ICICI Lombard Q2 Results (October 14): Profit Up 27.5% to ₹1,031 Crore, ₹7 Interim Dividend

Private general insurer ICICI Lombard has closed a strong September quarter on the measure the company highlights most. In its ICICI Lombard Q2 results, filed with the exchanges on October 14, 2026, profit after tax on the firm’s “n” basis rose 27.5% year on year to ₹10.31 billion (₹1,031 crore) from ₹8.09 billion. The board also declared an interim dividend of ₹7.00 a share for the first half, up from ₹6.50 a year earlier. Figures come from the company’s BSE press release and investor presentation.

Gross direct premium income (GDPI) for the quarter was ₹67.92 billion, up 3.0% from ₹65.96 billion, against industry growth of about 7.0%. Strip out crop and mass health, and ICICI Lombard’s GDPI grew 13.9% versus industry growth of 13.2% on that narrower base — so the mix, not just the headline premium, matters here.

ICICI Lombard Q2 results: underwriting, investments and capital

The combined ratio on an “n” basis was 104.5% in Q2 FY2027, a touch higher than 103.9% a year ago. Catastrophe (CAT) losses of ₹1.18 billion hit the quarter; excluding CAT, the combined ratio was 102.7% versus 102.6% last year. Investment income rose to ₹15.54 billion from ₹12.49 billion, with capital gains at ₹4.53 billion against ₹2.36 billion — that investment line did a lot of the heavy lifting for the profit print.

Return on average equity (RoAE) annualised for the quarter improved to 23.7% from 21.3%. Solvency on an “n” basis stood at 2.74x as of September 30, 2026, versus 2.68x at June 30, 2026, and well above the 1.50x regulatory floor. For the half year, GDPI was ₹151.10 billion, up 5.4% from ₹143.31 billion, while the H1 combined ratio was 105.2% (104.2% excluding CAT).

We would read this as a quarter where underwriting was steady and investment income did the sprint. Combined ratios still sit above 100% on the company’s preferred basis, so the quality of that investment book and how CAT seasons play out will decide how sticky the 27.5% profit growth looks into the second half.

What it means for investors watching insurers

ICICI Lombard reports after a busy bank-results weekend and just ahead of a holiday-shortened trading week. For how to place an insurer’s combined ratio and solvency next to a bank’s NIMs and NPAs, our guide on how to analyse quarterly results is a useful checklist. You can also compare the tone with HDFC Life’s Q2 numbers from earlier in the week — life and general insurance tell different stories, even when both sit in the “insurance” basket.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from ICICI Lombard’s exchange filings linked above; “n” basis is the presentation basis used in the company’s press release. Consult a SEBI-registered investment adviser before making investment decisions.