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Revenue YoY
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EBITDA
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Where this quarter sits.
Quarter read
What the record says.
ICICI Lombard reported Q2 FY26 PAT of ₹820 crore, up 18.1% YoY, driven by strong retail health growth (25.2% in H1) and improved loss ratios. Retail health market share crossed 4% in September. Motor growth picked up to 6.5% in September aided by GST cuts and festive demand. Combined ratio stood at 105.1% (103.8% ex-CAT), impacted by floods. Management expects H2 tailwinds from GST reforms and festive momentum, targeting sustained ROE of 18-20%. Key risk: competitive intensity in motor and commercial lines could pressure margins if pricing discipline weakens.
Colored figures show movement against the previous available record.
Guidance to track
- Management targets maintaining return on equity between 18% and 20% for the full year.
- Management expects the trend of market share loss to reverse in H2 FY26, driven by festive demand and GST reforms.
- Management expects a positive news on motor third-party tariff hike sooner than later, which could improve industry profitability.
Risks flagged
- Competitive pricing pressure in motor and commercial segments could lead to further market share loss or margin compression.
- Increasing frequency of catastrophic events and large losses could adversely impact underwriting profitability, especially in commercial lines.
- Loss of input tax credit on health insurance may increase distribution costs, though management expects to manage within overall cost structure.
Key quotes
- We are committed to passing the complete benefit of lower GST rates to our policyholders.
- Our continued emphasis on profitable growth delivered a lower combined ratio of 102.9% in quarter 1 2026 over 12 percentage point better than the industry average.
- We will be extremely mindful of making sure that we are able to sustain this ROE in the range of 18 to 20%.
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