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Informist, Tuesday, Jul. 14, 2026

 

By Nandini Sinha

 

MUMBAI – ICICI Lombard General Insurance Co. Ltd. is expected to post a tepid on-year growth in its net profit for the June quarter, supported by a growth in motor, and retail, health segments, according to brokerages tracking the insurer. However, the company's net premium income is expected to decline on a sequential basis.

 

The general insurer's net profit for the June quarter is expected to be INR 7.76 billion, up nearly 4% on year and over 41% on quarter, according to the average of estimates from four brokerages. ICICI Lombard had posted a net profit of INR 5.49 billion for the March quarter.

 

The highest estimate for ICICI Lombard's net profit is INR 8.22 billion from JM Financial Institutional Securities Pvt. Ltd. while the lowest estimate is INR 7.40 billion from Motilal Oswal Financial Services Ltd. 

 

ICICI Lombard's net premium income for the reporting quarter is expected to be INR 55.76 billion, up nearly 9% on year, but down nearly 4% on quarter. The insurer's net premium income for the trailing quarter was INR 57.91 billion. The highest estimate for the net premium income is INR 58.80 billion from Motilal Oswal, while the lowest estimate is INR 52.47 billion from YES Securities (India) Ltd.

 

ICICI Lombard's retail health segment continues to register robust growth, supported by the exemption of the goods and services tax on health insurance and success of its flagship product ‘Elevate', Emkay Global Financial Services Ltd. said.

 

The general insurance sector is likely to report a modest performance for the June quarter due to uncertainties arising from geopolitical tensions caused by the US-Iran war and the overall macroeconomic situation, Emkay Global said. "The general insurance sector continues to face challenges given the absence of a Motor TP (third party) hike in FY27, heightened competition in the Motor OD (own damage) segment, and increased pricing aggression in the commercial lines segment, impacting growth and claims ratios," Emkay Global said.

 

ICICI Lombard has seen declining growth in the fire insurance segment for the last two months and the company is expected to take a hit for the reporting quarter due to aggressive discounting in the industry, Motilal Oswal said.

 

Brokerages are divided over ICICI Lombard's combined ratio. While Motilal Oswal and Emkay Global expect the combined ratio to rise on quarter, Yes Securities said it will decline sequentially. A combined ratio above 100% means an insurer is paying more money in claims than it is receiving in premiums. ICICI Lombard's combined ratio for the March quarter was 101.2%.

 

The company will announce its earnings for the quarter Wednesday. Shares of ICICI Lombard have fallen nearly 6% since its March quarter earnings were announced. Tuesday, shares of the company ended marginally up at INR 1,788.10 apiece on the National Stock Exchange.

 

All eight brokerage reports on the company available with Informist have a "'buy"' recommendation on the stock with an average target price of INR 2,223 per share. This is nearly 25% higher than the current market price.

 

Following are the June quarter earnings estimates of ICICI Lombard from four brokerages in descending order of the estimate of net profit in INR billion:

 

BROKERAGE NAME	NET PREMIUM INCOME	NET PROFIT
JM Financial Institutional Securities Pvt. Ltd.	54.69	8.22
YES Securities (India) Ltd.	52.47	7.74
Emkay Global Financial Services Ltd.	57.05	7.68
Motilal Oswal Financial Services Ltd.	58.80	7.40
Average	55.76	7.77

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Shubhayan Bhattacharya

 

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