ICICI Lombard stock income rescues weak underwriting performance

The tax cases in India have not yet had a major impact on the company finances.

ICICI Lombard General Insurance will continue to build a stronger "buffer" of capital over the next few years, supported by the company’s ability to consistently make money and manage its funds well, AM Best said.

Whilst the insurer has some ongoing tax disputes in India, they have not yet had a major impact on its finances.

The company’s performance remains high, with a five-year average return on equity of 17.3%. 

Profits grew in 2025 and stayed steady through the first nine months of 2026. Whilst the company loses some money on its basic insurance operations, its investment income—especially from stocks—more than makes up for those losses.

As India's second-largest non-life insurer, ICICI Lombard holds an 8.7% market share.