ICICI Lombard General Insurance reported a 78.9% year-on-year increase in its underwriting loss to ₹318.38 crore in the second quarter of FY27, compared with ₹178 crore a year earlier.
The insurer’s combined ratio rose to 107% in Q2 FY27 from 105.1% in the year-ago quarter. A combined ratio above 100% indicates that claims and expenses exceeded the premiums earned, resulting in an underwriting loss.
Net earned premium rose 17.7% year-on-year to ₹6,651.87 crore from ₹5,652 crore. Total income increased 19.2% to ₹7,843.72 crore from ₹6,583 crore.
Gross direct premium income (GDPI) grew 3% year-on-year to ₹6,792 crore in Q2 FY27, compared with ₹6,596 crore in the corresponding quarter last year, according to the company’s investor presentation. This was below the insurance industry’s growth of 7%.
However, excluding crop and mass health insurance, ICICI Lombard’s GDPI grew 13.9% in Q2 FY27, ahead of the industry’s 13.2% growth.
For the first half of FY27, GDPI rose 5.4% to ₹15,110 crore from ₹14,331 crore a year earlier, compared with industry growth of 8.9%. Excluding crop and mass health insurance, the company’s GDPI grew 10.4%, against industry growth of 12.6%.
Motor and health insurance growth
In the motor insurance segment, ICICI Lombard’s growth stood at 13% in the first half of FY27, compared with industry growth of 13.1%. New vehicle sales grew 38.5% in Q2 FY27, against industry growth of 26.9%, while the company’s new two-wheeler business grew 50.8%.
The company maintained a 10.3% market share in the motor insurance segment in H1 FY27.
In health, travel and personal accident insurance, ICICI Lombard recorded growth of 26.8% in Q2 FY27, compared with industry growth of 18.9%. For H1 FY27, growth stood at 25.3%, against industry growth of 20.7%.
Retail health insurance grew 64% in Q2 FY27, nearly twice the industry’s growth of 32.3%. The company’s market share in the segment stood at 5% in September 2026. For H1 FY27, retail health insurance growth was 66.4%, compared with industry growth of 32%.
Group health insurance grew 13.9% in Q2 FY27, below industry growth of 16.9%. For H1 FY27, growth stood at 15.4%, compared with industry growth of 15.3%.
Investment income rises, board approves ₹7 dividend
Investment income increased to ₹1,554 crore in Q2 FY27 from ₹1,249 crore in Q2 FY26. Capital gains rose to ₹453 crore from ₹236 crore in the year-ago quarter.
The company’s board approved an interim dividend of ₹7 per equity share for FY27, equivalent to 70% of the face value of ₹10 per share.
October 23, 2026, has been fixed as the record date to determine shareholders eligible for the dividend. Payment will be made on or before November 12, 2026, subject to applicable tax deductions at source.
Ahead of its earnings announcement, ICICI Lombard General Insurance shares rose 1.25%, or ₹21.20, to ₹1,713 apiece on the NSE on Wednesday, October 14.
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