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Investor Report Fy_25: ICICI Lombard General Insurance Company Ltd

Created by Piyush Patel_ in Company Update 18 Apr 2025

📅 Company Overview

Name: ICICI Lombard General Insurance Company Ltd
Industry: General Insurance
Founded: 2001 | IPO: FY2018
Business Model: Non-life insurance products (motor, health, fire, marine, crop)
Strengths: Strong solvency, robust underwriting, consistent profitability

🌎 General Insurance Industry: Indian Outlook

Insurance Penetration (India): ~1% vs Global Avg ~3%
Growth Drivers:

Rising health insurance awareness
Digital adoption in underwriting/claims
Regulatory support (IRDAI push for financial inclusion)

Estimated CAGR till FY30: ~15%+
Key Challenges: Low awareness, competitive pricing, fraud management

🏢 Peer Comparison (India)

Company	FY25 Premium (Cr)	PAT (Cr)	Margin	Listed
ICICI Lombard	28,258	2,508	8.9%	✅
New India Assurance	~41,000	~600	~1.5%	✅
HDFC Ergo	~17,000	~1,300	~7.6%	❌
SBI General	~14,000	~700	~5.0%	❌

🌐 Global Peers

Company	Country	GWP ($Bn)	Net Profit ($Bn)
Allianz SE	Germany	152	8.7
AXA	France	108	7.1
Chubb	USA	57	8.9
AIG	USA	48	5.1

📊 Historical Performance (ICICI GI)

Premium CAGR (20Y): 22.4%
Profit CAGR (20Y): 33.6%
EPS CAGR (10Y): 15.6%
Reserve CAGR (10Y): 19.2%

💸 Valuation Range (PE Based)

Year	EPS	High Price	Low Price	High PE	Low PE
FY25	51	2301	1481	45	29
FY24	39	1735	1055	44	27

Fair PE: 37x but as the history is small, and growth would be 15% Fair PE could be 30x maximum.
Fair Value FY26 Estimate: ₹1500 – ₹2000
Target FY35 (EPS × PE): 193 × 30 = ₹5779

📊 FY25 Key Financials

Premium: ₹28,258 Cr (+10.4% YoY)
Investment Income: ₹3,156 Cr (+10.3%)
PAT: ₹2,508 Cr (+30.8%)
EPS: ₹50.74
Profit Margin: 8.9%
Combined ratio was at 102.5% in Q4 FY2025 compared to 102.3% in Q4 FY2024.

💳 Cost Structure FY25

Item	Amount (Cr)	Share	Growth
Claims Paid	12,486	60.4%	+24.6%
Commissions	3,838	18.6%	+24.2%
Employees	1,516	7.3%	+19.9%
Promotion	202	1.0%	–54.8%

🛋️ Segment-wise Premiums (FY25)

Segment	Premium (Cr)	Share	YoY Growth
Motor	10,049	44%	+15.5%
Health	7,014	30.7%	+21.2%
Marine	607	2.7%	+16.3%
Crop	424	1.9%	+20.1%

✨ Outlook

FY26 Forecast:

Premium: ₹31,084 Cr
Profit: ₹2,487 Cr
EPS: ₹50
Margin: 8.0%

Vision FY35:

Premium: ₹127,240 Cr
Profit: ₹9,487 Cr
EPS: ₹193
Fair Value: ₹5779

📊 Technical Analysis

CMP: ₹1,793
Buy Zone: ₹1,491 (Long-Term Support)
Target: ₹2,411 (FY26)
PE-based support/resistance provides accumulation opportunity

Fair Value: ICICI GI:

https://docs.google.com/spreadsheets/d/e/2PACX-1vRuINTRCVPtE7AZptBvxZE1B1QfdpttQ6tc-tRLx2BnVZLbNiHOtshMoP2L6mz72A/pubhtml?gid=224882851&single=true

📆 Disclosure

This presentation is for educational purposes only. It should not be construed as investment advice. Investors must conduct their own due diligence before investing.