ICICI Lombard General Insurance Company Ltd.PAT +27.5%, CR 104.5%

ICICI Lombard reported Q2 FY27 profit after tax of ₹1,031 crore, up 27.5% year-on-year, and profit before tax of ₹1,359 crore, up 27.8%.

The combined ratio was 104.5% against 103.9% a year earlier; excluding catastrophe losses of ₹118 crore, mostly floods, it was 102.7%. For the half year, profit after tax fell 5.8% to ₹1,454 crore and the combined ratio was 105.2%, with return on average equity at 16.8%. Gross direct premium grew 5.4% in the half year against 8.9% for the industry, held back by crop; excluding crop and mass health, Q2 growth was 13.9%.

Retail health grew 66.4% and the market share exited September at 5.0%. Commercial lines excluding fire grew 20.0% in Q2 and the decline in fire moderated to 21.2%. Motor grew 13.0% with a 10.3% share. The company said it needs no further provision for the Supreme Court judgment on motor third party claims beyond the ₹165 crore taken in Q1. Solvency was 2.74x and an interim dividend of ₹7 per share was declared. Management called the IRDAI distribution consultation paper a landmark reform.