Combined ratio,— a key measure of underwriting profitability- of the company was at 104.5% in Q3 FY2026 compared to 102.7% in Q3 FY2025.Underwriting losses of the company more than doubled to Rs 353.78 crore in the reporting quarter from Rs152 crore in the year-ago period
Mumbai:With higher underwriting losses and overall expenses,ICICI Lombard General Insurance,the second largest general insurer in the country,has seen its net profit falling 9 per cent year-on-year to Rs659 crore in Q3FY 26.
The insurer’s gross domestic premium grew 13.3 per cent y-o-y to Rs 7041 crore compared to Rs 6214 crore in Q3 FY2025.
Combined ratio,— a key measure of underwriting profitability- of the company was at 104.5% in Q3 FY2026 compared to 102.7% in Q3 FY2025.
Underwriting losses of the company more than doubled to Rs 353.78 crore in the reporting quarter from Rs152 crore in the year-ago period.
A ratio below 100% indicates the insurer is earning more in premiums than it pays out in claims and expenses.
Excluding the impact of CAT losses of Rs11 crore in Q3 FY2026, the combined ratio was 104.3 per cent. There were no CAT losses for Q3 FY2025.
Expenses management ratio(EoM) of the company was at 35.4 per cent in Q3FY26 as compared to 34.7 per cent in Q3FY25.
After the implementation of the Code on Social Security, 2020, effective November 21, 2025, there was an impact of Rs 55 crore on the company in Q3 FY2026, said the insurer.
ICICI Lombard General Insurance has suffered underwriting losses in Marine, Health,Motor segments while its Fire portfolio remained profitable during the reporting quarter..
The insurer has made undewriting profit of Rs 858 crore in its Crop portfolio.
Solvency ratio of the insurer was at 2.69x as at December 31, 2025 as against 2.73x as at September 30, 2025 which was higher than the minimum regulatory requirement of 1.50x.