ICICI Lombard General Insurance
ICICI Lombard General Insurance
Insurance F&OKey Fundamentals
MidcapGeneral InsuranceInsuranceTapetide Score
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 25.7%
Growth Rate
AI Analysis — Bull vs Bear
ICICI Lombard is a large private general insurer with a market cap of about ₹78,365 crore. It trades at a P/E of 32.4 and a P/B of 4.63, and its ROE has held steady at 17-18% over the 3-, 5- and 10-year periods. Revenue has compounded at 15-17% over multi-year periods, but TTM profit fell 9% while sales grew 12%. The stock is down 18% over the past year and flat over five years.
- ROE has been stable across time frames: 17% for last year, 3 years and 5 years, and 18% over 10 years. That points to consistent underwriting and investment returns through different cycles.
- Sales have compounded at 16% over 10 years, 17% over 5 years and 15% over 3 years. That is sustained double-digit growth in India's under-penetrated general insurance market.
- Profit has compounded at 18% over 10 years, slightly faster than sales growth of 16% over the same period. This shows operating leverage over the long run.
- Top-line growth is still in double digits, with TTM sales up 12%. Premium momentum continues even as profitability dips in the short term.
- The company is almost debt free. Its balance sheet is funded mainly by equity and insurance float, not borrowings.
- The company keeps a dividend payout ratio of 25.7%, which returns cash to shareholders while keeping most earnings for solvency and growth.
- After an 18% fall in the stock over the past year, the P/E of 32.4 is lower than it would have been at earlier prices, relative to a 10-year profit CAGR of 18%.
- TTM profit fell 9% while sales grew 12%. This gap points to pressure on claims ratios, expense ratios or investment income.
- Shareholder returns have been weak: -18% over 1 year, 6% CAGR over 3 years and 0% CAGR over 5 years, even though the business grew sales at 17% annually over those 5 years.
- Profit growth has trailed sales growth in the medium term. Profit CAGR was 12% over 5 years against 17% for sales, and 14% over 3 years against 15% for sales, which suggests margins are compressing.
- A P/B of 4.63 against an ROE of about 17% puts a premium on book value. That leaves little room for error if ROE slips from its long-run level.
- A P/E of 32.4 is a premium multiple for a company whose trailing profit is shrinking by 9%. The valuation depends on earnings recovering.
- Sales growth is slowing. TTM growth of 12% is below the 5-year CAGR of 17% and the 3-year CAGR of 15%.
- ROE has stayed flat at 17% rather than rising over time, even as the business scaled. This limits the case for the valuation multiple to expand.
- The dividend yield of 0.86% is low, so income support for returns is limited while price performance has been weak.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Flat August premium growth Sep 15
Premiums for August came in at INR 21.90 billion, up only 0.36% YoY, which points to muted top-line momentum. No segment-wise or product-wise breakdown was disclosed.
- ₹3.30 Cr GST demand Sep 2
Hyderabad tax authorities rejected ICICI Lombard's appeal for FY2018-19 and raised a GST demand of ₹3.30 crore plus a penalty of ₹14.79 lakh. The amount is small relative to the company's scale but adds regulatory overhang.
- 17-20% RoE via digital moat Sep 29
Management outlined a strategy to sustain 17-20% RoE through digital transformation. It targets 90%+ digital servicing and a 5% improvement in retention by FY29.
- Digital Day Meet 2026 held Sep 29
ICICI Lombard announced on Sep 18 that it would host its Digital Day Meet 2026 in Mumbai on Sep 29, open to registered stakeholders with no unpublished price-sensitive information disclosed. It shared the presentation video links with BSE and NSE on Sep 29.
- ₹57.76 Cr block trade flagged Sep 23
About 3,88,065 shares changed hands on NSE at ₹1,488.40 each, a combined ₹57.76 crore. The signal came from a real-time trade scanner, not a confirmed exchange report, and buyer and seller identities are not yet known.
TL;DR: ICICI Lombard is setting out a clear long-term story, with a target of 17-20% RoE built on digital servicing and better retention by FY29. In the near term, August premiums grew only 0.36% YoY, and a small ₹3.30 crore GST demand adds some regulatory noise without hurting the financials much. The trend looks stable more than improving, since strategic intent is strong but top-line growth is weak. Watch the coming monthly premium numbers to see whether the digital push turns into faster growth.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 4,716 | 5,271 | 5,194 | 5,391 | 5,601 | 6,147 | 6,161 | 6,051 | 6,396 | 6,869 | 6,905 | 6,825 | 7,088 |
| Expenses | 4,206 | 4,509 | 4,639 | 4,701 | 4,831 | 5,207 | 5,199 | 5,443 | 5,415 | 5,825 | 6,051 | 6,138 | 6,566 |
| Operating Profit | 510 | 762 | 555 | 690 | 770 | 940 | 962 | 609 | 981 | 1,044 | 854 | 686 | 522 |
| OPM % | 11% | 14% | 11% | 13% | 14% | 15% | 16% | 10% | 15% | 15% | 12% | 10% | 7% |
| Other Income | 10 | 2 | 19 | 8 | 4 | -21 | -2 | 60 | 13 | 33 | 16 | 32 | 14 |
| 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 | 520 | 764 | 574 | 698 | 774 | 919 | 960 | 668 | 994 | 1,077 | 870 | 718 | 536 |
| Tax % | 25% | 24% | 25% | 26% | 25% | 24% | 25% | 24% | 25% | 24% | 24% | 24% | 25% |
| Net Profit | 390 | 577 | 431 | 520 | 580 | 694 | 724 | 510 | 747 | 820 | 659 | 547 | 403 |
| EPS in Rs | 7.95 | 11.75 | 8.76 | 10.54 | 11.77 | 14.03 | 14.63 | 10.28 | 15.04 | 16.47 | 13.23 | 10.96 | 8.08 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 27,687 |
| 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 | 24,581 |
| Operating Profit | -221 | 764 | 919 | -262 | 1,669 | 1,772 | 2,072 | 1,016 | 1,264 | 2,654 | 3,407 | 3,731 | 3,107 |
| OPM % | -5% | 13% | 12% | -3.8% | 15% | 15% | 17% | 6% | 7% | 13% | 14% | 14% | 11% |
| Other Income | 992 | 0 | -2 | 1,569 | -2 | 15 | 12 | 809 | 991 | 35 | 39 | 93 | 94 |
| Interest | 12 | 0 | 0 | 59 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 54 | 57 | 7 | 51 | 0 | 90 | 130 | 141 | 142 | 134 | 124 | 165 | 0 |
| PBT | 705 | 708 | 910 | 1,196 | 1,598 | 1,697 | 1,954 | 1,684 | 2,113 | 2,555 | 3,321 | 3,659 | 3,201 |
| 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 | 2,428 |
| 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 | 48.74 |
| Div. Payout % | 15% | 26% | 22% | 17% | 26% | 13% | 25% | 35% | 28% | 28% | 25% | 24% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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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]
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