AM Best affirms ICICI Lombard's rating

AM Best has confirmed ICICI Lombard General Insurance Company's "B++" (good) financial strength and "bbb+" (good) long-term credit ratings. The agency also assigned an "aaa.IN" (exceptional) national scale rating to the Indian insurer. The outlook is stable.

The rating reflects the company's strong balance sheet, good operating performance, neutral business profile and appropriate enterprise risk management.

Over the period 2019-2023, the average combined ratio and average return on equity stood at 104.8% and 18.2% respectively.

ICICI Lombard is India's second-largest non-life insurer, with a market share of 8.2% during the 2023 financial year.