AM Best revises ICICI Lombard's outlook to Positive, affirms ratings
AM Best revised ICICI Lombard's outlook to positive from stable, affirming its FSR at B++ and Long-Term ICR at "bbb+". The India NSR remains 'aaa.IN' with a stable outlook. The revision reflects expected strengthening of balance sheet fundamentals due to robust capital generation and good capital management. The company's five-year average ROE is 17.3%.
A change in credit rating outlook and affirmation of ratings can influence investor confidence and potentially affect borrowing costs, but it does not immediately change the company's operational or financial standing.
The revision of the outlook to 'positive' by AM Best indicates a favorable future prospect for the company's financial strength and creditworthiness.
ICICI Lombard General Insurance Company Limited announced that 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). Concurrently, AM Best has affirmed the India National Scale Rating (NSR) of aaa.IN (Exceptional) with a stable outlook.
The Credit Ratings reflect the company’s very strong balance sheet strength, strong operating performance, neutral business profile, and appropriate enterprise risk management. The revision of the outlooks to positive is based on AM Best's expectation of continued strengthening of ICICI Lombard’s balance sheet fundamentals due to robust capital generation and good capital management.
ICICI Lombard's operating performance is viewed as strong, with a five-year average return-on-equity ratio of 17.3% (fiscal years 2021-2025). The company reported higher net income in fiscal year 2025 compared to the prior year, driven by better investment returns and improved underwriting results. Investment income remains a key contributor to overall earnings, offsetting underwriting losses.
ICICI Lombard is the second-largest non-life insurer in India with a market share of 8.7% in fiscal year 2025, holding market-leading positions in several business lines. The company's investment portfolio is of moderate risk, though it has significant exposure to contingent liabilities related to ongoing tax disputes.
The press release from AM Best was received by the company on February 27, 2026, at 09:02 p.m. (IST). This information will also be available on the company's website.
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ICICI Lombard General Insurance Company Limited filed this with the NSE as a statutory disclosure, categorised under other regulatory filings. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by ICICI Lombard General Insurance Company Limited. Read the original for the full detail.