NSE: ICICIGI · BSE: 540716
ICICI LOMBARD GIC LIMITED
Sells general insurance products across motor, health, fire, and other commercial lines to Indian retail and corporate policyholders. Motor is the largest single segment, holding 10.5% market share with 14% growth in Q1 FY27. Health insurance is split between retail and group, with retail health surging 69.5% in Q1 FY27 and lifting market share from 3.5% to 4.5%. Commercial lines, especially fire, de-grew 13.8% in Q1 FY27 as the company pulled back from pricing-aggressive accounts. Gross Direct Premium Income for Q1 FY27 was Rs 83.18 billion, growing 7.5% versus industry growth of 10.9%. Underwriting profitability is captured in the combined ratio, which rose to 107.2% in Q1 FY27 — including Rs 1.65 billion of motor third-party provisioning tied to a Supreme Court ruling on homemaker compensation and Rs 0.63 billion in two large fire losses; the underlying CoR was 102.3%. The 10-year average CoR of 102.9% sits below the industry's 115.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Motor insurance, Health insurance, Commercial lines (Fire and others). General insurance underwriter with motor, health and fire exposure; pricing- and claims-cycle driven, regulated by solvency norms
Exhibit 1: Financial summary, FY21–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY21 | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | 1,473 | 1,271 | 1,729 | 2,508 | 2,772 |
| EPS, as reported (₹) | — | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1,774 | 809 | 2,290 | 1,147 | 2,622 |
| Capex | (79) | (76) | (121) | (231) | (243) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY24 | Q3 FY24 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | — | — | — | — | — | — | — | — |
| Net profit | 577 | 431 | 510 | 747 | 820 | 659 | 547 | 403 |
| EPS (₹) | — | — | — | — | — | — | — | — |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ICICI LOMBARD GIC LIMITED ◆ | — | — | — | — | — | — | — | — |
| THE NEW INDIA ASSU CO LTD | — | — | — | — | — | — | — | — |
| STAR HEALTH & AL INS CO L | — | — | — | — | — | — | — | — |
| GO DIGIT GENERAL INS LTD | — | — | — | — | — | — | — | — |
| GENERAL INS CORP OF INDIA | — | — | — | — | — | — | — | — |
| NIVA BUPA HEALTH INS CO L | — | — | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | (46.0) | 21.9 | 11 of 12 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · ICICI Lombard buys State Bank of India shares, holding reaches 0.02% | ownership changes | high | — | — |
| 26 Oct 2026 · Allotment of 84,705 equity shares under employee schemes | capital market events | low | — | — |
| 22 Oct 2026 · Cancellation of analyst and institutional investor meet on Oct 23, 2026 | general | low | — | — |
| 21 Oct 2026 · No securities processed for dematerialization in September 2026 quarter | compliance | minimal | — | — |
| 21 Oct 2026 · ICICI Lombard announces November 2026 analyst and investor meeting schedule | board shareholder meetings | low | — | — |
| 19 Oct 2026 · ICICI Lombard to meet investors on October 23, 2026 in Mumbai | board shareholder meetings | low | — | — |
| 19 Oct 2026 · ICICI Lombard Q2 and H1 FY27 earnings call transcript filed | investor communications | medium | — | — |
| 15 Oct 2026 · ICICI Lombard Q2 FY27 results published in newspapers; PAT rises 15.5% YoY | compliance | minimal | — | — |
| 14 Oct 2026 · ICICI Lombard: Rs 7 Interim Dividend, TDS at 10pct for Residents | general | low | — | — |
| 14 Oct 2026 · Audio recording of Q2 FY27 earnings call shared on company website | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.