HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹714.00 last close on 13 Oct 2026 +1.29%
Research updated
ICICI Lombard General Insurance Company Limited
NSE: ICICIGIFinancial ServicesInsurance - Diversified
- Last close
- ₹1,691.80
- Day change
- +₹17.80 (+1.06%)vs
- Market cap
- ₹85,590 crIndian rupees
- Research updated
- 4 reports
About ICICI Lombard General Insurance Company
ICICI Lombard General Insurance Company Limited is a leading general insurance provider in India. The company primarily focuses on offering a comprehensive range of insurance products and services, including motor, health, crop, fire, and marine insurance, catering to both retail and corporate clients. It plays a vital role in mitigating financial risk and providing security to its policyholders across various sectors. ICICI Lombard's health insurance products, for example, help cover medical expenses, while its motor insurance aids in managing vehicular risks and liabilities. A significant player in the Indian insurance market, ICICI Lombard is known for leveraging technology to enhance claim settlement processes and customer service. As part of ICICI Insurance, this company contributes to the stability and growth of the financial ecosystem by offering customized insurance solutions that support individuals and businesses. The firm's strategic partnerships and robust distribution channels further underscore its significance in India's competitive insurance landscape, serving as a major pillar in financial risk management for a wide demographic.
- Sector
- Financial Services
- Industry
- Insurance - Diversified
- Listing
- NSE: ICICIGI
- Chief executive
- Mr. Sanjeev Radheyshyam Mantri B.Com, CA
- Employees
- 15,008
- Headquarters
- Mumbai, India
- ISIN
- INE765G01017
- Website
- icicilombard.com
Public research · Report of
Business model & financial foundation
ICICI Lombard (NSE: ICICIGI), General (non-life) insurance: revenue of ₹30,618 crore in FY26 (+8.4% on FY25) and net profit of ₹2,772 crore.
- Revenue, FY26 (₹ crore)
- 30,618
- standalone
- Revenue growth, FY26
- +8.4%
- on FY25
- Net profit, FY26 (₹ crore)
- 2,772
- to owners
- Return on equity, FY26
- 17.8%
- on average equity
- Market capitalisation (₹ crore)
- 85,590
- at the close of 14 Oct 2026
Company profile
ICICI Lombard is India's largest private-sector general insurer, writing motor (own damage and third party), health (group, retail, travel and personal accident), commercial property and casualty (fire, engineering, marine, liability) and crop insurance. It distributes through brokers, agents, bancassurance (including its promoter ICICI Bank) and digital channels. Profit comes from underwriting (combined ratio, typically around 102-103%) plus investment income on a float of about Rs 60,000 crore.
| Item | Value |
|---|---|
| Legal name | ICICI Lombard General Insurance Company Limited |
| Exchange and ticker | NSE: ICICIGI; BSE: 540716 |
| ISIN | INE765G01017 |
| CIN | L67200MH2000PLC129408 |
| Sector | Financial Services |
| Industry | General (non-life) insurance |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | B S R & Co. LLP and Walker Chandiok & Co LLP (since 2026-07) |
| Market capitalisation | ₹85,590 crore (14 Oct 2026) |
| Shares outstanding | 50.18 crore shares (FY26) |
| Price | ₹1,692 (close, 14 Oct 2026) |
| 52-week range | ₹1,423 - ₹2,065 (to 14 Oct 2026) |
| Website | https://www.icicilombard.com |
Corporate structure and shareholding
Parent: ICICI Bank Limited (51.26% direct at 31 Mar 2026).
No subsidiary is recorded.
No subsidiaries, associates or JVs at 31 Mar 2026 (FY26 annual report). Operates an IFSC Insurance Office in GIFT City as a branch. ICICI Prudential Life (promoter group) holds 0.03%.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 51.37% | 51.31% | 51.29% | 51.22% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 24.04% | 23.35% | 22.29% | 21.45% |
| Domestic institutions | 17.50% | 18.40% | 19.50% | 20.70% |
| of which mutual funds | 14.18% | 14.59% | 15.40% | 15.71% |
| Retail | 3.88% | 3.80% | 3.73% | 3.59% |
| Other | 3.21% | 3.14% | 3.19% | 3.04% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | gdpi, FY26 (₹ crore) | Share | loss ratio, FY26 (%) |
|---|---|---|---|
| Motor total | 11,552 | 20.1% | 66.3% |
| Health, Travel & Personal Accident | 9,077 | 15.8% | 78.4% |
| Crop | 714.0 | 1.2% | 95.2% |
| Fire | 3,407 | 5.9% | 52.6% |
| Marine (GDPI: Marine Cargo only; LR: Marine) | 790.0 | 1.4% | 90.9% |
| Engineering | 1,179 | 2.1% | 59.4% |
| Liability | 1,005 | 1.8% | |
| Others (P&C GDPI; loss ratio Other) | 989.0 | 1.7% | 58.8% |
| Company total (non-additive control) | 28,712 | 50.0% | 71.1% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Go Digit General Insurance (GODIGIT) | Listed private multi-line general insurer competing directly in motor and health retail |
| New India Assurance (NIACL) | Largest listed public-sector multi-line general insurer; market-share and pricing benchmark in fire and group health |
| Star Health and Allied Insurance (STARHEALTH) | Largest standalone health insurer; competitor in retail health, ICICI Lombard's fastest-growing line |
| Niva Bupa Health Insurance (NIVABUPA) | Listed standalone health insurer competing in retail health |
| General Insurance Corporation of India (GIC Re) (GICRE) | Domestic reinsurer; its pricing sets the commercial fire and engineering market ICICI Lombard writes in |
| Bajaj Finserv (Bajaj General Insurance) (BAJAJFINSV) | Parent of Bajaj General Insurance, the closest private multi-line peer; not separately listed |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory gross written premium (Total Income from Operations) | 16,559 | 18,570 | 25,594 | 28,258 | 30,618 |
| Other operating costs (vendor classification) * | 2,320 | 2,690 | 712.9 | 400.8 | 398.6 |
| EBIT * | 1,779 | 2,193 | 2,649 | 3,423 | 3,750 |
| Finance cost * | 95.6 | 80.6 | 94.1 | 101.3 | 91.0 |
| Profit before tax | 1,684 | 2,113 | 2,555 | 3,321 | 3,659 |
| Tax expense | 412.5 | 383.5 | 636.6 | 813.0 | 887.0 |
| Profit after tax | 1,271 | 1,729 | 1,919 | 2,508 | 2,772 |
| Diluted EPS (INR, not annualised) | 25.82 | 35.16 | 38.78 | 50.25 | 55.24 |
| Gross written premium | 25,594 | 28,258 | 30,618 | ||
| Gross direct premium income (1/n) | 24,776 | 26,833 | 28,712 | ||
| Net written premium | 18,166 | 20,761 | 23,374 | ||
| Net earned premium | 16,866 | 19,800 | 22,264 | ||
| Net incurred claims | 11,939 | 13,987 | 15,828 | ||
| Net commission | 3,089 | 3,838 | 4,484 | ||
| Operating expenses related to insurance business | 2,826 | 2,845 | 3,059 | ||
| Underwriting result (as reported) | -987.9 | -869.5 | -1,108 | ||
| Investment income incl. capital gains (policyholders + shareholders) | 3,705 | 4,161 | 4,731 | ||
| Capital gains net of impairment | 551.0 | 802.0 | n.r. | ||
| Policyholder investment income (net) | 2,860 | 3,156 | 3,547 | ||
| Policyholder other income | 33.3 | -19.5 | 84.0 | ||
| Shareholder investment income | 844.8 | 1,005 | 1,184 | ||
| Shareholder other income | 5.17 | 59.4 | 9.74 | ||
| Expenses other than insurance business | 60.8 | 56.2 | 68.6 | ||
| Shareholder doubtful debts including bad debts written off | 44.1 | -5.84 | 0.68 | ||
| Investment diminution provision / reversal (expense sign) | 95.8 | -40.5 | -11.3 | ||
| Policyholder FX gain / loss (other-income component) | 10.7 | ||||
| KMP remuneration reimbursement (PH other-income component) | 8.12 | ||||
| Policyholder miscellaneous income (other-income component) | 14.5 | ||||
| Recovery of bad debts written off (SH other-income component) | 49.3 | 9.31 | |||
| Interest on tax refunds (SH other-income component) | 9.57 | 0.00 | |||
| Fixed asset disposal gain/loss (SH other-income component) | 0.53 | 0.43 | |||
| CSR expense (SH expense component) | 40.4 | 51.7 | |||
| Doubtful-debt provision excluding written off (component) | -6.20 | -22.5 | |||
| Bad debts written off (SH doubtful-debt component) | 0.36 | 23.2 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory shareholder equity including shareholder fair-value account | 9,193 | 10,444 | 12,204 | 14,485 | 16,633 |
| Statutory cash and bank balances (including restricted balances) | 284.9 | 203.1 | 334.6 | 87.6 | 986.8 |
| Total gross outstanding premiums / premium receivables | 9,149 | 8,912 | n.r. | 989.5 | 551.7 |
| Trade payables * | 2,514 | 2,988 | 3,402 | 3,011 | 3,047 |
| Net property, plant and equipment * | 113.1 | 131.6 | 139.4 | 5.82 | 3.99 |
| Capital work in progress * | 11.1 | 25.3 | 94.0 | 74.0 | 88.0 |
| Total assets * | 69,145 | 76,111 | |||
| Statutory funded borrowings (not vendor liabilities bucket) | 342.0 | 120.1 | 35.0 | 0.00 | 0.00 |
| Share capital plus full statutory reserves before fair-value account | 11,960 | 14,303 | 16,846 | ||
| Share capital plus reserves excluding revaluation | 11,960 | 14,303 | 16,807 | ||
| Cash equivalents per Receipts and Payments Account | 86.6 | 640.3 | |||
| Outstanding premiums net of doubtful-debt provision | 873.1 | 435.3 | |||
| Investments - shareholder fund | 11,587 | 13,726 | 14,929 | ||
| Investments - policyholder fund | 37,320 | 39,782 | 43,493 | ||
| Total statutory investments (shareholder plus policyholder) | 48,907 | 53,508 | 58,421 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 733.2 | 2,169 | 2,216 | 916.2 | 2,379 |
| Purchase of fixed assets including capital advances (cash outflow) | -72.1 | -120.1 | -189.4 | -231.2 | -243.3 |
| Net cash from operating activities | 2,407 | 1,147 | 2,622 | ||
| Dividends paid / appropriated during financial year | n.r. | 568.0 | 670.8 | ||
| Statutory cash payments of interest and dividends (combined) | -571.7 | -670.8 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Diluted weighted-average shares (PAT / rounded diluted EPS) | 49.23 | 49.18 | 49.47 | 49.92 | 50.18 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Statutory gross written premium (Total Income from Operations) | 6,948 | 6,474 | 6,904 | 8,053 | 7,059 | 7,433 | 8,074 | 8,860 |
| Other operating costs (vendor classification) * | 508.7 | 355.7 | 464.8 | 1.09 | 324.1 | 345.7 | 367.7 | |
| Profit before tax | 919.0 | 960.1 | 668.2 | 993.7 | 1,077 | 869.8 | 718.2 | 535.7 |
| Tax expense | 225.1 | 235.7 | 158.6 | 246.6 | 257.7 | 211.0 | 171.6 | 132.5 |
| Profit after tax | 694.0 | 724.4 | 509.6 | 747.1 | 819.5 | 658.8 | 546.6 | 403.2 |
| Diluted EPS (INR, not annualised) | 13.88 | 14.48 | 10.20 | 14.92 | 16.35 | 13.14 | 10.89 | 8.03 |
| Gross written premium | 6,948 | 6,474 | 6,904 | 8,053 | 7,059 | 7,433 | 8,074 | 8,860 |
| Gross direct premium income (1/n) | 6,721 | 6,214 | 6,211 | 7,735 | 6,596 | 7,041 | 7,340 | 8,318 |
| Net written premium | 4,835 | 5,084 | 5,481 | 5,611 | 5,313 | 5,963 | 6,487 | 6,604 |
| Net earned premium | 5,026 | 5,045 | 5,226 | 5,136 | 5,652 | 5,685 | 5,791 | 5,950 |
| Net incurred claims | 3,587 | 3,322 | 3,743 | 3,750 | 4,074 | 3,904 | 4,100 | 4,545 |
| Net commission | 844.7 | 1,162 | 1,026 | 940.8 | 1,013 | 1,343 | 1,188 | 1,250 |
| Operating expenses related to insurance business | 754.8 | 712.8 | 665.7 | 738.4 | 742.9 | 791.8 | 785.5 | 785.2 |
| Underwriting result (as reported) | -160.9 | -152.3 | -209.7 | -293.1 | -178.4 | -353.8 | -282.4 | -629.9 |
| Investment income incl. capital gains (policyholders + shareholders) | 1,122 | 1,116 | 825.6 | 1,259 | 1,218 | 1,219 | 1,034 | 1,138 |
| Capital gains net of impairment | 237.0 | 276.0 | 6.00 | 380.0 | 236.0 | 317.0 | n.r. | 183.0 |
| Policyholder investment income (net) | 846.3 | 839.8 | 625.3 | 942.7 | 898.9 | 909.0 | 796.7 | 857.9 |
| Policyholder other income | -21.2 | -2.16 | 0.33 | 4.53 | 32.1 | 15.8 | 31.6 | 5.80 |
| Shareholder investment income | 275.5 | 276.1 | 200.3 | 316.7 | 318.8 | 310.4 | 237.6 | 280.3 |
| Shareholder other income | 0.05 | 0.03 | 59.3 | 8.44 | 0.93 | 0.04 | 0.33 | 7.80 |
| Expenses other than insurance business | 20.9 | 8.33 | 11.0 | 14.0 | 22.4 | 15.5 | 16.8 | 21.2 |
| Shareholder doubtful debts including bad debts written off | 2.23 | -1.74 | -1.19 | 0.06 | 4.52 | -3.64 | -0.26 | 0.94 |
| Investment diminution provision / reversal (expense sign) | -2.43 | -5.19 | -2.53 | -28.5 | -31.8 | 0.00 | 49.0 | -36.0 |
| Policyholder FX gain / loss (other-income component) | -30.9 | -5.58 | ||||||
| KMP remuneration reimbursement (PH other-income component) | 1.01 | 0.22 | ||||||
| Policyholder miscellaneous income (other-income component) | 8.67 | 3.20 | ||||||
| Recovery of bad debts written off (SH other-income component) | 49.3 | 0.36 | ||||||
| Interest on tax refunds (SH other-income component) | 9.57 | 0.00 | ||||||
| Fixed asset disposal gain/loss (SH other-income component) | 0.42 | -0.03 | ||||||
| CSR expense (SH expense component) | 6.81 | 11.4 | ||||||
| Doubtful-debt provision excluding written off (component) | -1.40 | -0.32 | ||||||
| Bad debts written off (SH doubtful-debt component) | 0.21 | 0.06 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 27.8% | 12.1% | 37.8% | 10.4% | 8.4% |
| Net margin | 7.7% | 9.3% | 7.5% | 8.9% | 9.1% |
| Return on equity | 15.1% | 17.6% | 16.9% | 18.8% | 17.8% |
| Return on assets | 3.6% | 3.8% | |||
| Dividend payout | 22.6% | 24.2% | |||
| EPS, diluted (₹) | 25.82 | 35.16 | 38.78 | 50.25 | 55.24 |
| Book value per share (₹) | 186.7 | 212.4 | 246.7 | 290.2 | 331.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR, not annualised)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 4, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on ICICI Lombard General Insurance Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on ICICI Lombard General Insurance Company
- Research reportLatest
- Research report
- Research report
- Research report
Same sector
More research in Financial Services
ICICI Bank Ltd.
NSE: ICICIBANK
Financial Services · Banks - Regional
₹1,360.20 last close on 13 Oct 2026 +1.51%Research updated
State Bank of India
NSE: SBIN
Financial Services · Banks - Regional
₹957.00 last close on 13 Oct 2026 +1.70%Research updated
Bajaj Finance Ltd.
NSE: BAJFINANCE
Financial Services · Credit Services
₹982.75 last close on 13 Oct 2026 +2.66%Research updated
Life Insurance Corporation of India
NSE: LICI
Financial Services · Insurance - Life
₹394.05 last close on 13 Oct 2026 +0.65%Research updated
Kotak Mahindra Bank Ltd.
NSE: KOTAKBANK
Financial Services · Banks - Regional
₹439.00 last close on 13 Oct 2026 −0.99%Research updated
Prices are the last close on the NSE, 13 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 14 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.