ICICI Lombard Q1 profit slumps 46% to Rs 403 crore on fire claims, SC verdict impact

Mumbai: ICICI Lombard General Insurance reported a 46% year-on-year decline in net profit to ₹403 crore for the June quarter, hit by two large fire insurance claims and the impact of a Supreme Court judgment on its motor third-party portfolio.

The insurer's combined ratio, a key measure of underwriting profitability, worsened to 107.2% in the first quarter of FY27 from 102.9% a year earlier. Two large fire losses worth ₹63 crore alone increased the combined ratio by one percentage point. Also, the Supreme Court judgment led ICICI Lombard to increase claim reserves in its motor third-party portfolio by ₹165 crore, adding 2.8 percentage points to its combined ratio in the June quarter. Gross direct premium income rose 7.5% to ₹8,318 crore during the quarter, trailing the industry's 10.9% growth.