Icici Lombard General Insurance Co. Ltd. · NSE:ICICIGI
Icici Lombard General Insurance — H1 2026 Earnings Presentation
35 slides from Icici Lombard General Insurance's earnings presentation, October 2025
Slide 1: H1 2026 Performance Review
H12026 Performance Review
Slide 2: Safe harbor
Safe harbor : Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will' , 'would' , ‘indicating’ , ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward- looking statements'. These
Slide 3: Agenda
Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
Slide 4: Agenda
Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
Slide 5: Our Strategic Pillars
Our Strategic Pillars Maintain market leadership and deliver steady ROE across multiple time periods 2. Comprehensive 1. Profitable Growth Product Portfolio & Ensuring sustainable and Diversified Distribution profitable growth while Product innovation ; maintaining our leadership Driving multiple ch
Slide 6: Key Performance Metrics over the years
Key Performance Metrics over the years Growth and AUM Profitability Customer and Capital GWP PAT Claim Settlement GWP FY2025 ₹ 289.16 Bn FY2025 ₹ 24.19 Bn FY2025 94.4% FY25: 282.58 bn 8.8% CAGR* 13.0% CAGR* 20.4% vs FY2022 +3.0% Growth vs FY24 AUM Combined Ratio E - Policy Issuance FY2025 ₹ 535.08 B
Slide 7: Sustainable profitable growth while maintaining a leadership position
1. Sustainable profitable growth while maintaining a leadership position General Insurer FY2008 FY2025 Q12025 Q12026 COR PAT (₹ bn) COR PAT (₹ bn) COR PAT (₹ bn) COR PAT (₹ bn) ICICI Lombard 102.2% 1.03 102.8% 25.08 102.3% 5.80 102.9% 7.47 Private Industry 103.2% (0.66) 113.3% 56.43 112.9% 20.30 112
Slide 8: A balanced product mix supported by a Comprehensive Product portfolio
2. A balanced product mix supported by a Comprehensive Product portfolio* 11% 11% 11% 11% Others 4% 5% 9% 5% 3% 3% 3% 4% Crop 14% 12% 15% 13% Marine 29% 29% Fire 30% 31% Health, Travel & PA 20% 20% Motor TP 16% 17% Motor OD 19% 20% 17% 18% FY2024 FY2025 H12025 H12026 8 *Basis GDPI figures
Slide 9: Comprehensive Product Portfolio: Motor
Comprehensive Product Portfolio: Motor ₹ billion Motor GDPI and Mix • Industry leading position in H12026 with market share of 10.4% amid intense competitive intensity Type H12025 H12026 Growth H12025 H12026 • Motor business grew by 2.2% for H12026 driven Private Car 25.68 26.93 4.9% 52.9% 54.3% by
Slide 10: Comprehensive Product Portfolio: Health
Comprehensive Product Portfolio: Health* ₹ billion Health, Travel & PA GDPI and Mix Retail Health Type H12025 H12026 Growth H12025 H12026 • Sustained investments in Retail Health, product Individual 7.72 10.03 29.9% 17.8% 22.6% innovation and strengthening of distribution enabled Group - Others 10.6
Slide 11: Comprehensive Product Portfolio: P & C
Comprehensive Product Portfolio: P & C ₹ billion Property & Casualty (P&C) GDPI and Mix • In the commercial line business, the Company registered robust and steady growth in spite Type H12025 H12026 Growth H12025 H12026 of elevated competitive intensity Fire 18.84 21.72 15.3% 58.2% 61.0% • Continued
Slide 12: Comprehensive Product Portfolio: Crop
Comprehensive Product Portfolio: Crop ₹ billion No of Product State districts • Won 3 clusters in Maharashtra for Maharashtra 3 FY2026 Jharkhand 4 • Continue to service 1 cluster each Crop Insurance Andhra Pradesh 3 in Andhra Pradesh, Jharkhand, Assam 4 Assam & Puducherry which was Puducherry 1 won
Slide 13: Focus on diversified Portfolio and Distribution
2. Focus on diversified Portfolio and Distribution 4% 3% 3% 3% 14% 15% 13% 15% Branches 14% 12% 12% 11% 327 Brokers 18% 22% 17% 765 19% Individual Agents^ 1,47,408 Corporate Agents 52% 50% 54% 49% 312 Employees 15,117 FY2024 FY2025 H12025 H12026 Brokers Direct Corporate Agents Individual Agents Othe
Slide 14: Risk Management
3. Risk Management Value Added Reinsurance Reserving Investments Underwriting Services • Risk Committee* • Proactive risk • Spread of risk through • Conservative • High proportion of Debt top quality and portfolio in sovereign or framework for risks management for reserving philosophy diversified re
Slide 15: Technology has helped us optimise processes and better serve our customers
4. Technology has helped us optimise processes and better serve our customers Customer sourcing Claims payment Call centre Renewals • 99.6% policies issued • 96.4% of Motor Own • Differentiated service • Focused renewal execution electronically in H12026 Damage and 99.6% of desks have been created u
Slide 16: Agenda
Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
Slide 17: Key Highlights
Key Highlights ₹ billion Particulars FY2024 FY2025 H12025* H12026 Financials Gross Written Premium 255.94 282.58 148.79 151.11 Gross Direct Premium Income (GDPI) 247.76 268.33 144.09 143.31 GDPI Growth 17.8% 8.3% 15.5% -0.5% * Combined Ratio (CoR) 103.3% 102.8% 103.2% 104.0% Profit after Tax 19.19 2
Slide 18: Financial Performance
Financial Performance ₹ billion Combined ratio (CoR) (%)* Return on average Equity (ROAE) (%) 104.5% 105.1% 103.3% 103.2% 104.0% 21.8% 21.4% 102.8% 19.1% 20.3% 20.8% 17.2% FY2024 FY2025 Q22025 Q22026 H12025 H12026 FY2024 FY2025 Q22025 Q22026 H12025 H12026 Profit before Tax (PBT) Growth Profit after
Slide 19: Financial Performance
Financial Performance On 1/n On 1/n Particulars On n basis On n basis basis basis (₹ billion) Q22026 Q22026 H12026 H12026 GDPI 69.57 65.96 150.12 143.31 GDPI Growth 3.5% -1.9% 4.2% -0.5% PAT 8.09 8.20 15.43 15.67 PAT Growth 16.5% 18.1% 21.1% 22.9% Return on Average Equity 21.3% 21.4% 20.7% 20.8% Com
Slide 20: Robust Investment Performance
Robust Investment Performance ₹ billion 2 Realised Return (%) Investment Book Investment Leverage 4.09x 3.74x 3.91x 3.57x 7.98% 8.42% 562.00 535.08 515.57 1 1 489.07 4.45% 4.55% 1 1 2.19% 2.19% FY2024 FY2025 Q22025 Q22026 H12025 H12026 FY2024 FY2025 H12025 H12026 Investment portfolio mix3 for H120
Slide 21: Agenda
Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
Slide 22: ESG Highlights
ESG Highlights MSCI ESG Rating MSCI ESG Rating upgraded to Implementing business practices that encourage minimizing paper “AAA” from “A” AAA usage, responsible management and disposal of waste E Sustained investments in Green Bonds A Value-added risk management solutions that enable customers
Slide 23: Agenda
Agenda • Company Strategy • Financial Performance • ESG Initiatives • Industry Overview
Slide 24: General Insurance Industry – Steady growth through various phases of evolution
General Insurance Industry – Steady growth through various phases of evolution GDPI (₹ billion) 8.3% -0.5% FY2001 to FY2008 ICICI Lombard Tariff era CAGR/Growth 73.3% Industry growth CAGR - 16.6% 6.2% 7.3% ICICI Lombard growth CAGR - 73.3% (incorporated in FY2001, grew on a small 3,076.59 base) Indu
Slide 25: Non-Life Insurance Market: Large TAM in India
Non - Life Insurance Market: Large TAM* in India Non-life premium in USD billion 2,715.51 Significantly underpenetrated 9.4 Premium as a % of GDP (CY24) 98.03 5.3 India: US$ EA^: US$ World: US$ 150.43 9.66 80.94 348.06 40.97 36.32 13.98 8.52 36.32 billion 417.37 billion 4,601.69 billion 2.6 2.4 2.0
Slide 26: Thank You
Qrcic1Giombard Thank You
Slide 27: Annexure
@icier€.ombard Annexure
Slide 28: Loss Ratio
Loss Ratio Particulars FY2024 FY2025 Q22025 Q22026 H12025 H12026 Motor OD 63.5% 65.2% 65.9% 70.1% 65.2% 68.5% Motor TP 66.8% 63.2% 60.2% 60.6% 64.7% 64.6% Health,Travel & PA 78.9% 82.2% 82.8% 77.3% 83.2% 79.0% Crop 88.4% 89.2% 95.8% 114.3% 97.1% 113.5% Fire 62.2% 46.8% 39.2% 54.2% 55.6% 65.8% Marine
Slide 29: Impact of catastrophic events: Historical snapshot
Impact of catastrophic events: Historical snapshot ₹ billion Economic Insured IL’s Share of IL’s Market IL’s P&C Catastrophic Event Year Losses* losses* Insured losses share# Market share# Andhra Pradesh & Telangana floods 2024 - 5.00 4.86% 8.7% 10.6% North India floods 2024 - 4.00 6.33% 8.7% 10.6%
Slide 30: Reserving Triangle Disclosure: Total
1 Reserving Triangle Disclosure: Total ₹ billion Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2025 Prior* AY 16 AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 End of First Year 226.65 49.39 59.24 62.46 77.00 87.33 83.76 101.17 114.84 130.33 152.39 One year later
Slide 31: Reserving Triangle Disclosure: IMTPIP
Reserving Triangle Disclosure: IMTPIP ₹ billion Incurred Losses and Allocated Expenses (Ultimates movement) As at March 31, 2025 AY 08 AY 09 AY 10 AY 11 AY 12 AY 13 End of First Year 2.71 One year later 3.85 2.72 Two years later 4.49 3.85 3.54 Three years later 5.81 4.49 5.52 3.61 Four years later 6
Slide 32: Reserving Triangle Disclosure: Motor-TP (excl. IMTPIP)
Reserving Triangle Disclosure: Motor-TP (excl. IMTPIP) ₹ billion Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2025 Prior* AY 16 AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 End of First Year 41.81 15.97 17.05 19.98 24.41 31.55 25.15 28.07 35.39 38.07 40.80 One
Slide 33: Reserving Triangle Disclosure: Total (excl. Motor-TP)
Reserving Triangle Disclosure: Total (excl. Motor-TP) ₹ billion Incurred Losses and Allocated Expenses (Ultimate Movement) As at March 31, 2025 Prior* AY 16 AY 17 AY 18 AY 19 AY 20 AY 21 AY 22 AY 23 AY 24 AY 25 End of First Year 184.84 33.42 42.19 42.48 52.58 55.78 58.61 73.11 79.46 92.26 111.59 One
Slide 34: Customer Initiatives
Customer Initiatives Call Centre Claims NPS Health NPS at the Call Centre Cashless & Non-cashless 58 60 79 83 78 77 71 77 71 71 75 75 In H12025 In H12026 65 67 70 69 72 65 68 63 60 57 Growth in digital servicing adoption: Digital (FY2022 >> FY2025) Servicing Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25
Slide 35: Abbreviations & Glossary
Abbreviations & Glossary: AI - Artificial Intelligence J&K – Jammu & Kashmir AT1 - Additional Tier-1 LODR - Listing Obligations and Disclosure Requirements App - Application Motor TP – Motor Third Party AY – Accident Year Mn – Million AUM - Assets Under Management MS – Market Share BRSR – Business R
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