India’s largest private sector general insurer, ICICI Lombard General Insurance Ltdon Tuesday (January 13) reported a 9% year-on-year decline in net profit for the third quarter. Net profit for the quarter stood at ₹659 crore, compared with ₹724 crore in the same period last year.
Total income for the quarter rose 12.4% year-on-year to ₹6,610 crore, up from ₹5,882 crore in the corresponding quarter of the previous year. Net premium earned during the quarter increased 12.7% to ₹5,685 crore, compared with ₹5,045 crore reported a year ago.
Profit before tax (PBT) for 9M FY2026 rose 10.8% YoY to ₹2,941 crore from ₹2,653 crore in 9M FY2025, supported by capital gains of ₹933 crore compared to ₹796 crore a year ago. However, PBT for Q3 FY2026 declined 9.4% YoY to ₹870 crore from ₹960 crore in Q3 FY2025, with capital gains at ₹317 crore versus ₹276 crore YoY.Also Read:
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The combined ratio stood at 104.5%, compared with 102.7% in the year-ago period. The combined ratio shows how much an insurance company spends on claims and expenses compared to its earned premiums and is preferably kept under 100%. Excluding catastrophic losses and the impact of the Social Security Code, the combined ratio for 9M FY2026 and Q3 FY2026 was 103.9% and 103.5%, respectively.
For the nine months ended December 31, 2025, gross direct premium income (GDPI) on a 1/n basis grew 3.6% year-on-year to ₹21,372 crore from ₹20,623 crore in 9M FY2025, below the industry growth of 8.7%.
Excluding the Crop and Mass Health segments, GDPI grew 7.5% against industry growth of 13.3%. In Q3 FY2026, GDPI on a 1/n basis rose 13.3% YoY to ₹7,041 crore from ₹6,214 crore in Q3 FY2025, while excluding Crop and Mass Health, growth was 16.4% YoY, slightly below the industry growth of 20.1%.
Also Read: ICICI Lombard Q1 Results | Net profit surges 29% to ₹747 crore; Net premium earned up 14%Return on average equity (ROAE) on a 1/n basis for 9M FY2026 was 19.5%, down from 20.8% in 9M FY2025, and for Q3 FY2026, ROAE fell to 16.5% from 21.5% YoY.
Excluding the Wage Code impact, ROAE would have been 19.8% for 9M and 17.5% for Q3 FY2026. The company’s solvency ratio remained strong at 2.69x as of December 31, 2025, slightly down from 2.73x on September 30, 2025, and well above the regulatory minimum of 1.50x.
Shares of ICICI Lombard General Insurance Company Ltd ended at ₹1,890.50, down by ₹19.80, or 1.04%, on the BSE today, January 13.
