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]
Market LeadershipThe company is India'slargest non-life insurerbased on Gross Direct Premium Income (GDPI) with amarket share of 9.4%as of H1 FY25. Its market share across different commercial segments is approximately 13% in fire, 17% in engineering, 21% in marine cargo, and 19% in liability insurance.[1][2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ICICI Lombard | 2010.00 | 35.74 | 100107.01 | 0.62 | 819.54 | 18.10 | 6869.33 | 11.75 | 24.86 | 25477.17 | 14.11 | 2800.59 | 819.54 | 6.25 | 3.79 | 0.00 |
| 2. | General Insuranc | 371.60 | 6.81 | 65193.50 | 2.69 | 2873.54 | 54.85 | 12755.45 | 3.05 | 13.32 | 51731.07 | 19.90 | 9579.62 | 2873.54 | 0.96 | 3.38 | 0.00 |
| 3. | Go Digit General | 342.85 | 62.37 | 31689.18 | 0.00 | 135.60 | 51.56 | 2488.04 | 11.35 | 10.80 | 9754.94 | 2.09 | 508.06 | 135.60 | 6.83 | 2.17 | 0.08 |
| 4. | Star Health Insu | 451.85 | 49.87 | 26586.80 | 0.00 | 54.90 | -50.67 | 4377.78 | 7.87 | 11.98 | 16837.84 | 4.18 | 533.07 | 54.90 | 3.57 | 3.27 | 0.06 |
| 5. | New India Assura | 153.57 | 21.78 | 25308.34 | 1.17 | 55.30 | -39.73 | 13449.68 | 24.70 | 3.59 | 47535.83 | 1.78 | 1161.99 | 54.06 | 0.88 | 0.96 | 0.00 |
| 6. | Niva Bupa Health | 74.79 | 149.18 | 13815.20 | 0.00 | -35.27 | -370.89 | 1574.03 | 19.13 | 7.45 | 5873.92 | 1.38 | 92.61 | -35.27 | 3.63 | 2.62 | 0.07 |
| – | Median: 6 Co. | 357.23 | 42.8 | 29137.99 | 0.31 | 95.45 | -10.81 | 5623.56 | 11.55 | 11.39 | 21157.5 | 3.13 | 847.53 | 95.25 | 3.6 | 2.95 | 0.03 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,559 | 5,194 | 6,161 | 4,716 | 5,601 | 6,396 | 4,519 | 5,391 | 6,051 | 4,669 | 5,271 | 6,147 | 6,869 |
Expenses | 4,105 | 4,639 | 5,199 | 4,206 | 4,831 | 5,415 | 4,874 | 4,701 | 5,443 | 4,095 | 4,509 | 5,207 | 5,825 |
Operating Profit | 454 | 555 | 962 | 510 | 770 | 981 | -355 | 690 | 609 | 574 | 762 | 940 | 1,044 |
Other Income | 11 | 19 | -2 | 10 | 4 | 13 | 928 | 8 | 60 | 36 | 2 | -21 | 33 |
Profit before tax | 465 | 574 | 960 | 520 | 774 | 994 | 573 | 698 | 668 | 610 | 764 | 919 | 1,077 |
Tax % | 24% | 25% | 25% | 25% | 25% | 25% | 24% | 26% | 24% | 3% | 24% | 24% | 24% |
Net Profit | 353 | 431 | 724 | 390 | 580 | 747 | 437 | 520 | 510 | 591 | 577 | 694 | 820 |
EPS in Rs | 7.18 | 8.76 | 14.63 | 7.95 | 11.77 | 15.04 | 8.90 | 10.54 | 10.28 | 12.02 | 11.75 | 14.03 | 16.47 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 4,352 | 4,234 | 6,033 | 7,520 | 6,912 | 11,163 | 11,517 | 12,161 | 16,026 | 17,876 | 20,572 | 23,961 | 25,477 |
Expenses | 4,578 | 4,456 | 5,269 | 6,601 | 7,174 | 9,494 | 9,745 | 10,090 | 15,010 | 16,612 | 17,918 | 20,554 | 21,881 |
Operating Profit | -225 | -221 | 764 | 919 | -262 | 1,669 | 1,772 | 2,072 | 1,016 | 1,264 | 2,654 | 3,407 | 3,596 |
Other Income | 817 | 992 | 0 | -2 | 1,569 | -2 | 15 | 12 | 809 | 991 | 35 | 39 | 103 |
Interest | 9 | 12 | 0 | 0 | 59 | 70 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 50 | 54 | 57 | 7 | 51 | 0 | 90 | 130 | 141 | 142 | 134 | 124 | 0 |
Profit before tax | 533 | 705 | 708 | 910 | 1,196 | 1,598 | 1,697 | 1,954 | 1,684 | 2,113 | 2,555 | 3,321 | 3,699 |
Net Profit | 520 | 585 | 507 | 702 | 862 | 1,049 | 1,194 | 1,473 | 1,271 | 1,729 | 1,919 | 2,508 | 2,801 |
EPS in Rs | 11.69 | 13.11 | 11.34 | 15.56 | 18.98 | 23.10 | 26.27 | 32.40 | 25.89 | 35.21 | 38.94 | 50.60 | 56.42 |
Dividend Payout % | 0% | 15% | 26% | 22% | 17% | 26% | 13% | 25% | 35% | 28% | 28% | 25% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 445 | 447 | 448 | 451 | 454 | 454 | 454 | 455 | 491 | 491 | 493 | 496 | 497 |
Reserves | 1,949 | 2,439 | 2,789 | 3,450 | 4,087 | 4,946 | 5,680 | 7,144 | 8,702 | 9,953 | 11,712 | 13,989 | 15,499 |
Borrowings | 0 | 0 | 0 | 485 | 485 | 485 | 485 | 485 | 255 | 35 | 35 | 0 | 0 |
Other Liabilities | 12,350 | 11,760 | 12,440 | 18,965 | 24,723 | 27,517 | 30,423 | 31,214 | 41,401 | 44,607 | 51,068 | 54,535 | 43,285 |
Total Liabilities | 14,744 | 14,646 | 15,676 | 23,351 | 29,750 | 33,403 | 37,042 | 39,298 | 50,848 | 55,086 | 63,308 | 69,020 | 59,281 |
Fixed Assets | 373 | 381 | 510 | 516 | 368 | 1,965 | 664 | 717 | 941 | 883 | 930 | 728 | 843 |
Gross Block | 372.95 | 381.00 | 849.87 | 892.85 | 791.04 | 2,427.52 | 1,177.11 | 1,329.19 | 1,707.28 | 1,744.83 | 1,891.97 | 1,798.54 | – |
Accumulated Depreciation | 0.00 | 0.00 | 340.09 | 376.60 | 423.49 | 462.99 | 512.89 | 612.03 | 766.71 | 861.98 | 962.24 | 1,070.56 | – |
CWIP | 17 | 9 | 10 | 11 | 38 | 17 | 12 | 14 | 11 | 25 | 94 | 74 | 0 |
Investments | 9,290 | 10,200 | 11,426 | 14,806 | 18,193 | 20,714 | 26,327 | 30,788 | 38,412 | 42,836 | 48,584 | 53,508 | 56,200 |
Other Assets | 5,064 | 4,056 | 3,730 | 8,018 | 11,151 | 10,707 | 10,039 | 7,779 | 11,485 | 11,342 | 13,700 | 14,710 | 2,238 |
Total Assets | 14,744 | 14,646 | 15,676 | 23,351 | 29,750 | 33,403 | 37,042 | 39,298 | 50,848 | 55,086 | 63,308 | 69,020 | 59,281 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 595 | -98 | 511 | 1,628 | 2,390 | 2,976 | 3,433 | 1,774 | 809 | 2,290 | 2,407 | 1,147 |
Cash from Investing Activity | -706 | 171 | -310 | -1,990 | -1,896 | -2,856 | -3,382 | -1,367 | 135 | -1,685 | -1,921 | -1,137 |
Cash from Financing Activity | 4 | -93 | -148 | 361 | -96 | -310 | -420 | -212 | -879 | -695 | -355 | -257 |
Net Cash Flow | -108 | -20 | 53 | -1 | 398 | -190 | -369 | 195 | 65 | -90 | 131 | -247 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 0 | 0 | 0 | 0 | 0 | 292 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 292 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Days | -519 | -576 | -532 | -521 | -720 | -564 | -670 | -705 | -690 | -685 | -661 | -603 |
ROCE % | 26% | 27% | 23% | 24% | 17% | 31% | 27% | 27% | 19% | 21% | 23% | 25% |
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Stock Analysis
ICICI Lombard General Insurance Co. Ltd is one of India's leading general insurers, offering a wide range of products and risk management solutions through diverse distribution channels.
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