This article first appeared on GuruFocus .
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Gross Domestic Premium Income (GDPI) Growth:7% for FY 2026 compared to industry growth of 9.2%.
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Q4 GDPI Growth:18.2% against industry growth of 10.9%.
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Health Segment Growth:20% for FY 2026, with Q4 growth at 38.2%.
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Motor Segment Growth:7.6% for FY 2026, with Q4 growth at 15%.
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Combined Ratio:102.4% for FY 2026 on a one by N basis, compared to 102.6% in FY 2025.
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Investment Income:INR 47.42 billion for FY 2026, up from INR 42.5 billion in FY 2025.
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Profit Before Tax (PBT):INR 36.59 billion for FY 2026, a growth of 10.2% from FY 2025.
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Profit After Tax (PAT):INR 27.72 billion for FY 2026, a growth of 10.5% from FY 2025.
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Return on Average Equity (ROE):17.8% for FY 2026, down from 19.1% in FY 2025.
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Dividend:Proposed final dividend of INR 7 per share for FY 2026, total dividend of INR 13.5 per share.
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Solvency Ratio:2.67 times as of March 31, 2026.
Release Date: April 15, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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ICICI Lombard General Insurance Co Ltd ( NSE:ICICIGI ) reported a robust growth of 18.2% in Q4 2026, significantly outpacing the industry growth of 10.9%.
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The company achieved a strong 20% growth in the Health segment for 2026, surpassing the industry growth of 15.4%.
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ICICI Lombard's retail health business demonstrated impressive growth, with a 51.1% increase in 2026, significantly outpacing the industry growth of 19.9%.
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The company's investment income increased to INR47.42 billion in FY26, up from INR42.5 billion in FY25, reflecting strong investment performance.
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ICICI Lombard maintained a healthy solvency ratio of 2.67 times as of March 31, 2026, well above the minimum regulatory requirement.
Negative Points
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ICICI Lombard's growth in gross domestic premium income for 2026 was 7%, which lagged behind the industry growth of 9.2%.
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The company's growth in the Commercial lines segment was 5.4% for 2026, significantly lower than the industry growth of 12.2%.
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ICICI Lombard's combined ratio on a one by N basis for FY26 was 103.4%, indicating a slight deterioration from 102.8% in FY25.
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The motor segment growth for ICICI Lombard was 7.6% for 2026, below the industry growth of 9.2%.
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The company's return on average equity decreased to 17.8% in FY26 from 19.1% in FY25, reflecting a decline in profitability.
Q & A Highlights
Q: Can you provide insights into the competitive environment in the commercial and motor lines, and any impact from the new UM guidelines? A: The competitive pressure in commercial lines has intensified, but the availability of reinsurance capacity has somewhat mitigated this. In motor lines, the industry faces stress with a high combined ratio. We focus on prudent risk selection and differentiation in our offerings. (Sanjeev Mantri, CEO)
Q: What factors contributed to the significant improvement in the motor TP loss ratio this quarter? A: We maintain a consistent approach to motor loss ratios, targeting a range of 65% to 67%. The improvement is due to our prudent reserving practices and should be viewed on a full-year basis rather than quarterly. (Gopal Balachandran, CFO)
Q: How does the company plan to utilize its high solvency ratio, and is there a possibility of increased dividends? A: We maintain a healthy solvency margin to support growth and reward shareholders. Our dividend policy aims to distribute about 25% of PAT, balancing growth needs and shareholder returns. (Gopal Balachandran, CFO)
Q: What is the outlook for motor TP price hikes given the current loss ratios? A: The industry has not seen a price hike in five years, and the current loss ratio is elevated. We hope for regulatory relief soon, but we continue to focus on optimizing our portfolio and operational efficiencies. (Sanjeev Mantri, CEO)
Q: How does ICICI Lombard plan to address the soft market conditions in commercial lines and crop insurance? A: We focus on prudent risk selection and maintaining a balanced portfolio. In crop insurance, we will participate selectively based on commercial viability rather than targeting specific market shares. (Sanjeev Mantri, CEO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
