Retail Health Market Share
4.1%
+0.8pp YoY
Market share in retail health improved from 3.3% in FY25 to 4.1% in FY26.
ICICILOMBARDGENERALINSUR
Financial Services
30 Apr 2026
ICICI Lombard General Insurance Company Limited — Q4 FY26
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).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Motor TP Loss Ratio (Full Year)
66.3%
+0.1pp YoY
Motor TP loss ratio remained within the guided range of 65-67% for FY26.
Retail Health Indemnity Loss Ratio (Full Year)
64.6%
-3.3pp YoY
Retail health indemnity loss ratio improved from 67.9% in FY25 to 64.6% in FY26.
Solvency Ratio
2.67x
-0.02x QoQ
Solvency ratio remained healthy at 2.67x as of March 31, 2026, above regulatory minimum.
Management Guidance
High single-digit industry growth expected in FY27
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 guidance growthMotor loss ratio to remain in 65-67% range
Management reiterated that the motor loss ratio is expected to stay within the 65-67% range, supported by disciplined underwriting and retention improvements.
Management guidance marginsRetail health loss ratio guided at 65-70%
The retail health indemnity loss ratio is expected to remain in the 65-70% range, consistent with historical performance.
Management guidance marginsDividend payout of ~25% of PAT
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.
Management guidance otherKey Risks
Intense competition in commercial lines
Competitive intensity and pricing pressure in the fire segment have led to muted growth and potential market share loss.
high · management_commentaryNo motor TP price hike for 5 years
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.
medium · analyst_questionGeopolitical uncertainty impacting auto sales
Escalating West Asia conflict could dampen consumer sentiment and auto sales, affecting motor insurance growth.
medium · management_commentaryTransition to Ind AS may impact reported metrics
The adoption of Ind AS from FY27 could cause a significant decline in reported combined ratio (300-450 bps), though economic value remains unchanged.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was ICICI Lombard General's revenue in Q4 FY26?
ICICI Lombard General reported revenue of — in Q4 FY26, representing a — change compared to the same quarter last year.
What guidance did ICICI Lombard General management give for FY27?
High single-digit industry growth expected in FY27: 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. Motor loss ratio to remain in 65-67% range: Management reiterated that the motor loss ratio is expected to stay within the 65-67% range, supported by disciplined underwriting and retention improvements. Retail health loss ratio guided at 65-70%: The retail health indemnity loss ratio is expected to remain in the 65-70% range, consistent with historical performance. Dividend payout of ~25% of PAT: 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.
What are the key risks for ICICI Lombard General in FY27?
Key risks include Intense competition in commercial lines — Competitive intensity and pricing pressure in the fire segment have led to muted growth and potential market share loss.; No motor TP price hike for 5 years — 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.; Geopolitical uncertainty impacting auto sales — Escalating West Asia conflict could dampen consumer sentiment and auto sales, affecting motor insurance growth.; Transition to Ind AS may impact reported metrics — The adoption of Ind AS from FY27 could cause a significant decline in reported combined ratio (300-450 bps), though economic value remains unchanged..
Did ICICI Lombard General meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full ICICI Lombard General Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.