ICICI Lombard General Insurance Co. Ltd. (IN:ICICIGI)
:ICICIGI
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ICICI Lombard General Insurance Co. Ltd.
(ICICIGI)
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Rating:72Outperform
Price Target:
₹1,982.00
▲(5.36% Upside)
Action:UpgradedDate:10/16/25
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
Balance Sheet Strength
Very low financial leverage and a ~21.7% equity ratio provide a durable capital buffer for underwriting volatility and regulatory requirements. Strong ROE (16.7%) shows efficient use of capital, supporting sustainable capacity to write premium and absorb claim shocks without urgent external capital.
Negative Factors
Declining Free Cash Flow
A falling free cash flow trend and modest operating cash flow conversion (0.46x) reduce internal funding flexibility for reinsurance, product investments or dividends. If sustained, weaker cash conversion may force reliance on investment realisations or external capital to support growth and regulatory capital needs.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance Sheet Strength
Very low financial leverage and a ~21.7% equity ratio provide a durable capital buffer for underwriting volatility and regulatory requirements. Strong ROE (16.7%) shows efficient use of capital, supporting sustainable capacity to write premium and absorb claim shocks without urgent external capital.
Read all positive factors
ICICI Lombard General Insurance Co. Ltd. (ICICIGI) vs. iShares MSCI India ETF (INDA)
Market Cap
₹890.06B
Dividend Yield0.69%
Average Volume (3M)38.72K
Price to Earnings (P/E)37.0
Beta (1Y)0.84
Revenue Growth14.43%
EPS Growth25.13%
CountryIN
Employees13,670
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)13.14
Shares Outstanding498,495,000
10 Day Avg. Volume61,417
30 Day Avg. Volume38,722
Financial Highlights & Ratios
PEG Ratio1.19
Price to Book (P/B)6.17
Price to Sales (P/S)3.59
P/FCF Ratio97.63
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,193.75Price Target Upside16.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)65.37
Revenue Forecast (FY)₹337.88B
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...
How the Company Makes Money
ICICIGI primarily makes money through (1) underwriting income and (2) investment income. Underwriting income comes from gross written premiums collected from policyholders across product lines, net of reinsurance costs, claims paid and outstanding...
ICICI Lombard General Insurance Co. Ltd. Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
78
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 264.75B | 249.01B | 217.68B | 185.70B | 165.59B | 129.52B |
| Gross Profit | 192.71B | 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 | 3.52B | 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
Negative
1881.10
Price Trends
1843.93
Negative
1900.50
Negative
1916.54
Negative
Market Momentum
-38.80
Negative
45.70
Neutral
77.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:ICICIGI, the sentiment is Negative. The current price of 1881.1 is above the 20-day moving average (MA) of 1778.36, above the 50-day MA of 1843.93, and below the 200-day MA of 1916.54, indicating a bearish trend. The MACD of -38.80 indicates Negative momentum. The RSI at 45.70 is Neutral, neither overbought nor oversold. The STOCH value of 77.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:ICICIGI.
ICICI Lombard General Insurance Co. Ltd. Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹890.06B | 37.02 | ― | 0.69% | 14.43% | 25.13% | |
72 Outperform | ₹295.84B | 56.68 | ― | ― | ― | ― | |
70 Outperform | ₹697.64B | 9.68 | ― | 2.69% | ― | ― | |
68 Neutral | ₹1.30T | 96.63 | ― | 0.28% | -17.31% | 11.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹276.11B | 52.18 | ― | ― | 28.04% | -38.44% | |
52 Neutral | ₹256.92B | 16.90 | ― | 1.18% | ― | ― |
* Financial Sector Average
IN:ICICIGI
ICICI Lombard General Insurance Co. Ltd.
1,785.50
79.11
4.64%
IN:GICRE
General Insurance Corporation of India
397.65
11.02
2.85%
IN:GODIGIT
Go Digit General Insurance Limited
320.00
38.25
13.58%
IN:HDFCLIFE
HDFC Life Insurance Co. Ltd.
604.55
-78.91
-11.55%
IN:NIACL
New India Assurance Co. Ltd.
155.90
1.30
0.84%
IN:STARHEALTH
Star Health & Allied Insurance Co. Ltd.
469.25
108.95
30.24%
ICICI Lombard General Insurance Co. Ltd. Corporate Events
ICICI Bank Confirms No Encumbrance on ICICI Lombard Shares in FY 2025-26
Apr 7, 2026
ICICI Bank has informed the Indian stock exchanges and the audit committee of ICICI Lombard General Insurance that, for the financial year 2025-26, neither the bank nor persons acting in concert have created any encumbrance on their shares in the ...
ICICI Lombard Secures Bombay High Court Stay on GST Demand
Mar 29, 2026
ICICI Lombard General Insurance has disclosed that the Bombay High Court has granted a stay on a sizeable goods and services tax demand order previously issued by the Additional Commissioner of CGST Central Excise, Palghar Commissionerate. The di...
ICICI Lombard Withdraws from ICICI Securities 2026 Investor Conference
Mar 6, 2026
ICICI Lombard General Insurance Company Limited has announced a change to its investor relations schedule, withdrawing from the ICICI Securities Annual Investor Conference 2026 that was to be held on March 9, 2026. The company cited unavoidable ci...
ICICI Lombard Adds Reliance Industries Shares in Routine Investment Move
Mar 4, 2026
ICICI Lombard General Insurance has disclosed that it has invested in shares of Reliance Industries Limited, a major petroleum products conglomerate with a market capitalization of ₹18.21 trillion as of March 4, 2026. The insurer clarified t...
AM Best Upgrades Outlook on ICICI Lombard, Affirms Key Credit Ratings
Feb 28, 2026
ICICI Lombard has announced that global rating agency AM Best has revised its outlook on the company’s ratings to positive from stable, while affirming its Financial Strength Rating at B++ (Good) and its Long-Term Issuer Credit Rating at ...
ICICI Lombard Allots 47,109 Equity Shares Under Employee Stock Schemes
Feb 23, 2026
ICICI Lombard General Insurance Company has allotted 47,109 equity shares of ₹10 each on February 23, 2026, under its employee incentive programmes. The allotment comprises 44,038 shares under the 2005 Employee Stock Option Scheme and 3,071 ...
ICICI Lombard Reports Inadvertent Draft Results Leak, Takes Action After Internal Probe
Jan 23, 2026
ICICI Lombard has updated the stock exchanges on the outcome of an internal inquiry into an inadvertent disclosure of unaudited draft financial results for the quarter and nine months ended 31 December 2025, which had been mistakenly posted on the...
Bombay High Court Grants ICICI Lombard Interim Stay on ₹1,728 Crore GST Demand
Jan 23, 2026
ICICI Lombard General Insurance has updated the stock exchanges that the Bombay High Court has granted an ad-interim stay on a substantial GST demand and associated penalties raised by the Additional Commissioner of CGST Central Excise, Palghar C...
ICICI Lombard Allots 24,132 Equity Shares Under Employee Stock Schemes
Jan 13, 2026
ICICI Lombard General Insurance Company Limited has allotted 24,132 equity shares of ₹10 each on January 13, 2026, under its employee incentive programmes. The allotment comprises 22,991 shares under the ICICI Lombard Employees Stock Option ...
ICICI Lombard posts Q3 and nine-month FY26 earnings call audio online
Jan 13, 2026
ICICI Lombard General Insurance has notified the stock exchanges that it conducted an earnings conference call with investors and analysts on January 13, 2026, to discuss its financial performance for the quarter and nine months ended December 31,...
ICICI Lombard Wins Key Service Tax Appeals at CESTAT, Easing ₹2.28 Billion Liability Risk
Jan 12, 2026
ICICI Lombard General Insurance has informed the stock exchanges that the Customs, Excise Service Tax Appellate Tribunal (CESTAT), Mumbai has allowed the company’s appeals in relation to significant service tax demands raised for multiple f...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.