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What the record says.
ICICI Lombard reported a strong Q4 FY26 with PAT of ₹27.72 billion (up 10.5% YoY) on a 1-Yr basis, driven by robust growth in retail health (51.1% YoY) and motor (15% in Q4). The combined ratio improved to 101.2% (1-Yr basis) from 102.5% a year ago, reflecting disciplined underwriting. Management highlighted a rebound in H2 growth momentum, with GDPI growth of 18.2% in Q4 vs industry 10.9%. Key operational metrics include a 5pp improvement in retention and a 2x increase in new retail health business. Guidance for FY27 is cautiously optimistic, with expectations of high single-digit industry growth and continued market share gains. However, elevated competition in commercial lines and the absence of a motor TP price hike remain headwinds.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the general insurance industry to grow at a high single-digit rate in FY27, driven by continued momentum in auto sales and health insurance.
- Management reiterated that the motor loss ratio is expected to stay within the 65-67% range, supported by disciplined underwriting and retention improvements.
- The retail health indemnity loss ratio is expected to remain in the 65-70% range, consistent with historical performance.
- The company proposed a final dividend of ₹7 per share, taking the total dividend for FY26 to ₹13.5 per share, representing ~25% of PAT.
Risks flagged
- Competitive intensity and pricing pressure in the fire segment have led to muted growth and potential market share loss.
- The industry has not received a motor third-party premium hike in five years, putting pressure on profitability despite ICICI Lombard's better loss ratios.
- Escalating West Asia conflict could dampen consumer sentiment and auto sales, affecting motor insurance growth.
- The adoption of Ind AS from FY27 could cause a significant decline in reported combined ratio (300-450 bps), though economic value remains unchanged.
Key quotes
- We continue to drive profitable growth through prudent underwriting and judicious risk selection through our multi-channel distribution.
- The range that we're comfortable on motor is between 65 to 67. I think that is the range that we have maintained.
- Any tightening on a uniform basis across the industry would place ICICI Lombard at a significant advantage.
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