,401
44,607
51,068
54,660
59,477
Total Liabilities
14,646
15,676
23,351
29,750
33,403
37,042
39,298
50,848
55,086
63,308
69,145
76,111
Fixed Assets
381
510
516
368
1,965
664
717
941
883
930
728
834
CWIP
9
10
11
38
17
12
14
11
25
94
74
88
Investments
10,200
11,426
14,806
18,193
20,714
26,327
30,788
38,412
42,836
48,584
53,508
58,338
Other Assets
4,056
3,730
8,018
11,151
10,707
10,039
7,779
11,485
11,342
13,700
14,835
16,851
Total Assets
14,646
15,676
23,351
29,750
33,403
37,042
39,298
50,848
55,086
63,308
69,145
76,111
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-98
511
1,628
2,390
2,976
3,433
1,774
809
2,290
2,407
1,147
2,622
Investing
171
-310
-1,990
-1,896
-2,856
-3,382
-1,367
135
-1,685
-1,921
-1,137
-1,733
Financing
-93
-148
361
-96
-310
-420
-212
-879
-695
-355
-257
-336
Net Cash Flow
-20
53
-1
398
-190
-369
195
65
-90
131
-247
554
Free Cash Flow
-150
459
1,574
2,315
2,860
3,130
1,695
737
2,170
2,217
918
2,380
CFO/OP
44
67
177
-912
178
222
103
117
206
115
57
105
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
0
0
0
0
292
0
0
0
0
0
0
0
Cash Conversion Cycle
0
0
0
0
292
0
0
0
0
0
0
0
Working Capital Days
-576
-532
-521
-720
-564
-670
-705
-690
-685
-661
-603
-599
ROCE %
27%
23%
24%
17%
31%
27%
27%
19%
21%
23%
24%
22%

Shareholding Pattern

As of Mar 2026
Promoters 51.29%
FIIs 22.29%
DIIs 19.52%
Public 5.36%
Others 1.54%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
51.88%
51.87%
48.08%
48.05%
48.04%
48.03%
48.02%
48.02%
48.02%
48.01%
48.00%
47.91%
51.27%
51.81%
51.66%
51.60%
51.55%
51.46%
51.37%
51.31%
51.29%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
22.37%
0.00%
23.06%
23.93%
24.75%
24.36%
23.68%
23.93%
24.04%
23.35%
22.29%
DIIs
9.91%
9.71%
8.64%
11.48%
11.55%
13.56%
14.80%
16.84%
17.38%
18.26%
18.56%
16.84%
16.11%
17.29%
16.73%
17.29%
17.84%
17.61%
17.51%
18.36%
19.52%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
5.23%
5.16%
4.85%
5.14%
5.89%
6.09%
6.29%
6.23%
6.32%
6.32%
5.62%
5.64%
5.45%
5.54%
5.22%
5.36%
5.48%
5.49%
5.54%
5.47%
5.36%
Others
32.98%
33.25%
38.43%
35.33%
34.51%
32.32%
30.88%
28.91%
28.27%
27.41%
5.45%
29.61%
4.11%
1.43%
1.64%
1.38%
1.45%
1.50%
1.54%
1.51%
1.54%
No. of Shareholders
2,58,816
2,54,123
2,63,588
2,75,002
2,87,701
2,91,428
2,98,048
2,92,282
2,87,023
2,75,356
2,64,710
2,52,680
2,39,489
2,37,248
2,36,699
2,38,406
2,40,853
2,40,980
2,39,812
2,35,714
2,29,930

Documents

Frequently Asked Questions about ICICI Lombard General Insurance Company Ltd

What does ICICI Lombard General Insurance Company Ltd do?
ICICI Lombard General Insurance Co. Ltd is one of the leading and established private sector general insurance companies in India. It offers a well-diversified range of products and risk management solutions through multiple distribution channels.[1] It was established in 2001 as a JV between ICI...
Where is ICICI Lombard General Insurance Company Ltd (ICICIGI) listed?
ICICI Lombard General Insurance Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: ICICIGI and BSE: 540716. You can view its live share price, financials, and ratios on Tapetide.
Which sector does ICICI Lombard General Insurance Company Ltd belong to?
ICICI Lombard General Insurance Company Ltd operates in the Financial Services sector within the Insurance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of ICICI Lombard General Insurance Company Ltd?
ICICI Lombard General Insurance Company Ltd has a market capitalisation of approximately ₹91364.79 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of ICICI Lombard General Insurance Company Ltd?
The Price-to-Earnings (PE) ratio of ICICI Lombard General Insurance Company Ltd is 32.56. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of ICICI Lombard General Insurance Company Ltd?
Over the past 52 weeks, ICICI Lombard General Insurance Company Ltd has traded between a low of ₹1,629.5 and a high of ₹2,068.7. This range helps investors understand the stock's price volatility and recent trading levels.
Does ICICI Lombard General Insurance Company Ltd pay dividends?
Yes, ICICI Lombard General Insurance Company Ltd has a dividend yield of 0.74%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of ICICI Lombard General Insurance Company Ltd?
ICICI Lombard General Insurance Company Ltd has a Return on Equity (ROE) of 15.72%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research ICICI Lombard General Insurance Company Ltd on Tapetide?
On Tapetide, you can view ICICI Lombard General Insurance Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

ICICI Lombard General Insurance Co. Ltd is one of the leading and established private sector general insurance companies in India. It offers a well-diversified range of products and risk management solutions through multiple distribution channels.[1] It was established in 2001 as a JV between ICICI Bank and Fairfax Financial Holdings Ltd. ICICI held 64% stake and the rest was held by JV partner. Fairfax Financial exited in 2019 by selling its remaining 5% stake in the company for ~2,600 crores.[2]

Website icicilombard.com
CEO Mr. Sanjeev Radheyshyam Mantri B.Com, CA
Employees 15,123
Listed 2017-09-27
Face Value ₹ 10
Issued Size 49,80,44,825

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