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Informist, Monday, Jan. 12, 2026

 

By Nandini Sinha

 

MUMBAI – ICICI Lombard General Insurance Co. Ltd. is expected to post double-digit on-year growth in its net premium income in the December quarter, driven by strong growth in the automobile and health segments following goods and services tax cuts, analysts said. A normalisation of the base effect is also likely to support the company's earnings growth.

 

The insurance company is expected to post a net premium income of INR 58.31 billion, up almost 16% on year, according to the average of estimates by four brokerages. Motilal Oswal Financial Services Ltd. has the highest estimate for the company's December quarter net premium income at INR 60 billion, while Emkay Global Financial Services Ltd. has the lowest estimate at INR 56.08 billion. The company's net premium income in the September quarter was INR 56.5 billion.

 

ICICI Lombard's net profit for the December quarter is expected at INR 8.08 billion, up nearly 12% on year, according to the average of estimates from the four brokerages. The estimate, however, reflects more than 1% sequential fall in net profit. Motilal Oswal has the highest estimate for net profit at INR 8.52 billion, while JM Financial Institutional Securities Pvt. Ltd. has the lowest estimate at INR 7.49 billion.

 

"The company's retail health segment continues to deliver robust growth driven by the GST tailwinds and success of its flagship product ‘Elevate'," Emkay Global said in its earnings preview report. Further, the sales of new vehicles increased significantly in the quarter due to GST cuts, which boosted the insurance company's business, the brokerage said.

 

Brokerages have mixed views about ICICI Lombard's combined ratio, which is expected at 101-103% in Oct-Dec, according to estimates. The insurance company had posted a combined ratio of 105.1% at the end of the September quarter and 102.9% at the end of the December quarter of 2024. A combined ratio above 100% means an insurer is paying out more money in claims than it is getting through premiums.

 

"We expect ICICIGI's combined ratio to inch up marginally...during the quarter, driven by higher claims ratios and offset by the slight improvement in expense ratios," Emkay Global said.

 

The insurance company's shares are up around 2% since its September quarter earnings were reported on Oct. 14 post market hours. At 1016 IST, shares of the company were almost 0.5% higher at INR 1,888.40 on the National Stock Exchange.

 

All the seven brokerage reports on the company available with Informist have a 'buy' recommendation on the stock with an average target price of INR 2,260 per share. This is 20% higher than the current market price. The company will release its financial results for the December quarter Tuesday.

 

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

 

BROKERAGE FIRM	NET PREMIUM INCOME	NET PROFIT
Motilal Oswal Financial Services Ltd	59.99	8.52
Emkay Global Financial Services Ltd	56.08	8.26
YES Securities (India) Ltd	59.72	8.06
JM Financial Institutional Securities Pvt Ltd	57.45	7.49
Average	58.31	8.08

 

End

 

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

Edited by Tanima Banerjee

 

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