ICICI Lombard targets faster growth than peers in FY26

Gopal Balachandran, CFO at ICICI Lombard General Insurance Company, sees growth momentum picking up in the second half of FY26. The company is aiming for a growth rate that is 100 to 200 basis points (bps) higher than the overall general insurance industry.”There is clear expectation that the market will also start exhibiting a growth number much higher than, let’s say, possibly the 7% number that it had exhibited in the first half of the year,” Balachandran said.

Beyond top-line expansion, the company remains steadfast in its focus on qualitative growth. Balachandran said the strategy is not just about increasing gross written premiums but is fundamentally about “staying focused on delivering profitable growth and sustainable return on equity.”Also Read: ICICI Lombard Q2 Results | Net profit rises 18%; gross premium up 2%, declares dividend of ₹6.5

Balachandran said the call for a price hike in motor insurance is well-founded. “Third-party has been one segment where, relatively for the last three to four years, there has not been in that sense a price revision,” he stated. This pricing stagnation has occurred even as the average claim awards have seen a definitive increase, putting pressure on the segment’s profitability for insurers.While the industry has presented a strong case for a revision, the timing remains uncertain. “We will wait for how it gets played out, whether it gets announced in the second half of the year or whether it gets kind of announced for FY26-27,” Balachandran said, indicating the company is prepared for either timeline.

ICICI Lombard General Insurance Company has a market capitalisation of about ₹99,980 crore, and its shares have fallen nearly 5% over the past year.

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