ICICI Lombard General Insurance Company Limited

ICICIGI.NS

Insurance - Diversified · Financial Services

Exchange

National Stock Exchange of India

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

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.

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

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

Profit per sale

Gross Margin

36.0%

Modest — 36.0% gross margin

Profit after running costs

Operating Margin

7.5%

Modest — 7.5% operating margin

Return on the money invested

ROCE

18.8%

Strong — 18.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+7.9%

Steady sales growth (+7.9% YoY)

Profit growth

EPS YoY

-8.7%

Earnings shrinking (-8.7% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

Weak — only 0% of profit becomes cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

100.00x

—

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

33.1x

no trend

Pricey — P/E 33.1

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

Cheaper or dearer next year

P/E vs Forward

+9.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.1 → 23.6)

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Dividends

Dividend

Dividend Yield

0.83%

no trend

Small dividend — 0.83% yield

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

Dividend record

Dividend Growth

+23.8%

no trend

Dividend growing fast (23.8% YoY)

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