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

• Market Cap: ₹948.87B
• Dividend Yield: 0.67%
• Average Volume (3M): 28.20K
• Price to Earnings (P/E): 35.3
• Beta (1Y): 0.69
• Revenue Growth: 15.68%
• EPS Growth: 26.12%
• Country: IN
• Employees: 13,670
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Diversified
• EPS (TTM): 14.92
• Shares Outstanding: 497,465,600
• 10 Day Avg. Volume: 36,203
• 30 Day Avg. Volume: 28,202
• PEG Ratio: 1.19
• Price to Book (P/B): 5.97
• 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: ₹2,116.00
• Price Target Upside: 12.42% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7

• Rating: 68 Neutral
• Price Target: ₹2,065.00 ▲(9.71% Upside)

ICICI Lombard's strong financial performance is the most significant factor, supported by robust revenue and profit growth and a solid balance sheet. However, technical indicators suggest caution, and the high P/E ratio indicates potential overvaluation, which could limit upside potential.

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 General Insurance Co. Ltd. generates revenue primarily through the underwriting of insurance policies across various segments including health, motor, and property. The company earns premiums from policyholders who pay for insurance coverage. A significant portion of its revenue comes from the motor and health insurance sectors, which are among the largest segments in the general insurance market. Additionally, ICICI Lombard invests the premiums it collects in various financial instruments to earn investment income, which is a crucial component of its revenue model. The company also collaborates with banks and other financial institutions to expand its distribution and enhance its market reach. Partnerships with vehicle manufacturers and healthcare providers further bolster its ability to offer competitive products and services. Profitability is maintained by managing claims efficiently and optimizing operational costs.

ICICI Lombard General Insurance Co. Ltd. Financial Statement Overview

Summary

ICICI Lombard General Insurance Co. Ltd. exhibits strong financial performance with robust revenue and profit growth, supported by effective operational management and cost efficiency. The balance sheet is solid, with low leverage and high financial stability. Although cash flows present some challenges in growth, the company manages to maintain positive cash generation. Overall, the financial statements reflect a well-managed company with a strong growth trajectory and minimal financial risk.

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	248.02B	240.20B	204.98B	178.55B	168.76B	127.32B
Gross Profit	248.00B	240.20B	217.85B	187.42B	168.76B	127.32B
EBITDA	35.41B	35.47B	27.83B	23.36B	19.21B	21.71B
Net Income	26.75B	25.08B	19.19B	17.29B	12.71B	14.73B
Balance Sheet
Total Assets	720.20B	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	558.64B	540.36B	503.58B	446.42B	416.56B	316.99B
Stockholders Equity	161.55B	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: Negative
• Last Price: 1882.20
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• 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 Negative. The current price of 1882.2 is below the 20-day moving average (MA) of 1891.91, below the 50-day MA of 1890.37, and above the 200-day MA of 1858.55, indicating a neutral trend. The MACD of 2.64 indicates Negative momentum. The RSI at 47.76 is Neutral, neither overbought nor oversold. The STOCH value of 40.44 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HDFCLIFE	71 Outperform	₹1.61T	85.64	―	0.28%	-5.42%	14.77%
STARHEALTH	69 Neutral	₹280.10B	48.07	―	―	24.82%	-33.01%
ICICIGI	68 Neutral	₹948.87B	35.31	―	0.67%	15.68%	26.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
GODIGIT	64 Neutral	₹322.42B	71.76	―	―	―	―

ICICI Lombard General Insurance Co. Ltd. Corporate Events

ICICI Lombard Allots 82,081 Equity Shares Under Employee Schemes

ICICI Lombard General Insurance Co. Ltd. has announced the allotment of 82,081 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 Hosts Analyst and Investor Meetings

ICICI Lombard General Insurance Company Limited announced the schedule of its analyst and institutional investor meetings held on August 20, 2025. The company clarified that no presentation was made, and no unpublished price-sensitive information was shared during these meetings, which reflects its commitment to transparency and regulatory compliance.

ICICI Lombard Faces Revised GST Demand, Plans Legal Response

ICICI Lombard General Insurance Company Limited has received a revised GST demand order from the Office of the Commissioner (Appeals) CGST, Central Excise & Customs, Guwahati. The revised order demands a GST payment of ₹26,58,640, along with interest and a penalty. The company plans to evaluate legal options and potentially appeal against this order, reflecting ongoing regulatory challenges and compliance efforts in its operations.

ICICI Lombard Announces Change in Board of Directors

ICICI Lombard General Insurance Company Limited announced the cessation of Mr. Suresh Kumar as a Non-executive, Independent Director due to reaching the maximum age limit of 75 years as per regulatory guidelines. The company acknowledged Mr. Kumar’s significant contributions during his tenure, reflecting the company’s compliance with corporate governance norms and its commitment to maintaining a dynamic and compliant board structure.