ICICI Lombard General Insurance Company (ICICIGI) Q4 24/25 earnings summary

Executive summary

• Maintained market leadership as a top private non-life insurer in India since FY2004, with a 17-year GDPI CAGR of 13.1% (FY2008–FY2025) and FY2025 market share of 8.7% (GDPI basis).

• GDP growth for the quarter ended December 2024 was 6.2%, with positive economic indicators such as e-way bills and GST collections supporting a favorable environment.

• Regulatory reforms in FY2025 aimed to expand insurance penetration, including capping senior citizen health premium increases and launching the Bima Sugam facility.

• Enhanced distribution with 1,40,736 agents, 992 virtual offices, and increased penetration in Tier 3/4 cities.

• Leveraged technology (AI, ML, IoT) for customer service, risk management, and digital enablement.

Financial highlights

• Gross direct premium income (GDP/GDPI) grew 8.3% in FY2025 to INR 268.33 billion, outpacing industry growth of 6.2%.

• Profit after tax rose 30.7% to INR 25.08 billion in FY2025; ROE improved to 19.1%.

• Combined ratio improved to 102.8% in FY2025 from 103.3% in FY2024; excluding CAT losses, CoR was 102.4%.

• Investment income increased to INR 42.5 billion in FY2025, with capital gains net of impairment at INR 8.02 billion.

• Book Value per Share rose to ₹50.74; Basic EPS at ₹39.03.

Outlook and guidance

• Motor segment expected to see single- to low double-digit growth, with commercial lines rebounding to double-digit growth due to increased government CapEx.

• Health segment anticipated to maintain double-digit growth, with retail health driving incremental business.

• Focus remains on maintaining ROE in the 16-20% range and further improving combined ratio, depending on market conditions.

• Long-term products accounted on 1/n basis from Oct 1, 2024, as mandated by IRDAI, making FY2025 numbers not directly comparable to prior years.

• Continued focus on profitable growth, digital transformation, and expanding product reach.