Financial Performance Highlights

Half-Year Ended September 30, 2026 (H1 FY2027)

  • Gross Direct Premium Income (GDPI) growth: 5.4% year-on-year
  • Profit Before Tax (PBT): ₹19.21 billion (de-growth of 5.8% from ₹20.39 billion in H1 FY2026)
  • Profit After Tax (PAT): ₹14.54 billion (de-growth of 5.8% from ₹15.43 billion in H1 FY2026)
  • Combined Ratio: 105.2% (104.2% excluding CAT losses of ₹1.18 billion)
  • Return on Average Equity (RoAE): 16.8% (down from 20.7% in H1 FY2026)
  • Investment Income: ₹27.28 billion (up from ₹25.38 billion in H1 FY2026)
  • Capital Gains: ₹6.37 billion (compared to ₹6.16 billion in H1 FY2026)
  • Interim Dividend: ₹7.00 per share declared (₹6.50 per share in H1 FY2026)

Quarter Ended September 30, 2026 (Q2 FY2027)

  • Profit Before Tax (PBT): ₹13.59 billion (growth of 27.8% from ₹10.63 billion in Q2 FY2026)
  • Profit After Tax (PAT): ₹10.31 billion (growth of 27.5% from ₹8.09 billion in Q2 FY2026)
  • Combined Ratio: 104.5% (102.7% excluding CAT losses of ₹1.18 billion)
  • Return on Average Equity (RoAE): 23.7% (up from 21.3% in Q2 FY2026)
  • Investment Income: ₹15.54 billion (up from ₹12.49 billion in Q2 FY2026)
  • Capital Gains: ₹4.53 billion (up from ₹2.36 billion in Q2 FY2026)

Business Segment Performance

Commercial Lines

  • Excluding Fire: Growth of 20.0% in Q2 FY2027 and 13.2% for H1 FY2027
  • Fire segment de-growth moderated to 21.2% in Q2 FY2027 from 32.1% in Q1 FY2027
  • September 2026 Fire de-growth reduced to 6.0%
  • Market share gains in Q2 FY2027: Fire (11.4% to 11.9%), Marine Cargo (17.1% to 19.0%), Engineering (15.8% to 16.4%), Liability (16.1% to 16.6%)
  • Maintained leadership in Marine Cargo and Engineering Lines of Business

Motor Segment

  • Growth of 13.0% for H1 FY2027, in line with industry growth of 13.1%
  • Market share maintained at 10.3% for H1 FY2027
  • Portfolio mix: Private Car (49.8%), Two-wheeler (28.1%), Commercial Vehicle (22.1%)
  • Combined Ratio: 108.3% in Q1 FY2027 (vs 107.6% in Q1 FY2026)
  • Delta vs industry Combined Ratio widened to 23.1% points in Q1 FY2027 from 17.4% points
  • Incremental provisions made for Motor Third Party reserves following Supreme Court judgment (Shishupal case)

Health Segment

  • Growth of 26.8% for H1 FY2027 (vs industry growth of 21.0%)
  • Retail Health growth: 66.4% for H1 FY2027 (vs industry growth of 32.0%)
  • Market share in Retail Health: 4.7% for H1 FY2027 (up from 3.7% year-on-year)
  • September 2026 Retail Health market share reached 5.0%
  • Group Health growth: 15.4% for H1 FY2027
  • Market share in Group Health stable at 8.8%

Key Operational Metrics

  • Investment assets: ₹643.32 billion as at September 30, 2026 (up from ₹605.79 billion as at June 30, 2026)
  • Investment leverage (net of borrowings): 3.58x as at September 30, 2026 (vs 3.59x as at June 30, 2026)
  • Solvency ratio: 2.74x as at September 30, 2026 (vs 2.68x as at June 30, 2026 and 2.62x as at March 31, 2026)
  • IL TakeCare app downloads: 23.3 million as at September 30, 2026
  • Health and travel claims serviced through app: 378,583 for H1 FY2027 (25.6% increase)
  • Preferred Partner Network serviced 75.9% of non-OEM claims for Q2 FY2027
  • 99.2% of Health claims paid within 30 days for H1 FY2027
  • 93.0% customer satisfaction score (>4.5/5) through IL Sahayak initiative

Strategic Initiatives & Product Launches

  • Celebrated 25 years of operations (Silver Jubilee) on August 03, 2026
  • Unveiled 25 innovative solutions including 5 industry-first and 7 industry-leading offerings
  • Products launched: Complete Home Protect, Paw Care, Motor Service Assure, Power Booster Plus
  • Digital Day organized in September 2026 showcasing technology integration
  • Launched 'Vibe' Health insurance product for Gen-Z customers
  • Digital sourcing contribution target: Increase from 6.0% to 15%
  • AI implementation improved precision rates on leakage/fraud triggers from 45% to 60%
  • 73% of customer interactions handled through digital DIY journeys (vs 39% last year)
  • WhatsApp-based Gen AI bot used in 40% of agency new business daily

Regulatory Environment

  • IRDAI consultation paper: "Recalibrating Economics of Insurance Distribution" addressing transparency and distribution efficiency
  • GST Council recommendation (October 08, 2026): Removal of restrictions on availing input tax credit (ITC) on Group Health and Life Insurance
  • Supreme Court judgment (Shishupal case) impacting Motor Third Party reserves

Economic Context

  • Domestic real GDP growth: 7.8% year-on-year in Q1 FY2027
  • Automobile sector growth: 21.1% in H1 FY2027 with Q2 growth of 26.9%
  • September 2026 vehicle sales growth: 32.0%
  • Bank credit growth: 19.6% in Q2 FY2027
  • EV penetration: Increased from 6.4% to 9.7% across passenger vehicles and two-wheelers

Management Participants

  • Mr. Sanjeev Mantri – MD & CEO
  • Mr. Gopal Balachandran – CFO
  • Mr. Anand Singhi – Chief Corporate, International, Banca, KRG & Government Business
  • Mr. Girish Nayak – Chief Enterprise AI & Technology
  • Mr. Sandeep Goradia – Chief Retail Business Strategy & Solutions Team
  • Mr. Gaurav Arora – Chief Commercial Lines & Motor (Underwriting & Claims)
  • Mr. Girish Sehgal - Chief Health UW & Claims, Customer Service & Operations

Forward-looking Statements

Management indicated that statements containing words like 'will', 'would', 'expected to' constitute forward-looking statements involving risks and uncertainties that could cause actual results to differ materially.

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