ICICI Lombard Q1 FY2027 earnings call transcript filed
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ICICI Lombard filed the Q1 FY2027 earnings call transcript. GDPI grew 7.5% to Rs 83.18 billion, below industry growth of 10.9%. Combined ratio worsened to 107.2% from 102.9%. PAT fell 46% to Rs 4.03 billion, hit by a Rs 1.65 billion Motor TP reserve from a Supreme Court judgment on domestic work compensation and Rs 0.63 billion in large Fire losses. Excluding these, CoR was 102.3% and PAT fell 23%. Solvency ratio stood at 2.71x. Management flagged intense Fire pricing pressure and said Motor TP premium revision is urgently needed.
Near-term margins face pressure from SC judgment reserve and Fire losses. Core underwriting remains stable; Motor TP repricing is the key swing factor ahead.