ICICI LOMBARD GIC LIMITED

Sells general insurance products across motor, health, fire, and other commercial lines to Indian retail and corporate policyholders. Motor is the largest single segment, holding 10.5% market share with 14% growth in Q1 FY27. Health insurance is split between retail and group, with retail health surging 69.5% in Q1 FY27 and lifting market share from 3.5% to 4.5%. Commercial lines, especially fire, de-grew 13.8% in Q1 FY27 as the company pulled back from pricing-aggressive accounts. Gross Direct Premium Income for Q1 FY27 was Rs 83.18 billion, growing 7.5% versus industry growth of 10.9%. Underwriting profitability is captured in the combined ratio, which rose to 107.2% in Q1 FY27 — including Rs 1.65 billion of motor third-party provisioning tied to a Supreme Court ruling on homemaker compensation and Rs 0.63 billion in two large fire losses; the underlying CoR was 102.3%. The 10-year average CoR of 102.9% sits below the industry's 115.3%.