ICICI Lombard General Insurance Co. Ltd is one of the leading and established private sector general insurance companies in India. It offers a well-diversified range of products and risk management solutions through multiple distribution channels. It was established in 2001 as a JV between ICICI Bank and Fairfax Financial Holdings Ltd. ICICI held 64% stake and the rest was held by JV partner. Fairfax Financial exited in 2019 by selling its remaining 5% stake in the company for ~2,600 crores.
The company has established itself as a dominant force in the Indian insurance market since its inception. By 2003-2004, ICICI Lombard became India's largest private sector general insurer. In 2017, ICICI Lombard launched its initial public offering (IPO), becoming the first general insurance company to be listed on the stock exchanges in India.
The company is India's largest non-life insurer based on Gross Direct Premium Income (GDPI) with a market share of 9.4% as of H1 FY25. Its market share across different commercial segments is approximately 13% in fire, 17% in engineering, 21% in marine cargo, and 19% in liability insurance. This strong market position demonstrates the company's competitive edge across various insurance segments.
The company has maintained consistent growth in its premium income. Gross Direct Premium Income (GDPI) of the Company was at Rs 268.33 billion in FY25 compared to Rs 247.76 billion in FY24, a growth of 8.3%, which was higher than the industry growth of 6.2%. For the most recent quarter, GDPI of the Company was at Rs 62.11 billion in Q4FY25 as against Rs 60.73 billion in Q4FY24, a growth of 2.3%, compared to the industry growth of 1.7%.
Its segments include Fire, Engineering, Marine Cargo, Marine Hull, Motor OD, Motor TP, Workmen Compensation, Public/Product Liability, Personal Accident, Aviation, Health, Credit Insurance, Crop/Weather Insurance and Others. It offers various products, such as motor insurance, car insurance, two-wheeler insurance, health insurance, ICICI Lombard complete health insurance, health booster, personal accident insurance, international travel insurance, home insurance, marine insurance, business insurance, rural insurance, cyber insurance, third party insurance and crop insurance.
ICICI Lombard operates more than 305 branches and 917 virtual offices in the country. Their partner network also includes 13,134 garages and 25,136 healthcare network providers. The company has embraced digital transformation, with more than 99% of its policies issued electronically through the ICICI Lombard TakeCare app. The ICICI Lombard TakeCare app has reached the milestone of more than 50 lakh downloads.
As of July 2025, ICICI Lombard has a market capitalization of Rs 1,01,085 crores (up 9.13% in 1 year) with revenue of Rs 23,961 crores and profit of Rs 2,508 crores. Promoter holding in ICICI Lombard General Insurance Company Ltd has gone down to 51.55 per cent as of Mar 2025 from 51.81 per cent as of Jun 2024.
- Net profit fell -1.91% since last year same period to ₹509.59Cr in the Q4 2024-2025.
- Revenue jumped 13.18% since last year same period to ₹6,110.76Cr in the Q4 2024-2025.
- Combined ratio was at 102.5% in Q4FY25 compared to 102.3% in Q4FY24.
- The company's net profit increased 30.7% to Rs 2,508 crore on 16.07% increase in total income to Rs 2,29,366 crore in FY25 over FY24.
- Return on Average Equity (ROAE) was at 19.1% in FY25 compared to 17.2% in FY24.
- Solvency ratio was at 2.69x as at March 31, 2025 as against 2.36x as at December 31, 2024 and higher than the minimum regulatory requirement of 1.50x.
The Board of Directors of the Company has proposed final dividend of Rs 7.00 per share for FY25. The payment is subject to the approval of shareholders in the ensuing Annual General Meeting of the Company. The overall dividend for FY25 including proposed final dividend is Rs 12.50 per share. The current dividend yield of ICICI Lombard General Insurance Company Ltd (ICICIGI) is 0.60.
ICICI Lombard has been at the forefront of technological innovation in the insurance sector. In 2018, the company also launched its AI-backed platform to provide instant health insurance claim approvals. ICICI Lombard General Insurance Company announced that it has launched India's first Artificial intelligence (AI) based technology to facilitate instant health insurance claims approval. As a result, the traditional cashless claim request which takes an average of 60 minutes of processing has been drastically brought down to a minute using AI.
The company continues to focus on strategic expansion and partnerships. In 2021, ICICI Lombard acquired Bharti AXA General Insurance. ICICI Lombard has partnered with Park+ to offer streamlined motor insurance solutions to over 20 million users, enhancing convenience and simplifying the insurance process.
Analysts remain optimistic about the company's prospects. 65.38% of analysts recommend a 'BUY' rating for ICICI Lombard General Insurance Company Ltd. Average target price of ₹2035.8. ICICI Lombard General Insurance is well-positioned to benefit from increasing insurance demand in India.
In FY 2023, the company issued 327 lakh policies and honoured over 36 lakh claims. The company achieved a 99.7% health insurance claim ratio through the operations of over 1,13,000 agents in the country. This demonstrates the company's operational efficiency and customer-centric approach.
The company's commitment to maintaining high service standards is reflected in its claim settlement processes and customer satisfaction metrics, positioning it well for continued growth in the expanding Indian insurance market.
