ICICI Lombard General Insurance Company Ltd(ICICIGI)

NSE: ICICIGIBSE: 540716

₹ 1,578.5-2.62%refreshed 26 Oct, 03:53 pm ISTMarket cap: ₹ 78,864 crWebsite: https://www.icicilombard.comUpdated: 24 Oct 2026

About

ICICI Lombard General Insurance Company Ltd is one of the largest private-sector non-life insurers in India by Gross Direct Premium Income. It sells fire, motor, health, personal accident and travel, crop, marine, engineering and liability insurance. Its GDPI grew 7% to ₹287.12 billion in FY2026, and total revenue was ₹22,263.57 crore. In FY2026 it held an 8.5% overall market share and 12.9% among private insurers.^[1][2]

Business segments

Net premiums earned in FY26 by line: Health ₹7,736.49 Cr, Motor OD ₹5,583.34 Cr, Motor TP ₹5,441.48 Cr, Others ₹706.04 Cr, Fire ₹690.24 Cr, Marine Cargo ₹610.06 Cr.^[3]
Smaller lines' net premiums earned in FY26: Personal Accident ₹407.66 Cr, Crop/Weather ₹292.75 Cr, Travel ₹267.86 Cr, Engineering ₹263.96 Cr, Workmen's Compensation ₹153.13 Cr, Liability ₹88.95 Cr.^[3]
GDPI was ₹67.92 billion in Q2 FY27 vs ₹65.96 billion in Q2 FY26, growth of 3.0% against industry growth of 7.0%. Excluding Crop and Mass Health, growth was 13.9% vs industry 13.2%.^[4]
In FY2026, GDPI grew 7.0% on a 1/n basis against industry growth of 9.3%; commercial lines grew 5.4% vs industry 12.2%, and Motor grew 7.6% vs industry 9.2%.^[3]
Fire de-growth narrowed from 32.1% in Q1 FY27 to 21.2% in Q2 FY27 and 6.0% in September 2026. Commercial lines excluding Fire grew 20.0% in Q2 FY27.^[4]
SMEs rose to 33.6% of commercial lines in Q1 FY27 from 28.4%.^[5]

Market position

Retail Health grew 64.0% in Q2 FY27 vs industry 32.3%, with an exit market share of 5.0% in September 2026. Health, Travel & PA grew 26.8% vs industry 18.9%.^[4]
Motor grew 13.0% in H1 FY27 vs industry 13.1%, with a 10.3% market share in H1 FY27. Motor share was 10.7% in FY2026 vs 10.8% in FY2025.^[4][1]
New-vehicle motor sales grew 38.5% in Q2 FY27 vs 26.9% for the industry; new two-wheeler business grew 50.8%.^[4]
Health market share was 6.1% in FY2026, up from 5.9% in FY2025; group health share was 8.7% against 8.9%.^[1]
Commercial lines market share was 12.9% in FY2026, down from 13.7% in FY2025. The company led in Marine Cargo and Liability and was second largest in Fire and Engineering.^[1]

Key operating ratios

Combined ratio was 104.5% in Q2 FY27 vs 103.9% in Q2 FY26, and 105.2% in H1 FY27 vs 103.0% in H1 FY26.^[4]
Combined ratio on a 1/n basis was 103.4% in FY2026, up from 102.8% in FY2025; the industry's was 119.3% in 9M FY2026.^[3]
Loss ratio was 76.4% in Q1 FY27 vs 73.0% in Q1 FY26; the Fire loss ratio was 118.3%, up from 80.6%.^[5]
Solvency ratio was 2.74x in Q2 FY27, against 2.67x in FY2026 and a 1.5x minimum.^[4][3]
Return on average equity was 23.7% in Q2 FY27 vs 21.3% in Q2 FY26.^[4]
Retentions improved by about 4.0% in H1 FY27 vs H1 FY26, aided by digital and AI capabilities.^[4]

Investments

The investment book was ₹643.32 bn in H1 FY27, with investment leverage of 3.58x; investment assets were ₹584.21 billion in FY2026.^[4][3]
Investment income was ₹15.54 billion in Q2 FY27 vs ₹12.49 billion in Q2 FY26; capital gains were ₹4.53 billion vs ₹2.36 billion.^[4]
88.1% of the debt portfolio was in sovereign and AAA-rated securities in FY2026.^[3]

Product detail

Long-term premium share in new retail health business rose to 53.4% in Q1 FY27 from 31.8%; policies with sum assured of ₹10 lakh or more were 96.4% of fresh retail health business.^[6]
Commercial vehicles made up 25.1% of the motor portfolio in Q4 FY26; CV premiums grew 10.9% in FY2026.^[6]
Claims NPS was 73 for health claims and 69 for motor claims in FY2026.^[1]

Customers and distribution

The company sells to individual, corporate, government and rural customers.^[1]
Channels include direct sales, individual agents including POS, bank and corporate agents, MISPs, brokers and digital; it had 157,101 individual agents as on March 31, 2026.^[1]
The company is expanding distribution in Tier 3 and Tier 4 cities; headcount was 16,447 as on March 31, 2026.^[1]

Digital and technology

The IL TakeCare app passed about 21.0 million downloads by FY2026 and reached 22.1 million by Q1 FY27; its GWP was ₹1.54 billion in Q1 FY27 vs ₹0.93 billion a year earlier.^[1][5]
IL OneForce, an in-house productivity platform, is used across the sales force and is on track to become the single platform for the company.^[1]
Under Project Orion, core systems are moving to the Artemis platform across Health, Commercial and Motor lines.^[3]

Recent developments

After a Supreme Court judgment of June 11, 2026 on the economic value of homemakers' work, the company set aside a ₹1.65 billion Motor TP reserve in Q1 FY27.^[5]
The company is using a one-year forbearance to defer Ind AS adoption to April 1, 2027.^[3]
An arbitral award of about ₹78 crore gross is expected to have an immaterial net profit impact given reserves and reinsurance; the company is pursuing legal remedies.^[5]
The amended insurance law now allows 100% foreign direct investment in Indian insurance companies.^[3]
A final dividend of ₹7.0 per share was recommended for FY2026.^[3]

Market Cap

₹78,864 Cr

High / Low

₹2,064 / 1,424

Stock P/E

31.6

Price / Book

4.5

EPS

₹55.6

ROE

17.8%

Sales

₹22,264 Cr

Net Profit

₹2,772 Cr

Promoter holding

51.3%

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ICICI Lombard General Insurance Company Ltd(ICICIGI)

About

Business segments

Market position

Key operating ratios

Investments

Product detail

Customers and distribution

Digital and technology

Recent developments

Signal history

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