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Overview

Detailed Summary

ICICI Lombard is India’s leading private-sector general insurer offering a diversified property and casualty portfolio including motor, health, fire, marine, engineering, liability and crop insurance distributed through brokers, bancassurance, agents, direct, digital channels and government business; the company reported FY2026 GDPI of ₹287.12 billion and GWP of ₹306.18 billion, with 341 branches and 15,008 employees.
Financially, ICICI Lombard delivered PAT of ₹27.72 billion in FY2026 (1/n basis), PBT of ₹36.59 billion and a solvency ratio of 2.67x, while ROAE was 17.8% for the year; combined ratio for FY2026 on a 1/n basis was 103.4% though Q4 improved to 101.2%, signaling improving underwriting performance late in the year.
Retail health emerged as a clear growth engine: ICICI Lombard’s retail health GDPI grew ~54% in FY2026, the company doubled new retail health indemnity sourcing versus prior year and increased retail health market share from 3.3% to 4.1%; the IL TakeCare app (21 million downloads) materially accelerated distribution and claims intake, contributing over ₹5.17 billion premium from the app in FY2026.
The company runs a large investment book of ₹584.21 billion with realized returns of ~8.47% in FY2026, an investment mix tilted to corporate bonds and G‑Sec with 18.7% in equity/ETFs; MTM unrealized losses of ₹10.08 billion impacted solvency by ~14 basis points, underlining market sensitivity of capital metrics.
Technology and process innovation are central strategic levers: ICICI Lombard migrated core systems to cloud, launched the IL OneForce productivity platform for employees and sales partners, and uses predictive loss modelling and AI to improve underwriting and claims turnaround, with measurable improvements in digital servicing and NPS across motor and health claims.

Sector: Insurance
Industry: General Insurance
Market Cap: 85,447 Cr
Volatility: Low Risk
P/E Ratio: 30.8
Industry P/E: 14.2
PEG Ratio: 2.0
P/B Ratio: 5.1
52W High: 2,074.85
52W Low: 1,630.00

Sales CAGR

1Y: 12.66%
3Y: 12.69%
5Y: 16.32%
10Y: 15.27%

Profit CAGR

1Y: 10.51%
3Y: 17.04%
5Y: 13.48%
10Y: 16.49%

ROE

TTM: 16.66%
3Y: 16.62%
5Y: 16.20%
10Y: 17.08%

ROCE

TTM: 22.77%
3Y: 22.29%
5Y: 21.41%
10Y: 22.77%

Technicals

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Peers

Financial Services Financial Services Insurance General Insurance

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HDFCLIFE		546.20	1,17,738 Cr	61.57	6.63	0.38	10.77	0.54	0.49
ICICIGI		1720.00	85,447 Cr	30.83	5.07	0.79	16.66	22.77	3.64
ICICIPRULI		461.45	66,803 Cr	41.55	4.97	0.36	11.80	0.50	0.50
GICRE		372.35	65,044 Cr	6.73	0.92	2.70	13.71	12.44	4.44
MFSL		1561.55	53,891 Cr	641.79	10.20	0.00	1.59	2.83	0.05
STARHEALTH		518.70	30,599 Cr	54.94	3.19	0.00	5.82	3.58	2.36
GODIGIT		295.00	27,469 Cr	50.46	5.89	0.00	11.67	12.54	2.18
Median: 7 Co.	—	518.70	65,044 Cr	50.46	5.07	0.36	11.67	3.58	2.18

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	5,003	5,165	5,352	5,851	5,883	5,851	6,083	6,583	6,610	6,619
Expenses	4,587	4,604	4,850	5,186	5,197	5,435	5,429	5,830	6,039	6,073
Operating Profit	416	562	501	664	685	416	654	753	571	546
OPM %	8.31	10.87	9.37	11.35	11.65	7.11	10.75	11.43	8.64	8.25
Other Income	158	136	273	255	275	252	340	325	299	172
Interest	—	—	—	—	—	—	—	—	—	—
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	574	698	774	919	960	668	994	1,077	870	718
Tax %	—	—	—	—	—	—	—	—	—	—
Net Profit	431	520	580	694	724	510	747	820	659	718
EPS in Rs	8.62	10.35	11.56	13.77	14.39	10.14	14.86	16.32	13.13	10.89

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	8,066	9,776	11,053	12,161	16,130	18,095	19,752	22,937	25,895	23,668
Expenses	7,143	8,545	9,509	10,206	14,336	15,713	17,846	20,670	23,371	21,248
Operating Profit	924	1,231	1,544	1,955	1,794	2,382	1,906	2,267	2,524	2,420
OPM %	11.45	12.60	13.97	16.08	11.12	13.17	9.65	9.88	9.75	10.22
Other Income	273	367	153	-1.49	-110	-270	649	1,054	1,135	1,121
Interest	—	—	—	—	—	—	—	—	—	0.00
Depreciation	—	—	—	—	—	—	—	—	—	0.00
Profit Before Tax	1,196	1,598	1,697	1,954	1,684	2,113	2,555	3,321	3,659	3,541
Tax %	—	—	—	—	—	—	—	—	—	24.46
Net Profit	862	1,049	1,194	1,473	1,271	1,729	1,919	2,508	2,772	2,675
EPS in Rs	6,48,23,81,785.85	21.02	23.88	29.45	25.10	34.63	38.33	49.86	55.20	55.20
Dividend Payout %	21.06	26.02	13.36	24.79	34.86	31.29	28.37	24.88	24.44	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	451	454	454	454	455	491	491	493	496	498
Reserves	3,450	4,273	4,946	5,585	7,144	8,702	9,953	11,712	13,989	16,135
Borrowings	485	485	485	485	485	255	35	35	0.00	0.00
Other Liabilities	18,965	24,538	27,517	30,518	31,214	41,401	44,607	51,068	54,535	59,477
Total Liabilities	23,351	29,750	33,403	37,042	39,298	50,848	55,086	63,308	69,020	76,111
Fixed Assets	383	406	465	677	627	577	564	701	802	751
CWIP	11	38	17	12	14	11	25	94	74	88
Investments	14,950	18,193	22,231	26,327	30,892	38,786	43,180	48,907	53,508	58,421
Other Assets	8,007	11,113	10,689	10,026	7,765	11,474	11,317	13,606	14,636	16,851
Total Assets	23,351	29,750	33,403	37,042	39,298	50,848	55,086	63,308	69,020	76,111

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	1,628	2,390	2,976	3,433	1,774	809	2,290	2,407	1,147	2,622
Cash from Investing Activity	-1,990	-1,896	-2,856	-3,382	-1,367	135	-1,685	-1,921	-1,137	-1,733
Cash from Financing Activity	361	-96	-310	-420	-212	-879	-695	-355	-257	-336
Net Cash Flow	-0.77	398	-190	-369	195	65	-90	131	-247	554

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	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	22.00%	22.37%	23.04%	23.06%	23.93%	24.75%	24.36%	23.68%	23.93%	24.04%	23.35%	22.29%
DIIs	18.26%	18.56%	18.01%	16.11%	17.29%	16.73%	17.29%	17.84%	17.62%	17.51%	18.36%	19.52%
Public	11.73%	11.07%	11.04%	9.56%	6.96%	6.86%	6.75%	6.93%	6.99%	7.08%	6.98%	6.90%
Total Shareholders	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

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Documents

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Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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