ICIC Lomabard Q3FY26 Result Preview: ICICI Lombard General Insurance will announce its results for the December quarter on January 13, with investors looking beyond headline growth to see how underwriting trends are shaping up. The stock has stayed on the radar in recent weeks as the broader insurance space navigates a mix of steady demand and lingering regulatory questions.
According to estimates by the Zee Business Research team, premium income during Q3FY26 is expected to remain firm. Premium earned for the quarter is seen at around Rs 6,000 crore, compared with Rs 5,045 crore in the same period last year, translating into an 18 per cent year-on-year rise. People tracking the sector say motor insurance continues to be the main driver, supported by stable vehicle sales and renewals.
The health insurance business is also expected to have contributed steadily. Demand for retail health policies has remained intact, and there are no major signs of stress on volumes during the quarter. Market participants point out that growth has come without aggressive discounting, which has helped the company avoid undue pressure on margins.
Profitability is expected to improve alongside growth. Net profit for the December quarter is estimated at around Rs 850 crore, up from Rs 724 crore reported in Q3FY25, a rise of 17 per cent. The improvement is largely attributed to better claims behaviour and tighter control over costs, particularly in the motor segment, where loss ratios had been elevated earlier.
A key number to watch will be the combined ratio. Zee Business Research estimates suggest the combined ratio may ease to around 101.6 in Q3FY26, compared with 102.7 a year ago. While the improvement is incremental, dealers say even a small move lower is meaningful in the current environment, where competition remains intense and pricing discipline is critical.
Investors will be tracking the management commentary beyond the financials. Updates on the implications of GST exemption-related developments remain important for the sector, and any clarity from the company could influence sentiment.
Third-party motor premium trends will also be an important factor which the investors will be tracking closely. Pricing in this segment has a direct impact on margins, and any indication of stability or change could shape expectations for the coming quarters.
Additionally, commentary on claims trends in the health portfolio will be watched, especially after a period of volatility across the industry. Dealers tracking the stock say much of the near-term expectation is already built in, and the focus is now on whether management can signal consistency rather than acceleration.
Overall, the December quarter is expected to reflect steady execution rather than surprises. Premium momentum remains stable and operating metrics are seen showing gradual improvement. The company operates in a closely regulated and competitive landscape is not seen to be affecting premium momentum and the operating metrics.
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