The insurer’s Combined Ratio, a key metric that compares claims and expenses to premium income, worsened to 102.9% in Q1FY26 from 102.3% a year ago though, there is fall in the underwriting losses of the company from Rs 346 crore in Q1 FY 25 to Rs 293 crore in Q1Fy 26.
Mumbai: ICICI Lombard General Insurance, the second largest general insurer in the country, reported a nearly 29% higher first-quarter net profit on Tuesday, driven by higher premium income and investment income.
The non-life insurer reported a profit after tax of Rs 747 ($87.04 million) for the quarter ended June 30.
The insurer’s gross premium rose 7% to Rs 8,525 crore in the quarter ended June 30.
ICICI Lombard reported solid growth in both retail and corporate health insurance premiums, rising 44% and 10% from a year ago, respectively. The Health portfolio is the largest business of the company.Motor insurance premiums rose 13.5%, higher than the 12% growth in the year-ago quarter.
The insurer’s Combined Ratio, a key metric that compares claims and expenses to premium income, worsened to 102.9% from 102.3% a year ago though there is fall in the underwriting losses of the company from Rs 346 crore in Q1 FY 25 to Rs 293 crore in Q1Fy 26.
The higher Combined Ratio of the company indicates it is earning less in premiums than it is spending on claims and operations.
However, its investment income has risen by 11 per cent to Rs 942 crore in the first quarter of the fiscal.
ICICI Lombard is backed by ICICI Bank, one of India’s largest private lenders. It also offers marine and crop insurance, among other services.