What to do with ICICI Lombard shares after Q1 results? Stock rises 2%

ICICI Lombard share price rose 2 per cent on Wednesday, registering an intraday high at ₹2,044 per share on the National Stock Exchange (NSE) after posting Q1FY26 results; Brokerage view here

ICICI Lombard General Insurance shares rose 2 per cent on Wednesday, registering an intraday high at ₹2,044 per share on the National Stock Exchange (NSE). At 9:20 AM, the ICICI Lombard share price was trading 0.76 per cent higher at ₹2,018 per share on the NSE. In comparison, the NSE Nifty50 was down 0.17 per cent at 25,154.8. The company's market capitalisation stood at ₹1,00,231.37 crore. 

 

The 52-week high of the stock was at ₹2,301.9 per share and the 52-week low of the stock was at ₹1,613.7 per share.   CATCH STOCK MARKET LATEST UPDATES TODAY LIVE

ICICI Lombard Q1FY26 results 

In the first quarter ended on June 30, 2025, ICICI Lombard’s net profit rose 29 per cent year-on-year (Y-o-Y) to ₹747.08 crore, up from ₹580.37 crore in Q1FY25.

 

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Its Gross Direct Premium Income (GDPI) stood at ₹7,735 crore in Q1FY26, a 0.6 per cent increase compared to ₹7,688 crore in Q1FY25. Excluding the impact of the 1/N accounting norm, the company’s GDPI grew by 4.8 per cent in Q1FY26. 

 

The Insurance Regulatory and Development Authority of India (IRDAI) changed the format for reporting premium figures, requiring non-life insurance companies to report long-term premiums based on the 1/N formula, where N is the number of days the policy is active. These norms came into effect on October 1, 2024.

ICICI Lombard Q1 results analysis: Emkay Financial Services | Add | Target: ₹2,100

According to the brokerage, ICICI Lombard's Q1 results were a mixed bag, with the combined ratio at 102.9 per cent, up 0.6 point year-on-year (Y-o-Y), higher than Emkay's estimate of 102.3 per cent/101.2 per cent, while profit after tax (PAT) was significantly higher than brokerage's estimate. 

 

To bake in the Q1 developments, Emkay reduced its Gross Written Premium (GWP) estimate by 5 per cent, while increasing FY26E Combined Ratio (CoR) by 80 basis points (bps) and marginally raising the FY27-28E CoR.  ALSO READ | ICICI Pru vs HDFC Life vs ICICI Lom: Which stock to bet on post Q1 results?

ICICI Lombard Q1FY26 analysis: Motilal Oswal | Buy | Target: ₹2,400 

ICICI Lombard’s gross written premium was up 2 per cent Y-o-Y in Q1FY26 at ₹ 8,100 crore, in line with the brokerage's estimate. However, the increase in expense ratios resulted in a 140 bps miss in the combined ratio at 102.9 per cent against 102.5 per cent in Q1FY25. Excluding the 1/n impact, the combined ratio was at 102.2 per cent in Q1FY26.

 

Its PAT grew 29 per cent Y-o-Y which was above Motilal Oswal's estimates of 25 per cent due to strong growth in investment income. The brokerage has retained its FY26/FY27 net earned premium (NEP) estimates but increased FY26 earnings estimates by 3 per cent, considering robust investment gains in Q1FY26. 

About ICICI Lombard 

ICICI Lombard is a private general insurance company. The company offers a range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance.