Earnings Review
ICICI Lombard Q3 net profit rises 7%, misses Street view
This story was originally published at 20:02 IST on 15 April 2026
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--ICICI Lombard Jan-Mar net profit INR 5.47 bln
--Analysts saw ICICI Lombard Jan-Mar net profit at INR 6.39 bln
--ICICI Lombard Jan-Mar net profit INR 5.47 bln vs INR 5.10 bln year ago
--ICICI Lombard Jan-Mar total income INR 66.19 bln vs INR 58.51 bln year ago
--ICICI Lombard FY26 net profit INR 27.72 bln vs INR 25.08 bln year ago
--ICICI Lombard FY26 total income INR 258.95 bln vs INR 229.37 bln year ago
--ICICI Lombard to pay INR 7 per share final dividend
--ICICI Lombard Jan-Mar net premium written INR 64.87 bln vs INR 54.81 bln
--ICICI Lombard Jan-Mar net premium earned INR 57.90 bln vs INR 52.26 bln
--ICICI Lombard Jan-Mar claims paid INR 39.25 bln vs INR 33.86 bln year ago
--ICICI Lombard solvency ratio 2.67 times on Mar 31 vs 2.69 times on Dec 31
--ICICI Lombard combined ratio at 101.2% on Mar 31 vs 102.5% year ago
--ICICI Lombard incurred claim ratio at 70.8% on Mar 31 vs 71.6% year ago
By Shubham Rana
NEW DELHI – ICICI Lombard General Insurance Co. Ltd. reported a lower-than-expected rise in its net profit for the March quarter, because of slower-than-projected growth in premium income. Higher underwriting loss also weighed on the net profit growth in the March quarter.
The insurance company's net profit for the March quarter rose 7% on year to INR 5.47 billion. Sequentially, the net profit fell 17%. Analysts had expected ICICI Lombard's net profit to rise 25% on year to INR 6.39 billion.
The general insurer's net premium earned rose 11% on year to INR 57.91 billion in the March quarter. The on-year rise in net premium earned was the slowest in 15 quarters. The gross premiums written rose to INR 80.74 billion in the March quarter from INR 69.04 billion a year ago. The net premium written was INR 64.87 billion in Jan-Mar, higher than INR 54.81 billion a year ago.
Premium income growth for the second-largest general insurer by market share was supported by the retail health insurance segment, where net premium earned rose nearly 56% on year to INR 5.94 billion. The motor vehicle insurance segment's net premium earned rose a mere 6% to INR 28.17 billion in the three months to March.
Income from investments from the operating segment grew 27% on year to INR 7.97 billion in the March quarter, which helped push total income to INR 66.19 billion, up 13% on year.
Total expenses of ICICI Lombard rose 12% on year to INR 60.73 billion for the March quarter. The company spent INR 39.25 billion on paying claims, up 16% on year. The insurer also spent INR 11.88 billion on commissions and brokerage in the March quarter, up 16% on year.
The combined ratio fell to 101.2% as of Mar. 31 from 102.5% a year ago and 104.5% a quarter ago. Combined ratio is a measure of an insurer's underwriting performance, with a ratio below 100% showing underwriting profit. A combined ratio above 100% means an insurer is paying out more money in claims than it is receiving in premiums. ICICI Lombard's underwriting loss increased to INR 2.82 billion in the March quarter from INR 2.10 billion a year ago.
The solvency ratio was 2.67 times as of Mar. 31, lower than 2.69 times a quarter ago. The solvency ratio was also higher than the minimum regulatory requirement of 1.50 times. The incurred claim ratio for ICICI Lombard was 70.8% end-March, lower than 71.6% a year ago.
The insurer reported a net profit of INR 27.72 billion for the year ended March, higher than INR 25.08 billion in FY25. The total income was INR 258.95 billion in FY26, higher than INR 229.37 billion a year ago.
ICICI Lombard will pay a final dividend of INR 7 per share. ICICI Lombard's shares Wednesday ended 4.3% higher at INR 1,858 on the National Stock Exchange. The company detailed its results after market hours. End
Edited by Saji George Titus
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