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Informist, Wednesday, Apr. 15, 2026 

 

--ICICI Lombard: Health ops grew 38.2% in Q4 vs industry growth of 20.5% 

--CONTEXT: ICICI Lombard mgmt's comments in post-earnings analyst concall 

--ICICI Lombard: Motor vehicle portfolio up 15% Q4 vs industry growth of 10% 

--ICICI Lombard: Well placed for positive growth in Q1, Q2 

 

By Shumaila Firoz and Ashutosh Pati

 

MUMBAI – ICICI Lombard General Insurance Co. Ltd. is well placed for positive growth in the first two quarters of the financial year 2026-27 (Apr-Mar), with the management expecting the momentum seen over the past two quarters to continue, company executives told analysts in a post-earnings conference call Wednesday. The management added that given the current global uncertainties, it will "wait in terms of how the market plays out".

 

"There is so much happening all around that, how do we predict that? But yes...we are very confident of moving into the quarter 1 and quarter 2 on a positive note overall, as things stand," the management said. "...we would say that the momentum on quarter three to quarter four and so effectively in quarter one should play out. I would say, yes, we are going with a very positive mindset at this point of time."

 

The insurer's management is confident of growth in the coming quarters because of the tailwind it saw in the March quarter from the removal of goods and services tax on health insurance. The March quarter net profit of ICICI Lombard, India's second-largest general insurance company by market share, 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 company's health insurance business remained a key driver of growth, expanding a little over 38% on year in the March quarter, significantly ahead of industry growth of 20.5%. For FY26, the company's health insurance business grew 20%, compared with the industry growth of 15.4%, supported by strong traction in the retail health segment. Retail health delivered robust growth of 65% on year and 54% in the March quarter and in FY26, respectively, driven by the removal of GST on medical insurance, which also saw the base of new customers rising, the company said. Its market share in the segment rose to 4.1% in FY26 from 3.3% in FY25.  

 

In the motor vehicle insurance portfolio, ICICI Lombard reported 15% growth in gross direct premium income for the March quarter, outperforming the industry growth of 10%, supported by improved vehicle sales and better retention. The company's portfolio mix for private cars, two-wheelers, and commercial vehicles was at 52.8%, 25.4%, and 21.8%, respectively, in FY26.

 

The management added that improving customer retention remains a key focus area and the company's overall retention numbers have gone up by almost 5 percentage points.

 

On the broader industry outlook, it said growth in the general insurance sector is supported by factors such as rising vehicle sales, credit growth, and increasing insurance penetration, though competitive intensity--especially in commercial lines--continues to remain high. Despite global uncertainties, including geopolitical tensions, affecting the markets, the management said India's macroeconomic fundamentals remain strong, providing the resilience needed to absorb external shocks.

 

Wednesday, ICICI Lombard's shares ended 4.3% higher at INR 1,858 on the National Stock Exchange. The company detailed its March quarter results after market hours.  End

 

Edited by Rajeev Pai

 

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