On Wednesday, ICICI Lombard General Insurance share price traded at a 4-month high by surging over 7.5% on an intraday basis.
The Company announced its performance for the quarter and half-year ended September 30, 2025. With effect from October 1, 2024, long-term products are accounted on a 1/n basis as mandated by the Insurance Regulatory and Development Authority of India (IRDAI).
The 1/n basis is an accounting method for long-term insurance products where the premium received upfront is recognised evenly over the policy’s term. For example, if a 5-year policy has a premium of ₹100,000, only ₹20,000 is recognized as revenue each year instead of the full amount immediately. This approach matches revenue with the period of risk, smooths profits, and ensures regulatory compliance, as mandated by IRDAI.
Consequently, the Q2 and H1 FY2026 numbers are not directly comparable with prior periods.
The ICICI Lombard General Insurance Company recorded a Gross Direct Premium Income (GDPI) of ₹143.31 billion in H1 FY2026, a slight de-growth of 0.5% compared to ₹144.09 billion in H1 FY2025, while the industry grew by 7.3%. Excluding the impact of the 1/n accounting norm, GDPI of the Company grew by 4.2% in H1 FY2026, against the industry growth of 11.3%. Excluding Crop and Mass Health segments, GDPI growth stood at 3.5%, compared to the industry growth of 10.5%.
For Q2 FY2026, GDPI was ₹65.96 billion, down 1.9% from ₹67.21 billion in Q2 FY2025, against industry growth of 5.9%. Excluding Crop and Mass Health, GDPI growth was 3.5% in Q2 FY2026 compared to industry growth of 9.8%.
The Company’s combined ratio for H1 FY2026 was at 104.0%, slightly higher than 103.2% in H1 FY2025. Excluding the impact of catastrophe (CAT) losses of ₹0.73 billion in H1 FY2026 and ₹0.94 billion in H1 FY2025, the combined ratio was 103.3% and 102.2%, respectively.
In Q2 FY2026, the combined ratio was 105.1%, up from 104.5% in Q2 FY2025. Excluding CAT losses of ₹0.73 billion in Q2 FY2026 and ₹0.94 billion in Q2 FY2025, the ratio stood at 103.8% versus 102.6% in the previous year.
Profit before tax (PBT) grew by 22.3% to ₹20.71 billion in H1 FY2026 from ₹16.93 billion in H1 FY2025. In Q2 FY2026, PBT rose 17.2% to ₹10.77 billion from ₹9.19 billion in Q2 FY2025. Capital gains were recorded at ₹6.16 billion in H1 FY2026 compared to ₹5.21 billion in H1 FY2025. In Q2 FY2026, capital gains were ₹2.36 billion, almost flat from ₹2.37 billion in Q2 FY2025.
Consequently, profit after tax (PAT) grew by 22.9% to ₹15.67 billion in H1 FY2026 from ₹12.74 billion in H1 FY2025. For Q2 FY2026, PAT increased 18.1% to ₹8.20 billion from ₹6.94 billion in Q2 FY2025.
The Board of Directors declared an interim dividend of ₹6.50 per share for H1 FY2026, up from ₹5.50 per share in H1 FY2025.
Return on Average Equity (ROAE) was 20.8% in H1 FY2026 compared to 20.3% in H1 FY2025. In Q2 FY2026, ROAE was 21.4% compared to 21.8% in Q2 FY2025.
The Company’s solvency ratio stood at 2.73x as of September 30, 2025, slightly higher than 2.70x as of June 30, 2025, and well above the minimum regulatory requirement of 1.50x. The solvency ratio was 2.69x as of March 31, 2025.
The results indicate that while the company faced modest de-growth in GDPI due to accounting changes and segment performance, it maintained strong profitability and solvency, supported by robust capital gains and operational efficiency.
On Wednesday, ICICI Lombard General Insurance share price jumped over 7.5% as the company announced its Q2FY26 and H1FY26 results. As of 10:51 am, the stock price was trading at ₹1,995.20 per share, up by 7.57%. On a year-to-date basis, the stock has gained over 11%.
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