ICICIGI
Mid CapICICI Lombard General Insurance Company Limited
Financial Services
ICICI Lombard is India's leading private general insurer, offering diversified products like motor, health, crop, fire, and liability insurance through multiple channels. It issued 39.2M policies and processed 3.4M claims in FY2026, with GWP of 306.18B. The company focuses on customer centricity and digital solutions.
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 supportive, price trend argues for patience, and recent execution is consistent.
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 31 Mar 2026
Bad · 22/100margin compression · Rev +13% YoY · PAT +7% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹6,825 Cr | +12.8% | -1.2% |
| EBITDA | ₹686 Cr | +12.6% | -19.7% |
| Operating margin | 10.0% | +0 bps | -200 bps |
| PAT | ₹547 Cr | +7.3% | -17.0% |
| PAT margin | 8.0% | -42 bps | -153 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
ICICIGI reported strong Q4 FY2026 GDPI growth of 18.2% (vs industry 10.9%) and improved Combined Ratio to 101.2%. Full-year FY2026 GDPI growth was 7.0% (below industry 9.2%), with PAT up 10.5%. ROAE declined to 17.8% for FY2026 and 13.3% for Q4.
Q4 FY2026 showed strong GDPI growth and improved combined ratio, indicating operational efficiency. However, full-year GDPI growth lagged the industry, and ROAE declined. The company maintains a healthy solvency ratio and is leveraging technology for customer service and renewals. Focus on profitable growth and diversified portfolio is key.
GDPI by Product Segment (FY2026)
Latest issuer-disclosed distribution across 7 reported categories.
Retail Health Segment
Retail Health delivered robust growth of 65.0% in Q4 FY2026 and 54.0% in FY2026, fueled by GST reforms and new customer acquisition.
Commercial Vehicle Insurance
Commercial Vehicle GDPI grew 37.0% in Q4 FY2026 and 10.9% in FY2026.
Digital Renewal Execution
Focused renewal execution using modern digital/AI capabilities improved retentions by ~4.8% in FY2026 vs FY2025.
Engineering Insurance
Engineering GDPI grew 29.1% in Q4 FY2026 and 16.9% in FY2026.
GST Reforms
GST reforms fueled retail health growth and increased the base of new customers.
Underpenetrated Market
India's non-life insurance market is significantly underpenetrated, offering a large total addressable market.
Digital Transformation
The company has introduced multiple AI-powered insurance solutions and migrated core systems to the cloud.
Crop Segment De-growth
De-growth in the Crop segment is resulting from re-tendering and reduction in coverage in a few states.
Commercial Lines Growth Lag
Commercial lines growth of 5.4% for FY2026 lagged the industry growth of 12.2%.
Mark to Market Losses
Solvency was impacted by 14 basis points due to Mark to Market losses on the equity portfolio as at March 31, 2026.
Unrealised Investment Losses
The company reported an unrealised loss of 10.08 billion as on March 31, 2026, with 7.74 billion on equity portfolio.
Underwriting Risk
Management emphasizes prudent underwriting and judicious risk selection, particularly in commercial lines, to drive profitable growth.
Catastrophic Events
The company manages the impact of catastrophic events through proactive risk management and diversified exposure.
Investment Market Risks
The company's solvency was impacted by Mark to Market losses on its equity portfolio, highlighting exposure to market volatility.
Regulatory Changes
Forward-looking statements are subject to risks from policies and actions of regulatory authorities and changes in legislations.
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.
Both quarterly and annual comparisons are crucial for an insurance company. Quarterly results indicate recent momentum in premium growth and underwriting performance, while annual results provide a comprehensive view of full-year profitability, efficiency, and solvency trends.
Gross Direct Premium Income (GDPI) Growth
Q4 FY2026 GDPI grew 18.2% (vs industry 10.9%). FY2026 GDPI grew 7.0% (vs industry 9.2%). Excluding Crop & Mass Health, Q4 FY2026 GDPI grew 18.4% (vs industry 13.3%) and FY2026 GDPI grew 10.2% (vs industry 13.3%).
Combined Ratio (CoR)
Combined ratio was 101.2% in Q4 FY2026 (vs 102.5% in Q4 FY2025). For FY2026, it was 103.4% (vs 102.8% in FY2025).
Profit After Tax (PAT) Growth
PAT grew 7.3% in Q4 FY2026 to 5.47 billion. For FY2026, PAT grew 10.5% to 27.72 billion.
Return on Average Equity (ROAE)
ROAE was 13.3% in Q4 FY2026 (vs 14.5% in Q4 FY2025). For FY2026, ROAE was 17.8% (vs 19.1% in FY2025).
Profitable Growth
Management aims to ensure sustainable and profitable growth while maintaining its leadership position.
Comprehensive Product Portfolio & Diversified Distribution
Focus on product innovation and driving multiple channels to deepen penetration and minimize concentration risk.
Customer Service & Technology
Management intends to embrace technology to optimize processes and enhance customer engagement.
Capital Management
Strategy includes active capital management, conservative reserving, and prudent investment management.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| GDPI Growth (excl. Crop & Mass Health) | 10.2% (FY2026), 18.4% (Q4 FY2026) | Sustained outperformance against industry growth rates. |
| Combined Ratio | 103.4% (FY2026), 101.2% (Q4 FY2026) | Continued improvement towards management's profitability targets. |
| Return on Average Equity (ROAE) | 17.8% (FY2026), 13.3% (Q4 FY2026) | Reversal of the declining trend and stability in ROAE. |
| Retail Health Growth | 54.0% (FY2026), 65.0% (Q4 FY2026) | Continued robust growth and market share gains in this segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
42NeutralSMA20 -5.0% / mo
Technical chart
ICICIGIdaily · 6M-8.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 48.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 48 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
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.
- Fair-value margin of safety is positive at 19.3%.
- Cash flow contributes 7/10 to the score.
Main drags
- Altman Z is 1.8, in distress territory.
- Valuation is weaker at 4/30; 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
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 82nd percentile of the scored universe and 93rd percentile within Financial Services. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Altman Z is 1.77.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Financial Services: 93rd pctile, median 62 · Mid: 56th pctile, median 76
136 documents indexed, 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%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Altman Z is 1.77.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 33.60
- P/B
- 5.20
- EV/EBITDA
- 22.27
- Market Cap
- 86765.00Cr
Profitability
- ROE
- 16.60%
- ROCE
- 21.90%
- ROA
- 3.64%
- Dividend Y
- 0.78%
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
- 1.77
- Book Value
- 334.00
Cash Flow
- FCF Yield
- 1.02%
- FCF Positive Y
- 11/5
- OCF
- 2622.00 Cr
- EPS TTM
- 55.61
Shareholding
- Promoter Hold
- 51.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 24%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.