ICICI Lombard stock draws focus after Q4 profit rises 7.3%

Published on 11/13/2026 at 02:16 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

ICICI Lombard stock faces mixed broker views after a stable quarter. Underwriting improved, but investment income and market-share trends remain in focus.

Profit growth meets underwriting pressure

ICICI Lombard reported higher Q4 FY26 profit, stronger premium growth and an improved combined ratio.
Morgan Stanley stayed cautious, while HDFC Securities kept a positive view and a higher target.
Retail health and motor insurance remain central to the company's growth outlook.

ICICI Lombard, INE765G01017, Illustration mit AI erstellt.

ICICI Lombard General Insurance reported a stable fourth quarter of fiscal 2026, with profit after tax rising 7.3 percent year over year to INR 547 crore, according to The Economic Times. Reported profit after tax was INR 539 crore, while profit before tax increased 7.5 percent to INR 718 crore.

Gross direct premium income grew 18.2 percent from a year earlier, ahead of industry growth of 10.9 percent. The combined ratio improved to 101.2 percent from 102.5 percent in Q4 FY25, although it remained above the 100 percent underwriting break-even level.

Broker views remain divided

Morgan Stanley retained an Equal Weight rating and a target price of INR 1,920. The brokerage said profit exceeded its estimate but fell short of consensus, citing weaker investment income. It also pointed to strong retail health premium growth and mixed motor trends amid competitive pressure.

HDFC Securities maintained its Buy rating and target price of INR 2,210. Its assessment highlighted stronger premium and profit growth, improved loss ratios and continued momentum in retail health and motor insurance. The brokerage also noted that market share declined during FY26 and expects the combined ratio to remain elevated as the portfolio matures.

ICICI Lombard stock traded at INR 1,700.60 on the NSE at 10:59 CET on Thursday, November 12, 2026. The quote was recorded after the Indian session had closed.

Business remains focused on India

ICICI Lombard is an India-based private-sector general insurer offering motor, health, travel, home, student travel, crop, fire, marine, engineering and liability coverage. The company sells policies through agency, bancassurance, direct and other distribution channels and is headquartered in Mumbai.

The company describes itself as India's largest private-sector general insurer. It competes with New India Assurance and Go Digit General Insurance in the non-life insurance market, with ICICI Lombard's position distinguished by its private-sector scale and broad retail and commercial product range.