ICICI Lombard General Insurance Company Limited (ICICIGI)
Mid CapFinancial Services stocks · Mid cap · NSE
ICICI Lombard is the leading private general insurance company in India, offering a diversified range of products including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. It focuses on customer centricity, digital leadership, and AI-powered solutions, with over 25 years of legacy.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Bad · 0/100PAT -46% YoY · margin compression · Rev +11% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,088 Cr | +10.8% | +3.9% |
| EBITDA | ₹522 Cr | -46.8% | -23.9% |
| Operating margin | 7.0% | -800 bps | -300 bps |
| PAT | ₹403 Cr | -46.0% | -26.3% |
| PAT margin | 5.7% | -599 bps | -232 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q1 FY2027 PAT de-grew 46.0% YoY to 4.03 billion due to exceptional items, while GDPI grew 7.5% YoY to 83.18 billion, lagging industry growth of 10.9%. Combined Ratio worsened to 107.2% (102.9% in Q1 FY2026), impacted by large fire losses and Motor TP claim reserve increase.
While Q1 FY2027 results were significantly impacted by one-off large fire losses and a Supreme Court judgment on Motor TP reserves, the underlying combined ratio (ex-items) remained stable. However, GDPI growth lagged the industry, raising questions about market share trajectory and competitive pressures. Investment income also declined.
GDPI by Product Mix (Q1 FY2027)
Latest issuer-disclosed distribution across 7 reported categories.
Motor Segment Growth
Motor segment growth was 14.0% for Q1 FY2027, matching industry growth of 13.9%.
Non-OEM Channels
Growth in Motor was primarily led by new sales from non-OEM channels, specifically Two-Wheeler and Commercial vehicles.
Retail Health
Retail Health delivered robust growth of 69.5% for Q1 FY2027, significantly above industry growth of 31.6%.
Higher Sum Assured Health Mix
Higher sum assured ( 10L) mix increased to 96.4% in Fresh Health business for Q1 FY2027 from 84.5% in Q1 FY2026.
Digital Policy Issuance
99.7% policies issued electronically in Q1 FY2027, maintaining high digital adoption.
IL Take Care App Downloads
App downloads reached ~22.1 million for the IL Take Care app.
Claims Processing Efficiency
97.3% of Motor Own Damage and 99.0% of Overall Health Claims paid within 30 days in Q1 FY2027.
Underpenetrated Market
India is the 2nd largest non-life insurance market in Emerging Asia, with penetration around 1/4th of the Global Average in 2024, indicating large TAM.
Digitalization Focus
Company has migrated core systems to cloud and introduced AI-powered solutions, with 71% of service engagements digitally serviced in June 2026.
Competitive Intensity
Commercial segment de-grew by 13.8% due to heightened competitive intensity and significant pricing pressure in Fire insurance.
Large Fire Losses
Incurred two large losses under fire segment of 0.63 billion, impacting CoR by 1.0% in Q1 FY2027.
Regulatory Impact on Reserves
Supreme Court judgment increased Motor TP claim reserves by 1.65 billion, impacting CoR by 2.8% in Q1 FY2027.
Underwriting & Reserving Risk
Impact of large losses and Supreme Court judgment on Motor TP portfolio highlights underwriting and reserving risks.
Competitive Pressure
Heightened competitive intensity and pricing pressure, particularly in the Fire insurance business, impacted premium growth.
Investment Income Volatility
Investment income and capital gains declined YoY, indicating sensitivity to market conditions.
Regulatory Changes
Policies and actions of regulatory authorities, and changes in accounting standards, are identified risks.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily compares Q1 FY2027 performance against Q1 FY2026, indicating a focus on year-over-year trends for financial results and operational metrics.
Gross Direct Premium Income (GDPI)
83.18 billion in Q1 FY2027, up 7.5% YoY, against industry growth of 10.9%.
Combined Ratio (CoR)
107.2% in Q1 FY2027 (102.9% in Q1 FY2026). Ex-exceptional items, CoR was 102.3% (102.2% in Q1 FY2026).
Profit After Tax (PAT)
4.03 billion in Q1 FY2027, de-grew 46.0% YoY. Ex-exceptional items, PAT de-grew 23.0% to 5.75 billion.
Return on Average Equity (ROAE)
9.6% in Q1 FY2027 (20.5% in Q1 FY2026). Ex-exceptional items, ROAE was 13.6%.
Profitable Growth
Ensuring sustainable and profitable growth while maintaining leadership position is a strategic pillar.
Comprehensive Product Portfolio
Focus on product innovation and driving multiple channels to deepen penetration and minimize concentration risk.
Customer Service & Technology
Embrace technology to optimize processes and better customer engagement.
Capital Management
Active capital management, conservative reserving, and prudent investment management are key.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GDPI Growth vs. Industry | 7.5% vs. 10.9% (Q1 FY2027) | Closing the gap with industry growth and maintaining market share. |
| Combined Ratio (ex-exceptional items) | 102.3% (Q1 FY2027) | Sustained stability or improvement in underlying underwriting profitability. |
| Retail Health Growth | 69.5% (Q1 FY2027) | Continued strong momentum and contribution to overall premium growth. |
| Investment Income & Capital Gains | Investment income 11.74bn, Capital gains 1.83bn (Q1 FY2027) | Stabilization and growth in investment income to support profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -4.0% / mo · RSI oversold · MACD − · near 52W low
Technical chart
ICICIGIdaily · 1Y · AUTO-19.5%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 25.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.2% over last month) — short-term momentum negative.
- RSI(14) at 25 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 14.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.8%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 40 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 7/10 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Altman Z is 1.6, in distress territory.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
- Balance sheet is weaker at 4/15; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 72nd percentile of the scored universe and 85th percentile within Financial Services. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.69.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 85th pctile, median 62 · Mid: 45th pctile, median 76
133 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Altman Z is 1.69.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 31.10
- P/B
- 4.43
- EV/EBITDA
- 24.28
- Market Cap
- 75440.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 21.90%
- ROA
- 3.19%
- Dividend Y
- 0.89%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 14.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 1.63
- Book Value
- 341.00
Cash Flow
- FCF Yield
- 1.18%
- FCF Positive Y
- 11/5
- OCF
- 2622.00 Cr
- EPS TTM
- 48.74
Shareholding
- Promoter Hold
- 51.22%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 1%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable names in Financial Services, ranked by similarity
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.