Athira Sethu
Kochi, 14 Jan 2026
ICICI Lombard General Insurance delivered a mixed Q3 performance, with strong premium growth failing to translate into profitability as higher claims in key segments weighed on margins. Net profit declined 9% year-on-year to ₹659 crore despite gross direct premium income (GDPI) rising 13.3% to ₹7,041 crore, well ahead of the industry average. A deteriorating combined ratio of 104.5% highlighted underwriting pressure, prompting analysts to remain cautious even as they acknowledged the company’s robust growth momentum.
Q3 Financial Performance Snapshot
| Metric | Q3 FY26 | Q3 FY25 | YoY Change |
| Net Profit | ₹659 crore | ₹724 crore | -9.0% |
| Gross Direct Premium Income (GDPI) | ₹7,041 crore | ₹6,214 crore | +13.3% |
| Combined Ratio | 104.5% | 102.7% | +180 bps |
| Return on Average Equity (RoAE) | 16.5% | 21.5% | -500 bps |
Growth vs Industry Comparison
| Indicator | ICICI Lombard | Industry Average |
| GDPI Growth (Q3 YoY) | ~13.3% | ~11.5% |
| Market Position | Above average | — |
Segment-Level Pressure Indicators
| Segment | Trend | Impact on Profitability |
| Motor Insurance | Higher claims, intense competition | Negative |
| Health Insurance | Elevated claims ratio | Negative |
| Fire & Others | Strong growth | Partially offsetting |
