ICICI Lombard is one of India's largest private general insurers, and its Q2 FY 2026-2027 print arrives with the non-life industry growing around 10% while Fire pricing pressure and the Motor TP Supreme Court judgment weigh on underwriting. The key things the results will speak to are the combined ratio trajectory after Q1's one-off hits, and whether GDPI growth can close the gap with the industry.
| Results date | October 14, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter GDPI | Rs. 83.18 billion (1/n basis) |
| Previous quarter PAT | Rs. 4.03 billion |
| Previous quarter combined ratio | 107.2% (1/n basis) |
| Market cap | Rs. 81,142.73 Cr |
| CMP | Rs. 1624.0 |
The board was scheduled to meet October 14, 2026, to consider audited Q2 and H1 FY2027 results and an interim dividend, if any. The trading window was closed October 1-16, 2026.
The Q2 and H1 FY2027 earnings call is scheduled for October 14, 2026, at 19:15 IST.
The core question for Q2 FY 2026-2027 is the combined ratio trajectory after Q1 FY2027 came in at 107.2% on a 1/n basis, or 103.4% excluding the Rs. 1.65 billion Motor TP judgment provision and two Fire losses totalling Rs. 0.63 billion. Growth is the second test: Q1 GDPI grew 7.5% against industry growth of 10.9%, leaving the company behind its FY2027 objective to outperform industry growth by 100-200 basis points across all lines, while Health grew 20.1% with Retail Health up 31.6%. Fire remains the drag, with the company declining 32% in Q1 against an industry decline of 27%, and management expecting price aggression to reduce during the rest of the year but cautioning that a complete recovery from the Q1 decline might not occur. On the positive side, the Retail Health Indemnity loss ratio of 69.7% in H1 FY2026 sat within management's stated 65%-70% target range, and the debt-portfolio yield of 7.58% with 5.53-year duration supports investment income. The call is also likely to cover the Motor TP revision petition, regulatory pricing direction, and updates on the August anniversary product launches and the September digital-ecosystem themes.
GDPI growth vs the 100-200 bps outperform target: Q1 growth trailed the industry, so the Q2 gap is the first thing to check.
Motor TP judgment and reserving
Combined ratio and ROE trajectory
Health loss ratios and growth
Fire and Motor competitive pricing
Q1 FY2027 PAT was Rs. 4.03 billion, down 46.0% year on year, on a 1/n basis. Excluding two Fire losses and the Motor TP Supreme Court judgment impact, the company reported PAT of Rs. 5.75 billion, a 23.0% decline.
The judgment led to a Rs. 1.65 billion reserve provision in Q1 FY2027 and added 2.8 percentage points to the combined ratio. Management said future effects depend on the revision petition, potential price changes, and implementation of the order.
Not in Q1 FY2027 — company GDPI grew 7.5% against industry growth of 10.9%. Management's FY2027 objective is to outperform industry growth by 100-200 basis points across all lines.
The solvency ratio was 2.71x as of June 30, 2026, up from 2.67x as of March 31, 2026. The minimum regulatory requirement cited was 1.50x.
Management described competitive pressure in Fire as acute, linking it to deregulated and reinsurer pricing, with the company's Q1 Fire book declining 32% against an industry decline of 27%. Management expected price aggression to reduce during the rest of the year but said a complete recovery from the Q1 decline might not occur.