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ICICI Lombard General Insurance Co. Ltd.
(ICICIGI)
ICICI Lombard General Insurance Co. Ltd. (ICICIGI) vs. iShares MSCI India ETF (INDA)
ICICI Lombard General Insurance Co. Ltd. Business Overview & Revenue Model
ICICI Lombard General Insurance Co. Ltd. Financial Statement Overview
| 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
ICICI Lombard General Insurance Co. Ltd. Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹892.39B | 37.02 | ― | 0.69% | 14.43% | 25.13% | |
72 Outperform | ₹304.80B | 56.68 | ― | ― | ― | ― | |
70 Outperform | ₹633.60B | 9.68 | ― | 2.69% | ― | ― | |
68 Neutral | ₹1.37T | 96.63 | ― | 0.28% | -17.31% | 11.68% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹266.46B | 52.18 | ― | ― | 28.04% | -38.44% | |
52 Neutral | ₹213.75B | 16.90 | ― | 1.18% | ― | ― |
ICICI Lombard General Insurance Co. Ltd. Corporate Events
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 circumstances for its non-participation and has informed stock exchanges that the update is available on its website, signaling a logistical adjustment in its engagement with analysts and institutional investors rather than a change in business fundamentals.
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 that the investment, executed in cash and accumulated over multiple tranches, including a ₹0.40 billion purchase on March 4, 2026, is part of its ordinary investment activities and does not constitute a related-party transaction, indicating a strategic portfolio allocation rather than an operational tie-up.
The company noted that no regulatory or governmental approvals were required for this acquisition, underscoring that it is a routine financial investment within existing regulatory frameworks. While ICICI Lombard’s promoter group may have other investments or business dealings with Reliance Industries at arm’s length, this move signals continued use of India’s largest corporates as key investment avenues for insurers seeking stable, large-cap exposure in their investment books.
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 “bbb+” (Good). AM Best has also affirmed the company’s India National Scale Rating of aaa.IN (Exceptional) with a stable outlook, reflecting a very strong balance sheet, strong operating performance, a neutral business profile and appropriate enterprise risk management.
The revision in outlook to positive signals growing confidence in ICICI Lombard’s capital strength and earnings profile, which may enhance its credibility with investors, regulators and policyholders. The affirmed ratings and supportive commentary on risk management underscore the company’s solid position in India’s general insurance market and could support its competitive standing and future growth initiatives.
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 shares under the 2023 Employee Stock Unit Scheme, as approved by a whole-time director under delegated board authority.
The newly issued shares will rank pari passu with existing equity shares in all respects, slightly increasing the company’s equity base while maintaining identical rights for new and existing shareholders. The move reflects the insurer’s continued use of stock-based compensation to align employee interests with long-term shareholder value and support retention of key talent.
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 WhatsApp status of a designated person. Following an Audit Committee and Board meeting held on 23 January 2026, the company reported that the incident was unintentional and that no malafide intent could be established, while confirming that appropriate action has been taken against the concerned individual under its internal policies, signalling an emphasis on compliance and information governance for investors and regulators.
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 Commissionerate. The disputed order, which covered the period from July 2017 to March 2022 and involved industry-wide issues around the taxability of co-insurance premiums received as a follower and reinsurance commission across various states, had confirmed a GST demand of about ₹1,728.9 crore plus a penalty of around ₹172.9 crore and interest. The interim relief from the High Court temporarily halts enforcement of this tax demand, easing immediate financial pressure on the insurer and signaling a key development for the wider general insurance industry on the treatment of such transactions under the GST regime.
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 Scheme 2005 and 1,141 shares under the ICICI Lombard Employees Stock Unit Scheme 2023, approved by a whole-time director under delegated authority from the board. The newly issued shares will rank pari passu with existing equity shares, reflecting a routine, small-scale equity expansion aimed at employee compensation and retention without altering shareholder rights or the overall capital structure in a material way.
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, 2025. In line with disclosure requirements under SEBI’s Listing Regulations, the insurer has made the audio recording of this earnings call available on its website, enhancing transparency and access to information for shareholders and market participants.
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 financial years. The contested demands, which cumulatively exceeded ₹2.28 billion including penalties for periods between FY2008-09 and FY2014-15, had previously been disclosed as ongoing tax litigations under regulatory requirements. While the detailed orders are awaited, the favorable outcome eases a sizeable potential liability overhang for the insurer, reducing uncertainty around historical tax exposures and providing comfort to shareholders and other stakeholders monitoring the company’s contingent liabilities.
ICICI Lombard has disclosed that a designated person inadvertently posted unaudited draft financial results for the quarter and nine months ended 31 December 2025 on their personal WhatsApp status on 9 January 2026, before the figures were finalized and approved. The post was removed within about an hour of the company becoming aware, and ICICI Lombard has cautioned investors not to rely on any such leaked financial information until audited results are formally approved by the board and disseminated through official channels. As part of its governance response, the insurer will place the incident before its Audit Committee and Board, and has initiated an internal inquiry under SEBI’s Prohibition of Insider Trading regulations and its own insider trading code, with the outcome to be shared with the stock exchanges, underscoring heightened scrutiny on information handling and compliance practices.
ICICI Lombard General Insurance has disclosed that it received an order on January 8, 2026, from the Additional Commissioner of CGST & Central Excise, Palghar, raising a GST demand of ₹22.51 crore, along with interest under Section 50 of the CGST Act, 2017, and a penalty of ₹2.25 crore under Section 73(9), relating to multiple states for financial years 2021–22 to 2023–24. The insurer has stated it will challenge the order through an appeal and consider other legal remedies, signalling a potential tax dispute that could carry financial and compliance implications but which the company appears prepared to contest through formal legal channels.
ICICI Lombard General Insurance Company Limited has scheduled its earnings call for the third quarter and first nine months of FY2026 on Tuesday, 13 January 2026 at 18:45 IST. The management will discuss the company’s financial and operational performance for the period ended 31 December 2025, with investors and analysts able to join via pre-registered direct dial-in or operator-assisted access, including international toll and toll-free numbers; details and related materials are being made available on the company’s website, underscoring its ongoing engagement and transparency with capital market participants.
ICICI Lombard General Insurance Company has disclosed that it received an order from the Deputy Commissioner of State Tax, Business Audit Wing-III-A, Rajasthan, raising a GST demand of ₹1.45 crore, along with interest of about ₹1.11 crore and a penalty of ₹15.10 lakh under Section 73 of the CGST and Rajasthan GST Acts for FY2021-22. The insurer said it will challenge the order by pursuing an appeal and evaluating other legal options, signalling that it does not accept the tax authority’s position and that the financial impact may ultimately depend on the outcome of these proceedings.
ICICI Lombard General Insurance Company Limited has allotted 40,020 equity shares of ₹10 each on December 22, 2025 under its Employees Stock Option Scheme – 2005, following approval by a whole-time director acting under delegated authority from the board. The newly issued shares will rank pari passu with the company’s existing equity shares, modestly increasing its equity base while reinforcing its use of stock-based compensation as part of its employee incentive and retention strategy.