ICICI Lombard General Insurance has received a positive outlook revision from AM Best, marking a significant upgrade in the credit rating agency's assessment of India's second-largest non-life insurer. The development was disclosed by the company on February 28, 2026, following AM Best's announcement on February 27, 2026.

Rating Actions and Outlook Revision

AM Best has taken several rating actions for ICICI Lombard General Insurance Company Limited:

The positive outlook revision reflects 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.

Strong Financial Performance Metrics

The rating agency highlighted ICICI Lombard's strong operating performance, with the company demonstrating consistent financial strength across multiple parameters:

The company reported higher net income in fiscal-year 2025 compared to the prior year, driven by better investment returns and an improvement in underwriting results. Earnings remained resilient in the first nine months of fiscal-year 2026, demonstrating the company's ability to maintain strong performance.

Market Leadership and Business Profile

ICICI Lombard holds market-leading positions across several major business lines and maintains a well-diversified underwriting portfolio. The company's business profile includes:

• Market-leading positions in property/casualty, marine cargo, liability and motor insurance
• Second-ranking position in fire and engineering business lines
• Well-diversified portfolio by lines of business and distribution channels
• Premiums generated predominantly in India

Rating Rationale and Risk Assessment

The credit ratings reflect ICICI Lombard's balance sheet strength, which AM Best assesses as very strong, along with its 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 the largest private sector banks in India.

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 (BCAR). However, AM Best noted some offsetting factors, including the company's significant exposure to contingent liabilities relating to ongoing disputes with tax authorities in India, though these disputes have not resulted in material financial impact to date.

Investment Portfolio and Earnings Structure

ICICI Lombard's investment portfolio is characterized as moderate risk, given its exposure to higher-risk investments such as equities and fixed-income securities. Despite its lack of underwriting profitability, the company has consistently outperformed India's general insurance market. Investment income, including capital gains on equity investments, remains a key contributor to overall earnings, helping to offset underwriting losses and maintain strong financial performance.

ICICI Lombard General Insurance Company Limited has announced the allotment of 47,109 equity shares under its employee stock option schemes on February 23, 2026. The allotment represents the company's continued commitment to employee participation through equity-based compensation programs.

Share Allotment Details

The company allotted a total of 47,109 equity shares of ₹10 each across two distinct employee stock schemes. The allotment was structured to provide equity participation opportunities to employees under established compensation frameworks.

Approval Process and Authorization

The share allotment received approval from a Whole-time Director of the company at 4:01 p.m. on February 23, 2026. This approval was granted pursuant to the authority delegated by the Board of Directors at its meeting held on July 18, 2023, demonstrating proper corporate governance procedures.

Share Characteristics and Rights

The newly allotted equity shares will rank pari-passu with the existing equity shares of the company in all respects. This ensures that the new shareholders will have equal rights and privileges as existing equity holders, including voting rights, dividend entitlements, and other corporate benefits.

Corporate Communication

The company has informed both BSE Limited and National Stock Exchange of India Limited about this allotment through official communication. The information regarding this allotment is also available on the company's website at www.icicilombard.com , ensuring transparency and regulatory compliance.

This employee stock option allotment reflects the company's strategy to align employee interests with shareholder value creation through equity participation programs.