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BUSINESS • 02/03/2026 11:36 AM

India’s ICICI Lombard Outlooks Revised To Positive - AM Best

KUALA LUMPUR, March 2 (Bernama) -- Global credit rating agency, AM Best has revised the outlooks to positive from stable and affirmed the financial strength rating (FSR) of B++ (Good) and the long-term issuer credit rating (Long-Term ICR) of “bbb+” (Good) of India’s ICICI Lombard General Insurance Company Limited (ICICI Lombard).

Concurrently, AM Best in a statement said it has affirmed the India National Scale Rating (NSR) of aaa.IN (Exceptional) of ICICI Lombard with a stable outlook.

The credit ratings (ratings) reflect the company’s very strong balance sheet strength, strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in the neutral impact from ICICI Bank Limited, one of India’s largest private-sector banks.

The positive outlook is driven by AM Best’s expectation that ICICI Lombard’s balance sheet strength fundamentals will continue to strengthen over the near to medium term, underpinned by continued robust capital generation and good capital management.

The company’s balance sheet strength is underpinned by its risk-adjusted capitalisation, which is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio.

The credit rating agency noted that ICICI Lombard’s investment portfolio carries moderate risk given its exposure to higher-risk investments, such as equities and fixed-income securities, which are not rated on an international rating scale.

An offsetting balance sheet factor includes the company’s significant exposure to contingent liabilities relating to ongoing disputes with the tax authorities in India, although these disputes have not resulted in material financial impact to date.

AM Best also views ICICI Lombard’s operating performance as strong, with a five-year average return-on-equity ratio of 17.3 per cent (fiscal years 2021-2025), and it has reported higher net income in fiscal year 2025 compared to the prior year, driven by better investment returns and an improvement in underwriting results.

ICICI Lombard is the second-largest non-life insurer in India and holds leading positions across major business lines, including property and casualty, marine cargo, liability and motor insurance, while ranking second in the fire and engineering segments.

-- BERNAMA

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