ICICI Lombard General Insurance logo

ICICI Lombard General Insurance

ICICIGI NSE

Key Fundamentals

MidcapGeneral InsuranceInsurance
Market Cap
₹72,235 Cr
Volatility
Low Risk
P/E Ratio
29.95
EBITDA
₹3,824 Cr
Return on Equity
16.66%
Debt to Equity
0
Book Value
₹340.44
EPS
₹42.73
52W High
₹2,064.9
52W Low
₹1,459.1

Tapetide Score

Data-driven rating, 0–100. How it works →

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% lower than 3Y
Net Income Growth
10.51% lower than 3Y
Cash Flow Change
129% higher than 3Y
ROE
-3.81% lower than 3Y
ROCE
-1.89% lower than 3Y
EBITDA Margin (Avg.)
-1.67% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

ICICI Lombard General Insurance, with a market cap of ₹72,235 Cr, trades at a PE of 30.3x and PB of 4.33x. The company has delivered a steady 17% ROE over the last 3 and 5 years with 15-17% compounded sales growth, but TTM profit growth has turned negative at -9% and the stock has declined 22% over the past year.

Bull Case 8
  • Consistent ROE of 17% maintained over 3-year and 5-year periods, indicating stable return generation on equity
  • Strong compounded sales growth of 17% over 5 years and 16% over 10 years, reflecting sustained premium income expansion in a growing insurance market
  • Company is almost debt-free, reducing balance sheet risk and interest burden — a notable advantage in the insurance sector
  • Healthy dividend payout ratio of 25.7%, providing consistent cash returns to shareholders at a 0.92% dividend yield
  • Compounded profit growth of 18% over 10 years demonstrates long-term earnings compounding ability
  • TTM sales growth of 12% shows continued top-line momentum even in a period of profit compression
  • 3-year compounded profit growth of 14% remains in double digits despite recent TTM softness, suggesting the earnings dip may be cyclical
  • Long-term ROE of 18% over 10 years is above the cost of equity for most Indian insurers, indicating sustained value creation over full cycles
Bear Case 8
  • TTM compounded profit growth has turned negative at -9%, signalling meaningful near-term earnings pressure
  • Stock has declined 22% over the past 1 year, significantly underperforming broader market indices
  • PE ratio of 30.3x is elevated for a general insurer facing negative profit growth, raising valuation concerns
  • Price-to-book of 4.33x is rich relative to the 17% ROE, implying limited margin of safety if profitability deteriorates further
  • 5-year stock CAGR of -2% indicates the stock has destroyed value for medium-term holders despite underlying business growth
  • Dividend yield of only 0.92% offers limited income cushion during periods of capital depreciation
  • Sales growth has decelerated from 17% (5-year CAGR) to 12% (TTM), suggesting a potential slowdown in premium growth trajectory
  • 3-year stock CAGR of just 3% lags the compounded profit growth of 14% over the same period, indicating sustained PE derating by the market

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • ₹3.30 Cr GST demand hit Sep 2

    ICICI Lombard received a GST demand of ₹3.30 crore plus ₹14.79 lakh penalty from Hyderabad tax authorities after its appeal for FY2018-19 was rejected.

Neutral 1
  • Sept investor meets scheduled Aug 20

    ICICI Lombard announced a schedule of analyst and institutional investor meetings for September 2026, including conferences in Mumbai and Gurgaon.

TL;DR: A quiet period for ICICI Lombard with limited news flow. The ₹3.30 Cr GST demand is minor relative to the company's scale and unlikely to materially impact financials. Upcoming investor meets in September could provide fresh guidance and catalysts. Overall trend is neutral with no significant positive or negative momentum visible.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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

Particulars 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

Particulars 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%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.40%Govt.0.10%Promot.51.22%Public5.17%DIIs20.65%FIIs21.45%As ofJun 2026

Documents

Frequently Asked Questions about ICICI Lombard General Insurance

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 trades as ICICIGI on the NSE and under code 540716 on the BSE.
Which sector does ICICI Lombard General Insurance Company Ltd belong to?
ICICI Lombard General Insurance Company Ltd is classified under the Insurance sector, in the General Insurance industry.
What is the market capitalisation of ICICI Lombard General Insurance Company Ltd?
ICICI Lombard General Insurance Company Ltd has a market capitalisation of ₹72,235 Cr, which places it in the Large Cap band.
What is the PE ratio of ICICI Lombard General Insurance Company Ltd?
ICICI Lombard General Insurance Company Ltd trades at a PE ratio of 29.95, on earnings per share of ₹42.73, against a book value of ₹340.44 per share.
What is the 52-week high and low of ICICI Lombard General Insurance Company Ltd?
Over the last 52 weeks ICICI Lombard General Insurance Company Ltd has traded between ₹1,459.1 and ₹2,064.9.
Does ICICI Lombard General Insurance Company Ltd pay dividends?
ICICI Lombard General Insurance Company Ltd has a dividend yield of 0.92%.
What is the Return on Equity (ROE) of ICICI Lombard General Insurance Company Ltd?
ICICI Lombard General Insurance Company Ltd reported a return on equity of 16.66%. Its debt-to-equity ratio is 0.00.

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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