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ICICI Lombard General Insurance Company Limited (ICICIGI)

₹1,680.10 -0.67% last close, 16 Oct

📊 NSE: ICICIGI 🏢 Finance & Investments 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 14 Dec 2025

Q2 FY27 results

ICICI Lombard General Insurance Company Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹6,652 Cr (-3.2% year on year, -2.4% on the previous quarter), and net profit ₹946 Cr (+15.4% year on year); the operating margin was -4.8%.

Q2 FY27 (₹ Cr)	Value	YoY vs Q2 FY26	QoQ
Revenue	₹6,652	-3.2%	-2.4%
Operating profit	₹-318	to loss	to loss
Net profit	₹946	+15.4%	+134.7%
EPS (₹)	18.95	+15.1%	+134.5%
Operating margin	-4.8%	—	—

Profit +16% above its own trend
Operating margin contracted 1999 bps YoY
All of pre-tax profit came from other income or one-off items
H1 FY27 operating cash flow was negative despite a profit

Quality of profit: none of the pre-tax profit of ₹1,247 Cr came from the core business; all of it came from other income and one-off items.

Against its own trend: net profit of ₹946 Cr was +16.4% against the ₹813 Cr its recent growth pointed to (above trend). This is a statistical baseline, not an analyst estimate.

Share price since the results: -1.9% (close before the filing to the latest close).

Full quarterly financials → Margins & quality of profit → All Q2 FY27 results → Results calendar →

ICICIGI delivery percentage and open interest

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 63.03% of the ICICIGI shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.92%. That is close to its usual level. In ICICIGI futures, open interest rose 3.28% while the futures price fell 0.37%: short buildup (new short positions).

63.03%Delivery, 16 Oct

55.92%Own 20-session average

1.5×Volume vs its average

+3.28%Futures open interest

₹1,680.10NSE close · -0.67%

Delivery in the last 5 sessions: 47.4% · 50.8% · 54.5% · 38.1% · 63.0%

Delivery across the market →F&O open interest →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

ICICI Lombard Declares ₹7.0/Share Interim Dividend; Fixes October 23, 2026 as Record Date

🟢 POSITIVE ⭐ 5/10

DIVIDEND 📅 14 Oct 2026, 11:24 PM

ICICI Lombard General Insurance Company has declared an interim dividend of ₹7.0 per equity share (70% of face value of ₹10 each) for FY2027. The Board of Directors approved the distribution on October 14, 2026, setting the record date as October 23, 2026. The dividend is scheduled to be paid on or before November 12, 2026. The communication outlines the applicable withholding tax (TDS) guidelines, mandating document submission by October 23, 2026, for tax exemptions.

Interim dividend declared at ₹7.0 per equity share (70% of face value of ₹10 each)
Record date fixed as Friday, October 23, 2026
Dividend payout date scheduled on or before Thursday, November 12, 2026
Last date for submission of tax-related exemption documents is October 23, 2026
Standard TDS rate applicable at 10% for resident shareholders with valid PAN (20% without PAN)

💡 Shareholders seeking lower/nil withholding tax must submit necessary declarations (Form 121/treaty documents) to KFintech on or before October 23, 2026.

ICICI Lombard Approves Q2/H1 FY27 Results; Declares ₹7/Share Interim Dividend

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 14 Oct 2026, 08:03 PM

ICICI Lombard's Board of Directors approved the audited financial statements for the quarter and half-year ended September 30, 2026. The Board declared an interim dividend of ₹7 per equity share (70% of face value of ₹10 each) for FY2027. The record date for dividend eligibility has been fixed as October 23, 2026, with payment scheduled on or before November 12, 2026. Gross Premium Written for the quarter stood at ₹7,70,209 lakh (₹7,702.09 crore).

Declared an interim dividend of ₹7 per equity share (70% of face value of ₹10)
Record date set for Friday, October 23, 2026; payment by November 12, 2026
Gross Premium Written reported at ₹7,70,209 lakh for Q2 ended September 30, 2026
Net operating cash flow for H1 FY27 stood at negative ₹38,366 lakh compared to positive ₹45,946 lakh in H1 FY26

💡 Track the ex-dividend date prior to October 23, 2026, and evaluate detailed underwriting metrics such as the Combined Ratio and loss ratios when full segment disclosures are reviewed.

ICICI Lombard Approves Q2/H1 FY27 Results; Declares ₹7/Share Interim Dividend

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 14 Oct 2026, 08:01 PM

Declared an interim dividend of ₹7 per equity share (70% of face value of ₹10)
Record date set for Friday, October 23, 2026; payment by November 12, 2026
Gross Premium Written reported at ₹7,70,209 lakh for Q2 ended September 30, 2026
Net operating cash flow for H1 FY27 stood at negative ₹38,366 lakh compared to positive ₹45,946 lakh in H1 FY26

💡 Track the ex-dividend date prior to October 23, 2026, and evaluate detailed underwriting metrics such as the Combined Ratio and loss ratios when full segment disclosures are reviewed.

ICICI Lombard Approves Q2/H1 FY27 Results; Declares ₹7/Share Interim Dividend

🟢 POSITIVE ⭐ 6/10

DIVIDEND 📅 14 Oct 2026, 07:57 PM

Declared an interim dividend of ₹7 per equity share (70% of face value of ₹10)
Record date set for Friday, October 23, 2026; payment by November 12, 2026
Gross Premium Written reported at ₹7,70,209 lakh for Q2 ended September 30, 2026
Net operating cash flow for H1 FY27 stood at negative ₹38,366 lakh compared to positive ₹45,946 lakh in H1 FY26

💡 Track the ex-dividend date prior to October 23, 2026, and evaluate detailed underwriting metrics such as the Combined Ratio and loss ratios when full segment disclosures are reviewed.

ICICI Lombard Q2 FY27 PAT Rises 27.5% to ₹10.31 Billion; ₹7 Interim Dividend Declared

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 14 Oct 2026, 07:23 PM

ICICI Lombard reported a 27.5% year-on-year growth in Profit After Tax (PAT) to ₹10.31 billion for Q2 FY2027, driven by a surge in investment income and capital gains. Gross Direct Premium Income (GDPI) rose 3.0% YoY to ₹67.92 billion, but grew 13.9% YoY when excluding Crop and Mass Health segments. The Combined Ratio marginally increased to 104.5% (102.7% excluding CAT losses of ₹1.18 billion). Additionally, the Board declared an interim dividend of ₹7.00 per share, while the solvency ratio stood strong at 2.74x.

PAT surged 27.5% YoY to ₹10.31 billion in Q2 FY2027 from ₹8.09 billion in Q2 FY2026
Declared an interim dividend of ₹7.00 per share for H1 FY2027 compared to ₹6.50 per share in H1 FY2026
GDPI reached ₹67.92 billion, up 3.0% YoY (up 13.9% excluding Crop and Mass Health)
Investment income grew to ₹15.54 billion with capital gains jumping to ₹4.53 billion vs ₹2.36 billion YoY
Combined ratio stood at 104.5% (102.7% excluding CAT losses of ₹1.18 billion)

💡 Track underwriting discipline and combined ratio trends in upcoming quarters to evaluate if core underwriting margins can improve without relying heavily on market capital gains.

ICICI Lombard Declares ₹7/Share Interim Dividend; Approves Q2 FY27 Financial Results

🟡 NEUTRAL ⭐ 6/10

DIVIDEND 📅 14 Oct 2026, 07:20 PM

ICICI Lombard's Board approved the audited financial statements for the quarter and half-year ended September 30, 2026. The company declared an interim dividend of ₹7 per equity share (70% of face value of ₹10 each) for FY2027. The record date is set for October 23, 2026, with payout scheduled on or before November 12, 2026. The cash flow statement reports net cash used in operating activities of ₹21,317 lakh for H1 FY2027 compared to an inflow of ₹45,946 lakh in H1 FY2026.

Declared an interim dividend of ₹7 per equity share (70% on ₹10 face value)
Record date fixed as Friday, October 23, 2026; dividend payout on or before November 12, 2026
Net cash used in operating activities was ₹21,317 lakh for the half-year ended September 30, 2026
Cash and bank balances as per Balance Sheet stood at ₹52,311 lakh as of September 30, 2026

💡 Track the ex-dividend date around October 23, 2026, and evaluate detailed underwriting metrics, combined ratio, and segment-wise claim ratios in the complete investor presentation.

ICICI Lombard Receives Favourable Appellate GST Order; Demand Cut to ₹3.35 Lakh

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 01 Oct 2026, 05:01 PM

ICICI Lombard General Insurance received an appellate order from the Additional Commissioner of CGST (Appeals-I), Chennai, partially allowing its appeal. The original GST demand of ₹25,63,372 (for July 2017 to March 2020) has been drastically reduced to ₹3,34,646, along with interest and a penalty of ₹97,751. The issue pertains to the computation of eligible Input Tax Credit. The company stated that the financial impact is negligible relative to its scale (TTM PAT of ₹2,429 Cr) and intends to pursue further legal remedies.

Appellate order partially allowed in favour of the company, cutting earlier demand significantly
Revised GST demand set at ₹3,34,646 compared to the earlier demand of ₹25,63,372
Penalty confirmed at ₹97,751 plus applicable interest under Section 50
Dispute pertains to Input Tax Credit computation for the period July 2017 to March 2020
Company plans to evaluate further legal remedies, including filing a writ petition

💡 Monitor any further appellate rulings or writ petitions regarding Input Tax Credit disputes, although total financial exposure remains immaterial to operations.

ICICI Lombard Outlines FY29 Digital Strategy Aiming for 17%-20% RoE and 15% Digital Sourcing

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 29 Sep 2026, 10:26 AM

ICICI Lombard hosted its Analyst Digital Day Meet 2026, presenting its operational digital transformations and FY29 targets. By FY29, the company aims to sustain an RoE of 17%-20% and maintain a 10+ percentage point Combined Ratio (CoR) advantage over the industry. The insurer also targets expanding digital sourcing 2.5x from 6% to 15%, alongside reaching 90%+ digital servicing (up from 71% in Q1 FY27). The presentation showed that digital servicing has scaled rapidly from 20% in FY23 to 71% in Q1 FY27, while policies issued per hour reached ~16,900 in FY26.

Targeting sustained RoE of 17%-20% and 10+ percentage points Combined Ratio advantage over the industry by FY29
Digital servicing mix expanded from 20% in FY23 to 71% in Q1 FY27, with a target to reach 90%+ by FY29
Aims to expand digital sourcing share 2.5x from 6% to 15% of total by FY29
Product concept-to-go-live turnaround shortened from 6 months to 4 weeks
Hourly operational throughput reached ~16,900 policies and ~680,000 quotes in FY26 vs. ~10,800 policies and ~44,000 quotes in FY22

💡 Track execution against the FY29 digital sourcing (15%) and combined ratio targets during quarterly earnings disclosures.

ICICI Lombard Allots 6,521 Equity Shares Under Employee Stock Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 22 Sep 2026, 08:31 PM

ICICI Lombard General Insurance Company Limited has allotted 6,521 equity shares of face value ₹10 each on September 22, 2026, upon the exercise of employee stock options. The allotment comprises 4,235 shares under the Scheme 2005 and 2,286 shares under the Scheme 2023. Approved by a Whole-time Director under delegated authority, these shares will rank pari-passu with the company's existing equity shares. The overall dilution resulting from this allotment is negligible relative to the company's total equity base.

Allotment of 6,521 equity shares of face value ₹10 each
4,235 equity shares allotted under Employees Stock Option Scheme - 2005
2,286 equity shares allotted under Employees Stock Unit Scheme - 2023
Allotment approved on September 22, 2026, at 02:55 p.m.

💡 This is a routine administrative filing involving negligible dilution; investors need not take any specific portfolio action and can focus on regular quarterly financial updates.

ICICI Lombard to Host 'Digital Day Meet 2026' on September 29

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Sep 2026, 08:42 PM

ICICI Lombard General Insurance Company Limited has scheduled its 'Digital Day Meet 2026' for September 29, 2026, starting at 10:00 AM IST at its Prabhadevi office in Mumbai. The company noted that no unpublished price sensitive information (UPSI) will be discussed during the session. Presentation materials will be shared with the stock exchanges and uploaded on the company's website as per SEBI regulations. This is a standard investor engagement event focusing on the insurer's digital initiatives.

Event scheduled for September 29, 2026, from 10:00 AM IST onwards
Meeting to be held physically at ICICI Lombard House, Prabhadevi, Mumbai - 400 025
No unpublished price sensitive information (UPSI) will be shared during the meeting
Presentation materials to be filed with stock exchanges within prescribed SEBI LODR timelines

💡 Investors can review the presentation once filed on exchanges on September 29, 2026, for insights into the company's tech roadmap and digital distribution metrics.

ICICI Lombard Allots 5,481 Equity Shares Under Employee Stock Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Sep 2026, 06:06 PM

ICICI Lombard General Insurance Company Limited has allotted 5,481 equity shares of face value ₹10 each on September 15, 2026. The allotment includes 2,961 shares under the Employees Stock Option Scheme - 2005 and 2,520 shares under the Employees Stock Unit Scheme - 2023. Approved by a Whole-time Director under delegated authority, these shares will rank pari-passu with the existing equity base. The dilution from this allotment is negligible relative to the company's total outstanding equity.

Total allotment of 5,481 equity shares of ₹10 each on September 15, 2026
2,961 shares allotted under Employees Stock Option Scheme - 2005
2,520 shares allotted under Employees Stock Unit Scheme - 2023
Allotment approved by a Whole-time Director at 03:28 p.m. pursuant to authority delegated on July 18, 2023

💡 No action required; investors can track regular corporate updates and upcoming quarterly financial results.

IRDAI Imposes Rs 1.00 Cr Penalty on ICICI Lombard Over Outsourcing Norms

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 08 Sep 2026, 09:08 AM

ICICI Lombard General Insurance received an order dated September 7, 2026, from the IRDAI imposing a penalty of ₹1.00 crore. The order follows an onsite inspection conducted in September 2019 and subsequent show cause notices regarding non-compliance with Outsourcing Regulations, 2017 and Corporate Governance Guidelines, 2016. Financially, the ₹1.00 crore penalty is negligible against the company's TTM net profit of ₹2,429 crore (less than 0.05%). The regulator has also issued advisories and directions that the company must comply with within specified timelines.

Penalty of ₹ 1,00,00,000 (Rupees One Crore) imposed by the IRDAI
Originates from an onsite inspection conducted back in September 2019
Pertains to non-compliance with Outsourcing Regulations, 2017 read with Corporate Governance Guidelines, 2016
Order received on September 7, 2026, at 6:31 p.m. with additional advisory directions

💡 Track the company's compliance with IRDAI's additional directions within the stipulated timelines and confirm whether the company chooses to appeal the penalty.

ICICI Lombard Allots 4,212 Equity Shares Under Employee Stock Schemes

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 02 Sep 2026, 10:47 PM

ICICI Lombard General Insurance Company Limited has allotted 4,212 equity shares of face value ₹10 each on September 2, 2026, pursuant to employee stock schemes. The allotment includes 550 shares under the 2005 Scheme and 3,662 shares under the 2023 Unit Scheme. The new shares rank pari-passu with existing equity shares. Given the extremely small volume, the dilution impact is negligible.

Total 4,212 equity shares of ₹10 face value allotted on September 2, 2026
550 equity shares allotted under ICICI Lombard Employees Stock Option Scheme - 2005
3,662 equity shares allotted under ICICI Lombard Employees Stock Unit Scheme - 2023
Allotment approved by a Whole-time Director under delegated board authority from July 18, 2023

💡 This is a routine administrative allotment under existing employee stock incentive plans requiring no action from investors.

ICICI Lombard faces adverse appellate GST order of ₹3.30 Cr plus ₹14.8 Lakh penalty

🟡 NEUTRAL ⭐ 2/10

LEGAL 📅 02 Sep 2026, 06:26 PM

ICICI Lombard General Insurance received appellate orders from the Commissioner of Customs & Central Tax (Appeals-I), Hyderabad regarding FY2018-19. The appellate authority rejected the company's appeal and allowed the Department's appeal, confirming an aggregate GST demand of ₹3,29,83,282 alongside a penalty of ₹14,78,606. The dispute pertains to input tax credit eligibility and return reconciliation differences. The company stated that the demand is already part of contingent liabilities and plans to pursue further legal remedies, including a writ petition.

Aggregate GST demand confirmed at ₹3,29,83,282 along with a penalty of ₹14,78,606 for FY2018-19
Appellate authority set aside previously granted tax relief of ₹1,81,97,223 and confirmed the original demand of ₹1,47,86,059
Total exposure of ~₹3.45 Cr is highly immaterial compared to TTM PAT of ₹2,429 Cr (<0.15%)
Company is evaluating legal options including filing a writ petition against the appellate orders

💡 Track subsequent legal updates or tribunal filings; no material impact on earnings or operational capacity.

ICICI Lombard Allots 71,297 Equity Shares Under Employee Stock Schemes

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 07:03 PM

ICICI Lombard General Insurance Company Limited has allotted 71,297 equity shares of face value ₹10 each on August 24, 2026, pursuant to employee stock option and unit schemes. The allotment includes 67,185 equity shares under the Employees Stock Option Scheme - 2005 and 4,112 equity shares under the Employees Stock Unit Scheme - 2023. The newly issued shares rank pari-passu with the existing equity shares of the company.

Allotted 71,297 equity shares of face value ₹10 each on August 24, 2026
67,185 shares issued under the Employees Stock Option Scheme - 2005
4,112 shares issued under the Employees Stock Unit Scheme - 2023
Allotment approved at 05:26 p.m. under authority delegated on July 18, 2023

💡 This is a routine operational ESOP allotment with negligible equity dilution; no specific action is required from investors.

View All ICICIGI Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Gross Direct Premium Income (GDPI) grew 8.3% to INR 26,833 Cr in FY2025 from INR 24,776 Cr in FY2024. Segment mix in FY2025: Motor (40.0%), Health, Travel & Personal Accident (28.6%), and Fire (11.8%). H1 FY2026 growth: Fire segment grew 15.3% YoY, Engineering grew 12.3%, while Marine Cargo and Liability de-grew by 5.4% and 1.7% respectively.

Profitability Margins

Profit After Tax (PAT) grew 30.7% to INR 2,508 Cr in FY2025 from INR 1,919 Cr in FY2024. Return on Equity (RoE) improved to 17.5% in FY2025 from 16.0% in FY2024. Combined ratio improved to 102.8% in FY2025 from 103.3% in FY2024, indicating better underwriting efficiency.

EBITDA Margin

Core profitability is measured by the Combined Ratio, which stood at 102.8% in FY2025, a 50 bps improvement YoY. This ratio is significantly better than the industry average, which was over 12 percentage points higher in Q1 FY2026.

Credit Rating & Borrowing

Issuer Rating reaffirmed at [ICRA]AAA (Stable). The company has no outstanding sub-debt as of March 31, 2025, and maintains a strong solvency ratio of 2.69x, well above the regulatory requirement of 1.50x.

⚙️ Operational Drivers

Raw Materials

Not applicable for insurance services. Primary cost drivers are Net Claims Paid (INR 12,487 Cr maximum in recent years) and distribution commissions.

Key Suppliers

Key distribution partners include ICICI Bank (Promoter) and various brokers who contributed 51.9% of GDPI in FY2025.

Capacity Expansion

Current infrastructure includes 316 branches and 16,034 employees as of June 30, 2024. The company leverages ICICI Group's 6,983 branches and 16,285 ATMs for distribution.

Raw Material Costs

Claims and commissions are the primary operational costs. The company reported underwriting losses but offset them with investment income of INR 25.38 billion in H1 FY2026, up 12.7% YoY.

Manufacturing Efficiency

Underwriting efficiency is reflected in a Combined Ratio of 102.8% in FY2025, which is superior to the industry average, driven by prudent risk selection.

Logistics & Distribution

Distribution is diversified: Brokers (51.9%), Direct (17.4%), and Bancassurance (7.0%) in FY2025.

📈 Strategic Growth

Expected Growth Rate

17.80%

Growth Strategy

Growth is driven by a multi-channel distribution strategy across agency, broking, and bancassurance. The company is focusing on 'preferred lines' like Fire, which grew 27.3% in Q2 FY2026, and Engineering (12.3% growth in H1 FY2026) while maintaining pricing discipline despite high competition.

Products & Services

Insurance policies covering Motor, Health, Travel, Personal Accident, Fire, Engineering, Marine Cargo, Liability, and Crop/Weather.

Brand Portfolio

ICICI Lombard.

Market Expansion

Expansion is targeted through wider distribution in agency and bancassurance channels, particularly leveraging the ICICI Bank network.

Market Share & Ranking

Largest private general insurer in India with a 9.0% market share in FY2025, up from 8.9% in FY2024.

Strategic Alliances

Promoted by ICICI Bank Limited, which holds a 51.60% equity stake as of March 31, 2025.

🌍 External Factors

Industry Trends

The general insurance industry grew 7.3% in H1 FY2026. There is a notable shift toward Health and Personal Accident segments, which now account for 28.6% of ICICIGI's mix compared to 21.6% in FY2021.

Competitive Landscape

Faces high competition in commercial lines and motor segments from both public and private insurers.

Competitive Moat

Moat is built on the 'ICICI' brand name, parentage support from ICICI Bank, and scale as the largest private player. These advantages are sustainable due to the high capital requirements and regulatory barriers in the insurance sector.

Macro Economic Sensitivity

Sensitive to interest rate changes as investment income (INR 2,538 Cr in H1 FY2026) is a major contributor to RoE.

Consumer Behavior

Increasing demand for health and travel insurance products, with the segment's share of GDPI rising to 28.6% in FY2025.

⚖️ Regulatory & Governance

Industry Regulations

Regulated by IRDAI; must maintain a minimum solvency ratio of 1.50x (ICICIGI is at 2.69x). Health products are accounted for on a 1/n basis as mandated by IRDAI.