Motor-TP recovery at a two-year low
ICICI Lombard General Insurance Company Limited provides various general insurance products and services in India. The company primarily offers fire, marine, cargo, engineering, aviation, public/product liability, employee group, workmen's compensation, cyber, personal accident, and travel insurance solutions. It also provides credit, crop, cattle, weather, mass health, and motor, as well as home insurance solutions. In addition, the company offers underwriting and claims, customer relationship, technology, operations, finance and accounts, human resources, , actuarial, marketing, business analytics, administration, and fraud control, as well as reinsurance solutions. It serves its customers comprising individuals, corporates, state and central governments, government-owned enterprises, and rural customers, as well as micro, small, and medium enterprises through agents, brokers, bancassurance, motor insurance service providers, and online platforms. The company was incorporated in 2000 and is based in Mumbai, India. ICICI Lombard General Insurance Company Limited operates as a subsidiary of ICICI Bank Limited.
Key people: Mr. Sanjeev Radheyshyam Mantri B.Com, CA (MD, CEO & Executive Director) · Mr. Gopal Balachandran (Chief Financial Officer) · Mr. Vinod Mahajan (Chief Investment Officer) · Mr. Girish Nayak (Chief of Enterprise AI & Technology) · Mr. Amit Kushwaha (Head of Legal & Chief Compliance Officer) · Ms. Sheena Kapoor (Head of Marketing, Corporate Communications & CSR)
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
India's largest private-sector non-life insurer (51.3% owned by ICICI Bank) with FY26 GDPI of Rs 28,713 crore and a ~9.4% overall market share (H1FY25); motor market share 10.5%, group health 10.3% and retail health 4.5% (Q1FY27). It writes motor, health, fire/property, marine and crop business through agents, banks, OEM tie-ups and digital channels, and runs a conservatively invested float (solvency 2.71x). FY26 combined ratio was 102.4% with ROE of 17.8%.
30.5x TTM PE and 4.3x book (screener, 8-Sep-2026) after a 13-15% post-result fall to a two-year low; screener shows a 10-year average ROE of 18% and 5-year profit CAGR of 12%. Formal 5y average PE not sourced but the stock traded near 36x FY27E (Nuvama) before the derating. EV/EBITDA n.m.; dividend yield 0.9%.
| Go Digit General Insurance | Go Digit (48x PE, 5.1x P/B, ROE 12.2%, Q1FY27 PAT -38%) is motor-heavy and more exposed to the SC TP ruling at a higher multiple and lower ROE; ICICI Lombard is at 30x with 17.8% FY26 ROE and a diversified health/commercial book. |
| Star Health & Allied Insurance | Star Health (39x PE, ROE 7.6%) is a mono-line retail-health insurer with structurally high loss ratios and no motor-TP repricing optionality; ICICI Lombard offers higher ROE at a lower multiple and is gaining retail-health share (+51% FY26 vs Star +11%). |
| New India Assurance | New India (49x PE, ROE 4.9%, Q1FY27 loss Rs 239 cr with motor loss Rs 1,297 cr) has a 128%-type motor COR and PSU cost structure; ICICI Lombard's 106.6% motor COR and 2.71x solvency make it the quality way to play a TP tariff hike. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Insurance — 7.5%: the largest share of every rupee of household savings, at the cheapest valuation
Insurance retains the highest share of every rupee of household financial savings across bank deposits, markets and insurance — and it is priced lower than either. Life insurance new business premium grew 15.7% in FY26 and private APE 14.9%; August 2026 individual APE was up 22% at SBI Life and 17% at HDFC Life. The GST cut on individual life and health policies to zero (from 18%) in September 2025 cost the insurers their input-tax credit for a quarter but is structurally a demand tailwind for a product that is bought, not sold. On the general side, non-life premiums grew 9.3% to ₹3.36 lakh crore in FY26 with standalone health growing 19%, and the Supreme Court's June 2026 ruling on motor third-party claims took ICICI Lombard down 10% in a day. Our view: a ₹60–70 thousand crore motor-TP market cannot simply be wished away; it will return in an economically workable form through tariff hikes (IRDAI has proposed ~18%) and long-term mandatory cover. One may not wish to remain a policyholder; one should certainly remain a shareholder. Life insurers trade at 1.6–1.9x FY27E embedded value for 15–20% VNB growth; that is a lower multiple of a growing, capital-light annuity than most banks command.
HDFC Life is the quality benchmark but grew VNB only 2% in FY26 and trades at a premium for it; ICICI Prudential Life has a weaker bank channel. LIC is cheap for structural reasons — product mix, agency cost and a 57% share that is only going one way. In general insurance, Go Digit is a 4–5x-book growth story without ICICI Lombard's underwriting record, Star Health has the worst-in-class loss ratio in retail health and New India Assurance has a combined ratio above 110%.
| Auto Insurance - Market Share | 10.49 % | as of Jul 26 |
| Crop Insurance - Market Share | 5.92 % | as of Sep 23 |
| Engineering Insurance - Market Share | 19 % | as of Jun 25 |
| Gross Direct Premium Income - Market Share | 8.99 % | as of Jul 26 |
| Health Insurance - Market Share | 7.08 % | as of Jul 26 |
| Liability Insurance - Market Share | 17.10 % | as of Jun 25 |
| Marine Insurance - Market Share | 20.70 % | as of Jun 25 |
| Travel Insurance - Market Share | 21 % | as of Mar 19 |