Q2 FY26 Results: ICICI Lombard net profit rises 18% yoy to Rs 820 crore

ICICI Lombard

ICICI Lombard General Insurance Company on October 14 reported a net profit of Rs 820 crore for the quarter ended September 30, 2025 (Q2 FY26), an increase of 18 percent from Rs 694 crore in the corresponding quarter last year.

The company’s board also declared an interim dividend of Rs 6.50 per share for the first half of FY26, compared with Rs 5.50 per share declared in the same period last year.

ICICI Lombard’s Gross Direct Premium Income (GDPI) for the quarter stood at Rs 65.96 billion, down 1.9 percent from Rs 67.21 billion in Q2 FY25, against an industry growth of 5.9 percent. However, excluding the crop and mass health segments, the company’s GDPI grew 3.5 percent during the quarter, compared to the industry’s 9.8 percent growth.

For the first half of FY26, GDPI was Rs 143.31 billion, marginally lower than Rs 144.09 billion in H1 FY25, a de-growth of 0.5 percent against the industry’s 7.3 percent expansion. Adjusted for the impact of the 1/n accounting change, the company’s GDPI grew 4.2 percent in H1 FY26. Excluding crop and mass health, the insurer reported a GDPI growth of 3.5 percent versus the industry’s 10.5 percent growth.

The combined ratio which is a measure of underwriting profitability stood at 105.1 percent in Q2 FY26 compared to 104.5 percent in Q2 FY25. Excluding the impact of catastrophe (CAT) losses of Rs 0.73 billion in Q2 FY26 and Rs 0.94 billion in Q2 FY25, the combined ratio improved to 103.8 percent from 102.6 percent a year ago. For H1 FY26, the combined ratio was 104.0 percent compared with 103.2 percent in the same period last year. Excluding CAT losses, it was 103.3 percent versus 102.2 percent a year earlier.

Consequently, the profit after tax (PAT) increased 18.1 percent to Rs 8.20 billion in Q2 FY26 from Rs 6.94 billion in Q2 FY25. For H1 FY26, PAT rose 22.9 percent to Rs 15.67 billion versus Rs 12.74 billion in the year-ago period.

The company’s return on average equity (ROAE) stood at 21.4 percent for Q2 FY26, slightly lower than 21.8 percent in Q2 FY25. For H1 FY26, ROAE improved to 20.8 percent compared with 20.3 percent in H1 FY25.

ICICI Lombard’s solvency ratio stood at 2.73 times as of September 30, 2025, compared with 2.70 times as of June 30, 2025, and well above the regulatory minimum of 1.50 times. The ratio was 2.69 times as of March 31, 2025.