ICICI Lombard Q3 FY2026: Premiums Up 13.3% to ₹70.41B, Profit Impacted by Wage Code & CAT Losses

ICICI Lombard Q3 Results: Reports premium growth of 13.3% at ₹70.41 billion

Performance summary

• Gross Direct Premium Income (GDPI) on a 1/n basis: ₹213.72 billion in 9M FY2026 vs ₹206.23 billion in 9M FY2025 (growth 3.6%; industry 8.7%).
  
• Excluding Crop and Mass Health, GDPI growth (1/n): 7.5% in 9M FY2026 vs industry 13.3%.
  
• GDPI (Q3 FY2026, 1/n): ₹70.41 billion vs ₹62.14 billion in Q3 FY2025 (growth 13.3%; industry 11.5%).
  
• Excluding Crop and Mass Health (Q3), GDPI growth (1/n): 16.4% vs industry 20.1%.
  
• Combined ratio (9M FY2026): 104.2% (1/n) vs 102.9% (9M FY2025); 103.1% (n) vs 102.8%.
  
• Combined ratio (Q3 FY2026): 104.5% (1/n) vs 102.7% (Q3 FY2025); 103.1% (n) vs 102.3%.
  
• Ex-CAT losses: 9M FY2026 CoR (1/n) 103.7% vs 102.9% (9M FY2025); Q3 FY2026 CoR 104.3% (no CAT in Q3 FY2025).
  
• Wage Code impact (Q3 FY2026): ₹0.55 billion. Ex-impact CoR (1/n): 103.9% (9M) & 103.5% (Q3); CoR (n): 102.8% (9M) & 102.2% (Q3).
  
• PBT: ₹29.41 billion (9M, +10.8%); ₹8.70 billion (Q3, −9.4%). Capital gains: ₹9.33 billion (9M) vs ₹7.96 billion; ₹3.17 billion (Q3) vs ₹2.76 billion.
  
• PAT (1/n): ₹22.25 billion (9M, +11.3%); ₹6.59 billion (Q3, −9.1%). Ex-Wage Code: ₹22.67 billion (9M, +13.4%); ₹7.00 billion (Q3, −3.3%).
  
• PAT (n): ₹22.22 billion (9M, +13.8%); ₹6.80 billion (Q3, +0.2%). Ex-Wage Code: ₹22.64 billion (9M, +15.9%); ₹7.21 billion (Q3, +6.3%).
  
• ROAE (1/n): 19.5% (9M) vs 20.8%; 16.5% (Q3) vs 21.5%. Ex-Wage Code: 19.8% (9M) & 17.5% (Q3).
  
• Solvency ratio: 2.69x (Dec 31, 2025) vs 2.73x (Sep 30, 2025); minimum regulatory 1.50x. 2.69x as at March 31, 2025.
  

Operating performance (1/n basis)

(₹ billion)

Financial Indicators	Q3 FY2025	Q3 FY2026	Growth %	9M FY2025	9M FY2026	Growth %	FY2025
GDPI	62.14	70.41	13.3%	206.23	213.72	3.6%	268.33
PBT	9.60	8.70	-9.4%	26.53	29.41	10.8%	33.21
PAT *	7.24	6.59	-9.1%	19.99	22.25	11.3%	25.08

*Excluding the impact of Wage Code, on PAT in Q3 FY2026 and 9M FY2026 de-growth was 3.3% and growth was 13.4% respectively. Excluding the impact of Wage Code, on PAT, on n basis in Q3 FY2026 and 9M FY2026 growth was 6.3% and 15.9% respectively.

Ratios (1/n basis)

Financial Indicators	Q3 FY2025	Q3 FY2026	9M FY2025	9M FY2026	FY2025
ROAE – Annualised	21.5%	16.5%	20.8%	19.5%	19.1%
Combined Ratio (CoR)^	102.7%	104.5%	102.9%	104.2%	102.8%

^There were no CAT losses for Q3 FY2025. Excluding the impact of CAT losses of ₹ 0.11 billion in Q3 FY2026, the Combined ratio was 104.3%.

Excluding the impact of Wage Code in Q3 FY2026, ROAE was 17.5% and 19.8% for Q3 FY2026 and 9M FY2026 respectively; Combined ratio was at 103.5% and 103.9% respectively.

Excluding the impact of Wage Code on n basis CoR was 102.2% and 102.8% for Q3 FY2026 and 9M FY2026 respectively.

Excluding the impact of CAT losses of ₹ 0.84 billion in 9M FY2026 and ₹ 0.94 billion in 9M FY2025 the Combined ratio was 103.7% and 102.3% respectively.

Excluding the impact of CAT losses of ₹ 0.94 billion in FY2025, the Combined ratio was 102.4%.

Combined ratio on n basis was at 103.1% in Q3 FY2026 compared to 102.3% in Q3 FY2025. Combined ratio on n basis was at 103.1% in 9M FY2026 compared to 102.8% in 9M FY2025.

Notes

Combined Ratio = (Net Incurred Claims/ Net Earned Premium) + (Management Expenses – Commission on Reinsurance)/ Net Written Premium

Management Expenses = Commission Paid Direct + Commission Paid on Reinsurance inward + Operating expenses related to insurance business

Return on Average Equity (ROAE) = Profit After Tax / ((Opening Net Worth + Closing Net Worth)/2)

Net Worth = Share Capital + Reserves & Surplus

About ICICI Lombard General Insurance Company Limited

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.

With a legacy of over 2 decades, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaye Vaade’. The company has issued over 37.6 million policies, over 3.2 million claims processed and has a Gross Written Premium (GWP) of ₹ 282.58 billion for the year ended March 31, 2025. ICICI Lombard has 328 branches and 15,123 employees, as on March 31, 2025.

ICICI Lombard has been a pioneer in the industry, being the first large-scale insurance company in India to migrate its entire core systems to the cloud. With a strong focus on being digitally-led and agile, the company has introduced multiple AI-powered insurance solutions. The company’s flagship insurance and wellness app, IL TakeCare, which has received over 18.4 million downloads, also offers the industry’s first Face Scan feature. The company has won several prestigious awards- including the Insurance Asia, ICC Emerging Asia Insurance, ET BFSI Exceller, ET Corporate Excellence, Golden Peacock, FICCI Insurance, Assocham, Stevie Asia Pacific, and National CSR in recognition of its various initiatives. For more details log on to https://www.icicilombard.com/

Disclaimer

Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements.

These risks and uncertainties include, but are not limited to our ability to successfully implement our strategy, our growth and expansion in business, the impact of any acquisitions, technological implementation and changes, the actual growth in demand for insurance products and services, investment income, cash flow projections, our exposure to market risks, policies and actions of regulatory authorities; impact of competition; the impact of changes in capital, solvency or accounting standards, tax and other legislations and regulations in the jurisdictions as well as other risks detailed in the reports filed by ICICI Bank Limited, our holding company with the United States Securities and Exchange Commission. ICICI Bank and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date there.
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