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ICICI Lombard General Insurance Company Ltd

15 Oct 2026, 12:11PM

PAT grew 15.5% y-o-y to Rs. 946 crore, beating our estimate of Rs. 697 crore, chiefly fuelled by higher capital gains.
Reported GDPI grew by ~3.0% to Rs. 6,792 crore as crop insurance slowed. Excluding crop and mass health, growth was healthy at 13.9%.
Motor premium grew 12% y-o-y, broadly in line with the industry, helped by strong new-vehicle sales (up 38.5% vs. industry 26.9%).
Retail health was the standout, growing 64% and taking market share to 5% in September. Fire segment is still shrinking, though at a slower pace.
Commercial lines grew 1.7%, but excluding fire they grew 20%. The decline in fire insurance eased to 21.2% from 32.1% in Q1, and the company gained market share in fire segment

Particulars	Q2FY27	Q2FY26	YoY	Q1FY27	QoQ
Gross Written Premium	7702	7059	9.1%	8860	-13.1%
Net written premium	6214	5313	17.0%	6604	-5.9%
Net earned premium	6652	5652	17.7%	5950	11.8%
Commission	1269	1013	25.3%	1250	1.5%
Other Opex	5702	4817	18.4%	5330	7.0%
Underwriting PL/Loss	-318	-178	-	-630	-
Total Investment income	1568	1218	28.8%	1138	37.8%
Operating profit	873	753	16.1%	234	273.6%
PBT	1247	1077	15.8%	536	132.9%
Tax	301	258	16.8%	133	127.1%
PAT	946	820	15.5%	403	134.7%

Key ratios

Solvency ratio %	275	273	200 bps	271	400 bps
Expense management ratio %	36.30	31.90	440 bps	28.80	750 bps
Incurred claim ratio/ Loss ratio %	72.70	72.10	60 bps	76.40	-370 bps
Net retention ratio %	80.70	75.30	540 bps	74.50	620 bps
Combined ratio %	107.00	105.10	190 bps	107.20	-20 bps