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Today's prices ask more of ICICI Bank than of ICICI Lombard.
At current prices, buyers of ICICI Bank are assuming about 17.0% return on equity against 17.3% in its own record; for ICICI Lombard it is 35.0% against 40.0%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: ICICI Bank on excess return; ICICI Lombard on estimate withheld.
- Size: ICICI Bank is worth about 13.4 times ICICI Lombard on the stock market.
- Record: ICICI Lombard's filed history in the data used here is too short to compare year by year, so only ICICI Bank's record is summarised: revenue went from FY2018 to FY2026 at about 13% a year.
- What to watch: sustaining return on equity at ICICI Bank; combined ratio at ICICI Lombard.
| ICICI Bank | ICICI Lombard | |
|---|---|---|
| Price | ₹1,584 | ₹1,691 |
| Market cap | ₹11.37L Cr | ₹0.85L Cr |
| P/E | 19.2 | 33.1 |
| P/B | 3.00 | — |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Excess return | Estimate withheld |
01Two businesses
From clean-up to one of the highest-return big banks
ICICI Bank is India's second-largest private bank, lending to households, small businesses and large companies, with one of the strongest digital-banking franchises in the market. Its group includes a life insurer (ICICI Prudential Life), a general insurer (ICICI Lombard) and a stake in the ICICI Prudential asset-management business.
Insurance for cars, health and businesses
ICICI Lombard General Insurance, part of the ICICI group, is India's largest private general insurer. It sells motor, health, travel, home and commercial insurance through agents, banks, brokers and its own digital channels. It merged with Bharti AXA General Insurance in 2021.
02The records side by side
ICICI Lombard's filed history in the data used here is too short to compare year by year, so only ICICI Bank's record is summarised: revenue went from FY2018 to FY2026 at about 13% a year.
Full ten-year tables and charts are on each company's page: ICICI Bank · ICICI Lombard.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- Sustaining return on equityThe price leans on ICICI holding returns well above its cost of equity. Each point of return it sustains — or loses — moves the value sharply.
- Retail and unsecured growthFaster-growing retail loans earn more but carry more credit risk when the cycle turns.
- Combined ratioClaims and costs as a share of premiums; below 100% means underwriting profit.
- Premium growthHealth and motor insurance demand is growing with the economy.
05What could go wrong
- The credit cycleUnsecured personal loans and credit cards have grown quickly across the industry; a downturn there would show up in provisions first.
- Margin pressureRate cuts can compress lending margins faster than deposit costs fall.
- Claims spikesNatural disasters or health shocks raise claims.
- Price competitionRivals can underprice to win share.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is ICICI Bank or ICICI Lombard better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, ICICI Bank trades at 19.2 times earnings and 3.00 times book value, and ICICI Lombard at 33.1 times earnings — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between ICICI Bank and ICICI Lombard?
ICICI Bank is India's second-largest private bank, lending to households, small businesses and large companies, with one of the strongest digital-banking franchises in the market. ICICI Lombard General Insurance, part of the ICICI group, is India's largest private general insurer.
Are ICICI Bank and ICICI Lombard valued the same way?
No. ICICI Bank is valued on excess return and ICICI Lombard on estimate withheld, because forcing one model onto both would misstate at least one of them.
What does today's price assume for ICICI Bank and ICICI Lombard?
Worked backwards from the share price, ICICI Bank needs about 17.0% return on equity and ICICI Lombard about 35.0% return on equity, against 17.3% and 40.0% in their own records.