ICICI Lombard General Insurance Company Limited – Investor Presentation Summary

Key Operational Highlights

  • Gross Direct Premium Income (GDPI) was ₹151.10 billion in H1 FY2027, a growth of 5.4% YoY (₹143.31 billion in H1 FY2026).
  • Q2 FY2027 GDPI was ₹67.92 billion, a growth of 3.0% YoY (₹65.96 billion in Q2 FY2026).
  • Excluding Crop and Mass Health, GDPI growth was 10.4% for H1 FY2027 and 13.9% for Q2 FY2027.
  • The company maintained a market share of 10.3% in the Motor segment for H1 FY2027.
  • New vehicle sales grew by 38.5% in Q2 FY2027, with new Two-wheeler business growth at 50.8%.
  • Advance premium as of September 30, 2026 was ₹47.33 billion (₹45.12 billion at June 30, 2026).

Key drivers of operational performance: Growth in Retail Health and Motor segments, particularly two-wheeler and commercial vehicle lines; market share gains in Fire, Marine Cargo, Engineering, and Liability business; digital initiatives and technology optimization.

Segment-wise Performance

Motor Segment:

  • H1 FY2027 growth: 13.0% (industry growth: 13.1%).
  • Segment mix shift: Private Car decreased to 49.8% (from 54.3% in H1 FY2026), Two-wheeler increased to 28.1% (from 25.8%), Commercial Vehicle increased to 22.1% (from 19.9%).
  • Combined Ratio outperformance of 23.1% in Q1 FY2027 against industry.

Health, Travel & PA Segment:

  • Q2 FY2027 growth: 26.8% (industry growth: 18.9%).
  • H1 FY2027 growth: 25.3% (industry growth: 20.7%).
  • Retail Health delivered 64.0% growth in Q2 FY2027 (industry: 32.3%) with exit market share of 5.0% in September 2026.
  • Group Health segment recorded 13.9% growth for Q2 FY2027 (industry: 16.9%) with market share of 7.0%.
  • Segment mix: Individual increased to 29.0% (from 22.6% in H1 FY2026), Group-Others decreased to 11.1% (from 15.7%), Group Employer-Employee decreased to 59.7% (from 61.5%).

Commercial Segment:

  • Q2 FY2027 growth: 1.7% with September 2026 growth of 8.2%.
  • Fire Line de-growth moderated from -32.1% in Q1 FY2027 to -21.2% in Q2 FY2027.
  • Excluding Fire, Commercial lines portfolio grew 13.2% for H1 FY2027 and 20.0% for Q2 FY2027.
  • Segment mix: Fire decreased to 39.6% (from 51.0% in H1 FY2026), Engineering increased to 16.3% (from 13.9%), Marine Cargo increased to 14.5% (from 10.4%), Liability increased to 8.9% (from 8.2%), Others increased to 20.7% (from 16.5%).

Explanation of significant changes in segment performance: Growth in Health driven by strong Retail Health performance; Commercial segment recovery led by Marine, Engineering, and Liability businesses; Motor segment growth driven by two-wheeler and commercial vehicle segments.

Financial Highlights

On 'n' basis:

  • Revenue (GDPI): ₹151.10 billion for H1 FY2027; ₹67.92 billion for Q2 FY2027
  • PAT: ₹14.54 billion for H1 FY2027 (-5.8% YoY); ₹10.31 billion for Q2 FY2027 (27.5% YoY)
  • RoAE: 16.8% for H1 FY2027; 23.7% for Q2 FY2027
  • Combined Ratio: 105.2% for H1 FY2027; 104.5% for Q2 FY2027
  • Combined Ratio excluding CAT losses: 104.2% for H1 FY2027; 102.7% for Q2 FY2027
  • Investment income: ₹15.54 billion in Q2 FY2027 (vs ₹12.49 billion in Q2 FY2026)
  • Capital gains: ₹4.53 billion in Q2 FY2027 (vs ₹2.36 billion in Q2 FY2026)

On '1/n' basis:

  • PAT: ₹13.50 billion for H1 FY2027 (-13.9% YoY); ₹9.46 billion for Q2 FY2027 (15.5% YoY)
  • RoAE: 15.5% for H1 FY2027; 21.7% for Q2 FY2027
  • Combined Ratio: 107.0% for H1 FY2027; 107.0% for Q2 FY2027
  • Combined Ratio excluding CAT losses: 106.0% for H1 FY2027; 105.3% for Q2 FY2027

Drivers of financial performance: Higher investment income and capital gains; growth in premium income; impact of catastrophic losses of ₹1.18 billion in H1 FY2027.

Key Risks: Catastrophic events impacting combined ratio; competitive market conditions; regulatory changes.

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

  • Solvency Ratio: 2.74x as at September 30, 2026 (2.68x as at June 30, 2026)
  • Investment Leverage: 3.58x for H1 FY2027
  • Net Worth: Share Capital + Reserves & Surplus

Financial Health Insights: Strong solvency position well above regulatory minimum of 1.50x; robust investment portfolio quality.

Capex & Cash Flow Health

  • Interim dividend declared: ₹7.00 per share for H1 FY2027 (vs ₹6.50 per share for H1 FY2026)

Investment Rationale: Focus on maintaining market leadership and delivering steady ROE; technology investments for process optimization.

Strategic & R&D Initiatives

Investments in Innovation: Migration of core systems to cloud; AI-powered insurance solutions; IL TakeCare app with Face Scan feature; digital-led and agile operations.

Expected impact on growth: Digital initiatives expected to enhance customer experience and operational efficiency.

Strategic Rationale: Maintaining market leadership across diversified product portfolio; technology-driven customer centricity.

Industry Trends & Business Environment

Macro/Industry Trends: General insurance industry GDPI growth of 8.9% in H1 FY2027; India is 2nd largest non-life insurance market in Emerging Asia and 15th largest globally; non-life insurance penetration in India is around 1/4th of global average.

Impact on Company: Operating in a large underpenetrated market with significant growth potential; "cash before cover" business model.

Management Commentary & Growth Outlook

Strategic Outlook: Focus on maintaining market leadership and delivering steady ROE across multiple time periods.

FY Guidance: Not Specified

Market Share Targets: Not Specified

Risks and Opportunities: Risks include catastrophic events, competition, regulatory changes; opportunities include market underpenetration and digital transformation.

ESG Initiatives

  • Board-approved ESG Policy and Climate Risk Management Framework
  • Responsible Investment Framework integrating ESG factors
  • ESG risk integration within ERM framework (ISO 31000:2018 compliant)
  • ISO 27001:2022 for Information Security & ISO 27017:2015 for Cloud Security
  • Community initiatives supporting skills, livelihoods, healthcare and road safety
  • Promoting inclusive products for MSME, rural and retail customers
  • Gender diversity and inclusive workplace initiatives
  • Accelerating use of renewable power and energy-efficient fixtures
  • TCFD framework compliance for climate risk disclosures
  • Investments in Green Bonds