Normalized Combined Ratio Target
Excluding large fire losses (₹63 crore) and Supreme Court judgment impact (₹165 crore), combined ratio stood at 102.3% vs 102.2% YoY, demonstrating underlying underwriting discipline.
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ICICI Lombard General Insurance Company · forward-looking guidance across the available source record.
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Motor TP Premium Revision Required
Industry needs upward revision in motor third-party pricing given the Supreme Court judgment could expand motor TP loss ratios by 12-15%, and industry combined ratio is already at 128%.
Health Claim Monitoring
Elevated claim incidences observed in Q1 FY27 across the industry; monsoon activity in Q2 will be monitored; management expects convergence of initiatives (hospitals, common infrastructure) to normalize loss ratios.
Fire Pricing Correction
While Q1 fire degrowth was 27.8%, June saw improvement with industry degrowth of 22.5% and ICICI Lombard at 18%; competitive intensity expected to reduce as soft reinsurance renewals normalize.
Sustain ROE in 18-20% range
Management targets maintaining return on equity between 18% and 20% for the full year.
Expect market share recovery in H2
Management expects the trend of market share loss to reverse in H2 FY26, driven by festive demand and GST reforms.
Motor TP tariff hike expected
Management expects a positive news on motor third-party tariff hike sooner than later, which could improve industry profitability.
Growth outperformance of 100-200 bps vs industry
Management aims to grow 100-200 basis points above industry growth across all lines, as demonstrated in Q3.
ROE target of 18-20%
Management targets sustaining ROE in the 18-20% range, with 9M FY26 ROE at ~19.5% on a 1-by-N basis.
Combined ratio improvement on N basis
Management expects combined ratio on an N basis to remain around 103% or better, excluding one-time items.