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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ICICI Lombard Becomes One of The 1st Indian Insurer with Fully Automated AWS Multi-Region DR, Enabled by TCS

Tata Consultancy Services (TCS) (BSE: 532540, NSE: TCS) a global leader in IT services, consulting, and business solutions, has successfully enabled ICICI Lombard to achieve fully automated AWS multi-region Disaster Recovery (DR) switchover. This establishes ICICI Lombard as one of the first insurance companies in India to achieve fully automated multi-region resilience on the Amazon Web Services (AWS) Cloud.

The innovative DR solution—designed to ensure business continuity in the face of unexpected disruptions—leverages automation-first, infrastructure-as-code approach. It leverages AWS-native technologies to enable intelligent, automated failover for key systems with minimal downtime or manual effort. With TCS as its growth partner, ICICI Lombard has been operating on AWS Cloud since 2021. To strengthen business continuity and achieve geographical redundancy, TCS helped the insurer establish a robust, scalable and fully automated DR setup.

Girish Nayak, Chief – Technology and Health (Underwriting & Claims), ICICI Lombard, said, “With resilience at the core of our digital operating model, and TCS as our strategic technology partner, we’ve been able to transform our disaster recovery capabilities into a truly agile, automated and cloud-native setup. This not only enhances our readiness for unexpected infrastructure disruptions but also reinforces our commitment to uninterrupted service to our customers. I would like to thank and congratulate TCS for enabling this automated disaster recovery solution by leveraging their cloud expertise in the insurance domain.”

TCS brought on board its deep domain expertise in the insurance industry and used its contextual knowledge of ICICI Lombard’s systems to deliver a best-in-class DR solution. The automation solution was built using highly performant data driven serverless architecture designed for large scale orchestration. This implementation not only improves operational resilience and reduces recovery time but also sets a new industry benchmark for automated disaster recovery in the BFSI sector.

Ujjwal Mathur, President & Country Head – India Business, TCS, said, “This engagement highlights our commitment to helping clients achieve next-generation resilience through cloud-native innovation. This intelligent, automation-led DR solution sets a new benchmark for BFSI organizations by enabling seamless, fast and scalable disaster recovery with zero touch. We are proud to partner with ICICI Lombard to reimagine infrastructure resilience in this digital era.”

TCS has been ICICI Lombard’s strategic IT partner since 2006 and has been managing their datacenter operations since 2013. TCS has been instrumental in seamlessly migrating all the ICICI Lombard applications to public cloud in 2021 and has since been supporting the ICICI Lombard cloud environment. It is now modernizing the insurer’s systems – Project Orion – with TCS BaNCS™ Insurance being deployed as part of the program. TCS is a leading player in the BFSI sector, partnering with top banks, leading insurance firms, prominent capital market entities, major investment banks, and wealth management companies globally.

TCS BaNCS™ for Insurance is a comprehensive offering suite, supporting a range of insurance products and functions, including customer management, product definition, plan management, policy administration, claims management, insurance accounting and reinsurance, along with a digital suite that can be tailored based on persona, among several options

6 out of 7 Indian InsureTech Unicorns Focus on B2C, Tackling Penetration Hurdles, Says ICICI Lombard-NASSCOM Research

ICICI Lombard, India's leading private sector general insurance company in collaboration with nasscom has launched a research report titled “Digitalizing Insurance: India End-Consumer Perspective”. Launched at the sidelines of Future Forge 2023, the report highlights the tech integration in the insurance ecosystem – from the creation of tailored insurance products to the ways customers discover, purchase, and manage their policies – and what trends and shifts that are shaping the future of insurance in India.

India as an overall insurance market has grown at nearly 8.4% p.a. since 2018, compared to the global 2.4% during the same time. Non-life insurance have grown a lot faster, clocking between 15% - 20% growth, and surpassing that of life insurance in FY2022. The rise of the sector’s penetration has been in sync with the growing share of its private insurance players significantly. Technology investments in the sector have also increased significantly, driving access and affordable adoption for the consumers.

According to the report, Indian InsurTech startups have successfully secured a collective funding of $2.6 billion since 2018, with approximately 90% of these investments fueling end-to-end InsurTech players. This substantial funding injection has significantly enhanced awareness of various non-life insurance products in India. As per the report, 6 out of 7 Unicorns in India's InsurTech domain are dedicated to the B2C sector, addressing the critical issue of penetration.

 

Digital India mission and standardization of India’s tech stack approach, inspired by UPI’s success, can further aid rapid growth to the insurance market over the next 5-7 years.

India’s digital insurance journey

The report states that the growing digital-usage, data privacy, access to human guidance, and reliable online services are top-of-mind to consumers than the benefits of new-age technology solutions. Going forward, consumer preferences with digital insurance will be centred around simple-to-understand, transparent, trustworthy, and personalized services. Additionally, 24*7 access to the services, user-friendly web interface, mobile accessibility and competitive premium rates will define the future course for the insurers.

Sangeeta Gupta, Sr. Vice President and Chief Strategy Officer at NASSCOM, said, “The insurance industry has traditionally relied on face-to-face sales conversations, but with the advent of digitalization, it has transitioned into a hybrid model approach. Cutting-edge technologies such as machine learning, artificial intelligence, automation, and data analytics have played a pivotal role in the digital transformation of insurance operations.”

Girish Nayak, Chief – Technology and Health UW & Claims at ICICI Lombard, said, "In the contemporary insurance landscape, the integration of cutting-edge technologies such as AI, ML, data analytics and digital is profoundly reshaping industry dynamics. Insurers have transcended their traditional roles as mere policy providers and claim payers; they've evolved into architects of data-driven customer journeys and builders of risk management strategies. These transformative technologies empower insurers to offer policies that are finely tailored to individual needs, expedite claims processing with unprecedented efficiency, and gain invaluable insights into customer behaviour. In this digital-driven evolution, ICICI Lombard, as a leading insurance company, not only mitigates risks but also embraces opportunities, where data and customer-centricity are paramount. As the industry marches forward into this era of digitalization, it's about building enduring lifetime relationships with customers, enhancing and protecting their lives, and contributing to a more secure and connected world."

InsurTech Funding Landscape (India) –

• Indian InsurTech Start-Ups raised aggregate $2.6 Bn since 2018 which is relatively more robust with stable share of Insurtech funding as compared to Global InsurTech funding in 2022. 
• ~90% of $2.6 Bn Funding in InsurTech has gone into B2C/Aggregators or End to End InsurTech players positively impacting policy Awareness of various Non-Life Insurance products in India.
• 6 out of 7 Unicorns in India's InsurTech space out are B2C helping solve for Penetration challenge which is 1% Premium as a % of GDP (1/4th of Global Avg)
• 4X to 5X Premium Growth of Funded Aggregators as compared to traditional insurers. As compared to Global (80-90%), in India only 10% of Equity funding in InsurTech goes towards B2B InsurTech Start-Ups that are creating technology solutions for offering custom products (Dynamic products), risk assessments, policy administration to claim processing.

About nasscom

nasscom is the premier trade body and chamber of commerce of the Tech industry in India and comprises over 3000-member companies. Our membership spans across the entire spectrum of the industry from startups to multinationals and from products to services, Global Capability Centers to Engineering firms. Guided by India's vision to become a leading digital economy globally, nasscom focuses on accelerating the pace of transformation of the industry to emerge as the preferred enabler for global digital transformation. Our strategic imperatives are to reskill and upskill India's IT workforce to ensure that talent is future-ready in terms of new-age skills, strengthen the innovation quotient across industry verticals, create new market opportunities - both international and domestic, drive policy advocacy to advance innovation and ease of doing business, and build the industry narrative with focus on Talent, Trust, and Innovation. And, in everything we do, we will continue to champion the need for diversity and equal opportunity.

About ICICI Lombard General Insurance Company Ltd.

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 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023. ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 6.9 million user downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to https://www.icicilombard.com

ICICI Lombard Partners with Singapore-based actyv.ai to Introduce Revolutionary Insurance Solutions for SMEs

The partnership aims to enhance supply chain risk protection for enterprises and their partners

ICICI Lombard, India's leading private general insurance company, has announced a strategic partnership with actyv.ai, a Singapore-based enterprise SaaS platform with embedded B2B, BNPL (Buy Now Pay Later) and insurance. This collaboration aims to co-create innovative insurance products specifically tailored for enterprises and their supply chain partners, empowering sustainable growth and mitigating business risks in the evolving market landscape.

Under this partnership, ICICI Lombard will collaborate with actyv.ai to design comprehensive insurance offerings for the entire supply chain ecosystem, encompassing distributors, retailers, and suppliers. By providing group insurance options to supply chain partners, enterprises can foster continuous growth, while simultaneously ensuring the wellbeing and security of all stakeholders. Leveraging actyv.ai's technological capabilities, ICICI Lombard will embed bite-sized insurance products within the actyv.ai platform, enabling seamless access to enterprises and small businesses alike.

Sanjeev Mantri, Executive Director at ICICI Lombard, highlighted the significance of the partnership: “We recognize that MSMEs are the driving force behind the economy, and we are committed to safeguard their interests through accessible and comprehensive insurance policies. Through our collaboration with actyv.ai and their advanced technology platform, we aim to offer customized insurance products to the supply chain ecosystem that is an integral component of the MSME business, thereby shielding them from potential business disruptions We have been pioneers in the MSME insurance space from offering seamless digital solutions to settling claims of Rs. 5 lacs within just 10 days, and are happy to offer yet another feature that is customised to their unique needs.”

“Through our partnership with ICICI Lombard, we will now be able to offer innovative insurance products, embedded on our technology platform, to all enterprises and their distributors, retailers, and suppliers. We are excited about our partnership, and together, we are eager to leverage technology to enable relevant risk-protection to the MSME segment. Our combined offerings will ensure sustainable growth for all players in the supply chain ecosystem, allowing for an environment of surety and support”, said Raghu Subramanian, Founder and Global CEO of actyv.ai.

This partnership signifies a crucial step in fortifying the long-term success and sustainability of MSMEs in India by offering robust and accessible insurance solutions. ICICI Lombard and actyv.ai are committed to empowering businesses with the necessary risk protection, fostering growth, and contributing to the overall economic development of the country.

ICICI Lombard is the first in India to establish a digital platform specifically designed for MSMEs to acquire risk coverage (sme.icicilombard.com). This platform is a testament to our dedication in partnering with MSMEs through their journey towards growth and effective risk management.

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 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ₹217.72 billion for the year ended March 31, 2023. ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud. With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 4.6 million downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details log on to www.icicilombard.com

About actyv.ai:

actyv.ai is an AI-powered enterprise SaaS platform with embedded B2B Buy Now Pay Later (BNPL) and insurance, transforming the global B2B supply chain by making business transactions faster and easier. Through its partnerships with financial institutions, actyv.ai enables enterprises, suppliers, distributors and retailers to grow. actyvGo, actyvScore, actyvPayLater, actyvInsure and actyvInvest are the various product categories on the platform. For more information, please visit: https://www.actyv.ai,