ICICI Lombard FY25 results: PAT up 30.7%, dividend ₹12.5

Result day snapshot

ICICI Lombard General Insurance announced its Q4 and FY25 results on April 15, 2025, reporting higher full-year profit alongside steady underwriting metrics. Consolidated revenue from operations for FY25 came in at ₹26,833 crore, up 8.3% year-on-year from ₹24,776 crore in FY24. Profit after tax (PAT) rose 30.7% to ₹2,508 crore versus ₹1,919 crore a year earlier. The board proposed a total dividend of ₹12.5 per equity share for the year, subject to shareholder approval. Underwriting performance remained broadly stable, with the combined ratio at 102.8% for FY25 compared with 103.3% in FY24.

FY25 revenue and profit: what changed

The year was marked by moderate top-line expansion and a sharper rise in bottom-line profitability. The company’s FY25 revenue (GDPI) increased by ₹2,057 crore to ₹26,833 crore. PAT grew by ₹589 crore to ₹2,508 crore, supported by higher investment-related gains and improved return metrics. Profit before tax (PBT) for FY25 stood at ₹3,321 crore versus ₹2,555 crore in FY24. Return on average equity (ROAE) improved to 19.1% from 17.2%.

The earnings call also highlighted the effect of the 1/N accounting norm on reported premium growth. Management indicated that on the 1/N accounting basis, the company’s growth was 8.3% in FY25 versus industry growth of 6.2%. Excluding Crop and Mass Health, the company’s FY25 growth was stated at 7.7% compared with industry growth of 8%.

Q4 FY25: steady revenue, marginal PAT dip

For the quarter ended March 31, 2025, revenue (GDPI) was ₹6,211 crore, up from ₹6,073 crore in Q4 FY24. PAT for Q4 FY25 came in at ₹510 crore, slightly lower than ₹519 crore in the year-ago quarter. PBT for the quarter was ₹668 crore versus ₹698 crore in Q4 FY24.

The combined ratio for Q4 FY25 was reported at 102.5% compared with 102.3% in Q4 FY24, indicating broadly stable underwriting profitability during the quarter. The article also noted that solvency strength and capital gains supported margins amid elevated claim ratios.

Investment gains and capital market contribution

Capital gains for FY25 rose to ₹802 crore compared with ₹551 crore in FY24, a year-on-year increase of 45.6% as stated in the segment highlights. For Q4, capital gains were ₹6 crore, the same as Q4 FY24. The earnings call added that investment assets increased to ₹53,508 crore as on March 31, 2025 from ₹51,597 crore as on December 31, 2024.

Separately, the text referenced investment income of ₹4,250 crore for FY2025, supported by higher capital gains and a larger investment base, while noting that a sharp drop in Q4 capital gains affected quarterly investment income.

Underwriting performance: combined ratio and claims

For FY25, the combined ratio stood at 102.8% versus 103.3% in FY24, reflecting a marginal improvement in underwriting performance. The company also reported that excluding catastrophic losses, the combined ratio was 102.4%. For Q4 FY25, the combined ratio was 102.5%.

Because the combined ratio remained above 100% for both the quarter and the year, investors typically track the extent to which investment income and capital gains offset underwriting losses. In ICICI Lombard’s FY25 result set, the higher PAT alongside a stable combined ratio underlines the role of investment and other income in overall profitability.

Solvency ratio and dividend proposal

ICICI Lombard reported a solvency ratio of 2.69x as on March 31, 2025, up from 2.62x as on March 31, 2024. The article noted this is well above the regulatory minimum requirement of 1.5x.

On shareholder payouts, the board proposed a total dividend of ₹12.5 per share for FY25. The reporting also mentioned a final dividend recommendation of ₹7 per share for the financial year ended March 31, 2025, which together implies a total payout of ₹12.5 per share for the year, subject to approvals.

Segment signals: motor and health momentum

Management commentary indicated steady growth in key retail lines. Motor segment GDPI was reported at ₹10,740 crore in FY25 versus ₹9,634 crore in FY24, a growth of 11.5%. Health segment GDPI was ₹6,950 crore in FY25 compared with ₹6,171 crore in FY24, a growth of 12.6%. The company also reported advance premium for the motor segment of ₹3,717 crore as on March 31, 2025, compared with ₹3,644 crore as on December 31, 2024.

Key numbers at a glance

Stock move and what markets tracked

The text cited ICICI Lombard trading at ₹1,801.90, down 1.14% from the prior close of ₹1,822.60 on the NSE around the result period. A separate market snapshot in the article referenced the stock at ₹1,780, against a 52-week high of ₹1,960, with a 1-year return of -6%.

Investors focused on whether full-year profitability was driven by operational performance or by non-recurring items, given that quarterly PAT was slightly lower year-on-year while FY25 PAT rose sharply.

Looking ahead: Q4 FY26 timetable and street estimates

The article also referenced expectations for the next results cycle. ICICI Lombard is preparing to announce Q4 FY26 results for the period ended March 31, 2026, with a board meeting scheduled in May 2026 (expected) to approve audited statements and consider a final dividend recommendation.

Analyst estimates cited for Q4 FY26 revenue were ₹6,600-7,000 crore, with PAT expectations of ₹610-660 crore and combined ratio projections of 102-104%. The article also listed ratings heading into Q4 FY26 including MOFSL (Buy, target ₹2,100), YES Securities (Buy, ₹2,050), JM Financial (Add, ₹1,980), and Kotak Institutional Equities (Buy, ₹2,000). It also referenced a Motilal Oswal view reiterating Buy with a target price of ₹2,200.

Conclusion

ICICI Lombard’s FY25 results showed revenue growth to ₹26,833 crore, PAT rising to ₹2,508 crore, and a modest improvement in the combined ratio to 102.8%, alongside a higher solvency ratio of 2.69x. The proposed total dividend of ₹12.5 per share is subject to shareholder approval. The next key milestone flagged in the text is the expected May 2026 board meeting for Q4 FY26 results and a potential final dividend recommendation.