ICICI Lombard's ratings affirmed by AM Best

AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of "bbb+" (Good), and the India National Scale Rating (NSR) of aaa.IN (Exceptional) for ICICI Lombard General Insurance Company Limited. The ratings outlook remains stable. AM Best recognizes ICICI Lombard's balance sheet strength as very strong, supported by robust risk-adjusted capitalization expected to remain at the strongest level. The agency also highlights the company's strong operating performance, with a five-year average return-on-equity ratio of 17.6% (fiscal years 2020-2024), underpinned by investment income that offsets underwriting losses. AM Best notes that ICICI Lombard has consistently outperformed India's general insurance market. It is the second-largest non-life general insurer in India, with an overall market share of 8.6% (fiscal year 2024).