Investor Report Fy_25: ICICI Lombard General Insurance Company Ltd

Investor Report Fy_25: ICICI Lombard General Insurance Company Ltd

📅 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)

🌐 Global Peers

📊 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)

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

🛋️ Segment-wise Premiums (FY25)

✨ 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.