ICICI Lombard General Insurance Co. Ltd. (ICICIGI) AI Stock Analysis

• Market Cap: ₹968.91B
• Dividend Yield: 0.69%
• Average Volume (3M): 38.72K
• Price to Earnings (P/E): 34.5
• Beta (1Y): 0.75
• Revenue Growth: 14.43%
• EPS Growth: 25.13%
• Country: IN
• Employees: 13,670
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 16.35
• Shares Outstanding: 497,976,300
• 10 Day Avg. Volume: 61,417
• 30 Day Avg. Volume: 38,722
• PEG Ratio: 1.19
• Price to Book (P/B): 6.17
• Price to Sales (P/S): 3.72
• P/FCF Ratio: 97.63
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹2,118.75
• Price Target Upside: 8.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 72 Outperform
• Price Target: ₹2,243.00 ▲(15.28% Upside)

ICICI Lombard's strong financial performance and positive technical indicators are the primary drivers of its stock score. However, the relatively high valuation limits the score, as the stock appears expensive compared to peers. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates a strong market position and effective business strategies, supporting long-term financial health.

Balance Sheet Health

A strong balance sheet with low leverage enhances financial stability and provides flexibility for future investments or downturns.

Profitability

Improved profitability margins reflect efficient cost management and operational effectiveness, supporting sustainable growth.

Negative Factors

Cash Flow Challenges

Decreasing free cash flow may limit the company's ability to invest in growth opportunities or manage unexpected expenses effectively.

Cash Flow to Net Income Ratio

A lower cash flow to net income ratio suggests that not all profits are translating into cash, potentially impacting liquidity.

Free Cash Flow Growth

Slowing free cash flow growth can constrain the company's ability to fund new projects or return capital to shareholders.

ICICI Lombard General Insurance Co. Ltd. Business Overview & Revenue Model

Company Description

ICICI Lombard General Insurance Company Limited provides various general insurance products and services in India. The company primarily offers motor, car, two wheeler, health, health booster, personal accident, travel, home, marine, NRI, business, third party, crop, rural, fire, engineering, liability, employee group, cattle, weather, and cyber insurance products; and reinsurance services. It serves customers through body corporates, as well as small, micro, and medium enterprises; state and central governments, government-owned enterprises, and rural customers; and agents, brokers, bancassurance, telesales, direct alliances, motor insurance service providers, and online platforms. The company was incorporated in 2000 and is based in Mumbai, India.

How the Company Makes Money

ICICI Lombard generates revenue primarily through the sale of insurance premiums. The company collects premiums from policyholders in exchange for coverage against various risks. Its key revenue streams include health insurance, motor insurance, property insurance, and travel insurance. Additionally, the company earns investment income from the funds it holds, as insurers are required to invest a portion of collected premiums. This investment income can be substantial, as it is derived from various asset classes, including equities and fixed-income securities. Partnerships with banks, brokers, and other financial institutions also enhance its distribution network, allowing ICICIGI to reach a broader customer base and drive sales. The company may also benefit from reinsurance arrangements that help manage risk exposure and stabilize earnings.

ICICI Lombard General Insurance Co. Ltd. Financial Statement Overview

Summary

ICICI Lombard demonstrates strong financial performance with robust revenue and profit growth, effective operational management, and cost efficiency. The balance sheet is solid with low leverage and high financial stability, though cash flows show some challenges in growth.

Income Statement

ICICI Lombard has demonstrated a strong revenue growth trend, with a significant increase from 2024 to 2025. The gross profit margin remains consistent at 100%, reflecting cost efficiency. Net profit margin improved from 8.8% in 2024 to 10.4% in 2025, indicating enhanced profitability. The company's EBIT and EBITDA margins are robust, showcasing effective operational management. Overall, the income statement shows solid growth and profitability.

Balance Sheet

The balance sheet reveals a healthy equity position with an equity ratio of approximately 21.7% in 2025, indicating strong financial stability. The debt-to-equity ratio is low at 0.005, suggesting minimal leverage risk. Return on equity (ROE) improved to 16.7% in 2025, showing efficient use of equity to generate profits. Overall, the balance sheet reflects financial soundness with low risk due to manageable debt levels.

Cash Flow

Cash flow analysis presents a mixed picture. The free cash flow decreased from 2024 to 2025, but the company maintains positive free cash flow and a healthy operating cash flow to net income ratio of 0.46. The decrease in free cash flow growth rate suggests potential challenges in cash generation. However, the company has a positive free cash flow to net income ratio of 0.36, indicating adequate cash generation relative to profits.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	265.06B	249.01B	217.68B	185.70B	165.59B	129.52B
Gross Profit	233.76B	210.63B	186.79B	180.98B	159.25B	123.51B
EBITDA	37.15B	35.47B	27.83B	23.36B	19.20B	21.71B
Net Income	28.01B	25.08B	19.19B	17.29B	12.71B	14.73B
Balance Sheet
Total Assets	739.66B	690.20B	633.08B	550.86B	508.48B	392.98B
Cash, Cash Equivalents and Short-Term Investments	0.00	31.00B	36.10B	2.03B	2.85B	2.28B
Total Debt	0.00	816.10M	1.67B	1.20B	3.42B	4.85B
Total Liabilities	573.60B	540.36B	503.58B	446.42B	416.56B	316.99B
Stockholders Equity	166.06B	144.85B	122.05B	104.44B	91.93B	75.99B
Cash Flow
Free Cash Flow	0.00	9.16B	22.16B	21.69B	7.33B	16.95B
Operating Cash Flow	0.00	11.47B	24.07B	22.90B	8.09B	17.74B
Investing Cash Flow	0.00	-11.37B	-19.21B	-16.85B	1.12B	-13.67B
Financing Cash Flow	0.00	-2.57B	-3.55B	-6.95B	-8.79B	-2.12B

ICICI Lombard General Insurance Co. Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1945.70
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIGI, the sentiment is Neutral. The current price of 1945.7 is below the 20-day moving average (MA) of 1969.12, below the 50-day MA of 1980.15, and above the 200-day MA of 1893.47, indicating a neutral trend. The MACD of -12.88 indicates Positive momentum. The RSI at 43.33 is Neutral, neither overbought nor oversold. The STOCH value of 39.31 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:ICICIGI.

ICICI Lombard General Insurance Co. Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICICIGI	72 Outperform	₹968.91B	34.45	―	0.69%	14.43%	25.13%
GODIGIT	72 Outperform	₹321.32B	64.64	―	―	―	―
HDFCLIFE	68 Neutral	₹1.63T	85.72	―	0.28%	-17.31%	11.68%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
STARHEALTH	66 Neutral	₹271.46B	50.84	―	―	28.04%	-38.44%

ICICI Lombard General Insurance Co. Ltd. Corporate Events

ICICI Lombard Faces Major GST Demand and Penalty

ICICI Lombard General Insurance Company Limited has received a significant GST demand and penalty order from the Joint Commissioner, CGST & Central Excise, Bhopal, amounting to over ₹94 crore for the financial years 2018-2019 to 2022-2023. The company plans to appeal this order and explore legal options, which could impact its financials and operational strategies, highlighting the regulatory challenges faced by companies in the insurance sector.

ICICI Lombard Allots Over 28,000 Shares to Employees

ICICI Lombard General Insurance Company Limited has announced the allotment of 28,269 equity shares under its employee stock option schemes. This move, approved by a Whole-time Director, is part of the company’s strategy to incentivize and retain talent, ensuring that the new shares will hold equal status with existing shares, potentially impacting employee engagement and shareholder value.

ICICI Lombard Allots Over 55,000 Shares Under Employee Schemes

ICICI Lombard General Insurance Company Limited announced the allotment of 55,851 equity shares under its employee stock option and stock unit schemes. This move, approved by a Whole-time Director, reflects the company’s commitment to rewarding and incentivizing its employees, potentially enhancing employee satisfaction and retention. The newly allotted shares will hold the same rights as existing shares, indicating a seamless integration into the company’s equity structure.

ICICI Lombard Acquires Shares in HDFC Bank

ICICI Lombard General Insurance Company Limited has announced the acquisition of shares in HDFC Bank Limited, a private sector bank with a market capitalization of ₹15.48 trillion as of October 29, 2025. This acquisition is part of ICICI Lombard’s ordinary investment activities and does not constitute a related party transaction. The investment was made in multiple tranches over time, using cash consideration, and no governmental or regulatory approvals were required.

ICICI Lombard Announces November 2025 Investor Meet Schedule

ICICI Lombard General Insurance Company Limited has announced its schedule for analyst and institutional investor meetings to be held in November 2025. These meetings, taking place in Mumbai, include conferences such as the ICICI Securities India Investor Conference and the UBS India Summit. The company has clarified that no unpublished price-sensitive information will be shared during these sessions. This initiative reflects ICICI Lombard’s commitment to maintaining transparency and engagement with its stakeholders, potentially impacting its market perception and investor relations positively.

ICICI Lombard Allots Over 138,000 Equity Shares to Employees

ICICI Lombard General Insurance Company Limited has announced the allotment of 138,414 equity shares under its employee stock option schemes. This move, approved by a Whole-time Director, reflects the company’s commitment to rewarding its employees and aligning their interests with the company’s growth, potentially enhancing employee motivation and retention.

ICICI Lombard Releases Audited Financial Results for September 2025

ICICI Lombard General Insurance has published its audited financial results for the quarter and half-year ending September 30, 2025, in major newspapers. This publication, which includes a QR code for accessing detailed financials, reflects the company’s commitment to transparency and regulatory compliance, potentially impacting its market perception positively.

ICICI Lombard Releases Earnings Call Recording for Q2 FY2026

ICICI Lombard General Insurance Company Limited announced that it hosted an earnings conference call on October 14, 2025, to discuss its financial performance for the quarter and half-year ended September 30, 2025. The audio recording of this call has been made available on the company’s website, providing stakeholders with insights into the company’s financial health and strategic direction.

ICICI Lombard Allots Equity Shares to Employees

ICICI Lombard General Insurance Company Limited has announced the allotment of 13,958 equity shares under its employee stock option and stock unit schemes. This move, approved by a Whole-time Director, reflects the company’s commitment to incentivizing its employees, aligning their interests with the company’s growth, and maintaining a competitive edge in the insurance sector.

ICICI Lombard Allots Over 96,000 Equity Shares Under Employee Schemes

ICICI Lombard General Insurance Company Limited has announced the allotment of 96,554 equity shares on October 3, 2025, under its employee stock option schemes. This move, approved by a Whole-time Director, is part of the company’s strategy to incentivize and retain employees, aligning their interests with the company’s growth. The newly allotted shares will have the same rights as the existing shares, reflecting the company’s commitment to maintaining equity among its shareholders.