Annual General Meeting and Corporate Actions
ICICI Lombard General Insurance Company Limited convened its 26th Annual General Meeting on June 19, 2026 via video conference to approve audited financial statements for FY2026 and declare a final dividend of ₹7.0 per equity share (70% of face value), payable on or before July 3, 2026. Shareholders voted on 10 resolutions including adoption of financial statements, confirmation of interim dividend of ₹6.5 per share, re-appointment of directors, auditor appointments, revision of MD remuneration, and approval of material related party transactions with ICICI Bank Limited and ICICI Securities Primary Dealership Limited up to ₹12,772 crores for FY2028.
Financial Performance Highlights
The company reported strong FY2026 results with Profit After Tax growing 10.5% to ₹27.72 billion and Gross Direct Premium Income increasing 7.0% to ₹287.12 billion. Key financial metrics included Gross Written Premium of ₹306.18 billion (8.4% growth), Net Written Premium of ₹233.74 billion (12.6% growth), and Profit Before Tax of ₹36.59 billion (10.2% growth). The company maintained a robust solvency ratio of 2.67x and investment assets of ₹584.21 billion, while the combined ratio stood at 103.4% on a '1/n' basis.
Operational and Business Update
ICICI Lombard expanded its distribution network to 341 branches across 28 states and 7 union territories, employing 15,008 staff and maintaining 157,101 individual agents. The company processed 3.4 million claims and issued 39.3 million policies during FY2026, achieving a market share of 8.5% overall and 12.9% among private sector insurers. Key initiatives included Project Orion transformation, AI-driven customer service enhancements, and implementation of the One IL One Team philosophy.
Corporate Governance and Compliance
The Board comprised 8 directors with 7 meetings held during FY2026, achieving 98% average attendance. The company maintained full compliance with SEBI LODR Regulations, IRDAI requirements, and Companies Act 2013 provisions. Significant compliance matters included deferral of Ind AS implementation to April 2027 using one-year forbearance, reassessment of employee benefits under new Labour Codes, and handling of contingent liabilities totaling ₹486.44 billion primarily related to tax matters.
Dividend and Capital Structure
The total dividend payout ratio for FY2026 was 24.3%, comprising interim dividend of ₹6.5 per share (₹3.23 billion) and proposed final dividend of ₹7.0 per share. The company's issued, subscribed and paid-up capital stood at ₹4,984,949,920 (498,494,992 equity shares of ₹10 each), with share allotments of 2,657,117 equity shares under ESOP-2005 and 111,398 equity shares under ESU-2023 during the year.
Related Party Transactions and Auditor Appointments
All related party transactions were conducted at arm's length and in the ordinary course of business, with significant transactions including insurance premium of ₹33.78 billion, commission of ₹12.79 billion, and investments of ₹34.10 billion with ICICI Bank Limited. The company appointed B S R & Co. LLP as Joint Statutory Auditors for a 4-year term from the 26th to 30th AGM, with audit fees of ₹16.3 million each to Walker Chandiok & Co. LLP and B S R & Co. LLP for FY2027.
Risk Management and CSR Initiatives
The company maintained a comprehensive Risk Management Framework covering credit, market, underwriting, strategic, operational, and ESG risks. Corporate Social Responsibility expenditure reached ₹516.7 million against required spending of ₹514.0 million, focusing on road safety (91,000+ helmets distributed), healthcare, education, and environmental sustainability initiatives that positively impacted over 4.0 million lives.
Regulatory and Technical Definitions
The document included comprehensive glossary definitions aligning with IRDAI frameworks, covering key insurance accounting metrics such as Gross Written Premium (recognized evenly over policy period), Net Written Premium, Net Earned Premium, Unexpired Risk Reserve, and Solvency Ratio calculations. Definitions also encompassed government schemes (PMFBY, RSBY), reinsurance structures, and industry-specific terminology.