MUMBAI: Leading private sector general insurer ICICI Lombard has reported an 18.1% growth in net income to Rs 820 crore in the September quarter, up from Rs 694 crore a year earlier.
The bottomline was strong despite a marginal fall in capital gains to Rs 236 crore compared to Rs 237 crore a year ago and a marginal decline in premium income, the company said in a statement on Tuesday.
Gross direct premium income (GDPI) stood at Rs 6,596 crore in Q2 compared to Rs 6,721 crore a year ago, a de-growth of 1.9%, as against the industry growth of 5.9%. Excluding crop and mass health, GDPI grew 3.5% as against the industry growth of 9.8%.
The key profitability gauge, the combined ratio, was at 105.1 in Q2 compared to 104.5 a year ago. Excluding the impact of CAT losses of Rs 73 crore as against Rs 94 crore a year ago, the combined ratio was 103.8 and 102.6 respectively.
The combined ratio is the net incurred claims/net earned premium along with management expenses and commissions on reinsurance/net written premium. Management expenses include commission paid on reinsurance inward plus operating expenses related to the insurance business.
The company has declared an interim dividend of Rs 6.50/share for H1 FY2026 as against Rs 5.50 in H1 FY2025.
The solvency ratio was at 2.73x as against 2.70x in June 2025, much higher than the minimum regulatory requirement of 1.50x. It was at 2.69x on March 31, 2025.
