ICICI Lombard General Insurance Company Limited

ICICIGI.NS

Insurance - Diversified · Financial Services

Price

₹1639.00

-19.00 (-1.15%)

Market Cap

₹818.45B

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+2.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 492.2M (2022) → 501.8M (2026)

ICICI Lombard General Insurance Company Limited is one of India's largest private-sector general insurance companies. It sells non-life insurance products — meaning coverage for things like cars, homes, health, travel, and businesses — to individual customers as well as corporations across India. The company is a joint venture between ICICI Bank, one of India's biggest private banks, and Fairfax Financial Holdings of Canada.

The company earns money by collecting premiums from policyholders and investing those funds, while also earning fees from managing claims and policies. It operates almost entirely within India, where the general insurance market is still underpenetrated compared to developed countries, giving it room to grow. Its distribution advantage comes from its deep tie-up with ICICI Bank's large branch and customer network. The key growth driver is India's rising middle class and increasing awareness of insurance, but the main risk is intense price competition from both public-sector insurers and newer digital insurance startups.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+6.6% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

51.3%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$46.7B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

ICICI Lombard General Insurance Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

36.0%

Modest — 36.0% gross margin

Operating Margin

7.5%

Modest — 7.5% operating margin

ROCE

3.1%

Weak — 3.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

EPS YoY

-8.7%

Earnings shrinking (-8.7% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Cash Conversion

Weak — only 0% of profit becomes cash

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

33.6x

Pricey — P/E 33.6

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.6 → 23.6)

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Dividends

Dividend Yield

0.83%

Small dividend — 0.83% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+23.8%

Dividend growing fast (23.8% YoY)

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