ICICI Lombard General Insurance Company540716Earnings call transcript

Earnings call transcript: management outlines industry growth trends and GST input tax credit clarity

Transcript of the October 14, 2026 earnings call for Q2 and H1 FY2027 is shared.

By ScoutQuest · Mon 19 Oct 2026, 1:04 PM IST · 2 min read

21.0%Health segment growth

Motor insurance industry growth13.1%

Real GDP growth, (y-o-y7.8%

Health segment growth 21.0%: Motor insurance industry growth 13.1%, Real GDP growth, (y-o-y 7.8%.

Industry General Insurance Premium Growth: 8.9% in H1 FY2027, or 12.6% excluding Crop and Mass Health
Motor Premium Growth: 13.1% in H1 FY2027
Health Premium Growth: 21.0% in H1 FY2027, led by retail health at 32.0%

What this document is

This is the transcript of the earnings conference call held on October 14, 2026 to discuss the quarter and half-year ended September 30, 2026. The opening section covers the economy, the general insurance industry and two regulatory developments.

Macro backdrop

Real GDP expanded 7.8% year-on-year in Q1 FY2027, helped by private consumption, manufacturing growth and investment spending.
Bank credit growth was approximately 19.6% in Q2 FY2027 against 17.6% in the preceding quarter. Credit to industry, services and agriculture grew between 15.0% and 20.0%.

Automobile sector (VAHAN data)

Total vehicle sales reached 15.6 mn in H1 FY2027, a growth of 21.1%.
Growth picked up through the half: 26.9% in Q2 FY2027 against 16.0% in Q1 FY2027, with September 2026 at 32.0%.
EV penetration across passenger vehicles and two-wheelers rose from 6.4% to 9.7%, with a combined 1.3 million vehicles sold in H1 FY2027.

Industry premium trends

Industry premium (GDPI) grew 8.9% in H1 FY2027, made up of 10.9% in Q1 and 7.0% in Q2. Excluding Crop and Mass Health, growth was 12.6%.

Commercial lines: Engineering, Marine, Liability and Miscellaneous together grew 15.9% in Q2 FY2027. Fire de-grew 26.6% in H1, with the decline easing to 24.4% in Q2 from 27.8% in Q1, and to 13.6% in September.
Motor: industry motor premium grew 13.1% in H1 FY2027.
Health: the fastest-growing segment, up 21.0% in H1 FY2027, with Group Health at 15.3% and Retail Health at 32.0%.

Regulatory developments flagged

IRDAI has released a consultation paper titled "Recalibrating Economics of Insurance Distribution". Management said it is expected to simplify distribution structures, improve accessibility and enhance customer experience.
The GST Council, in its meeting on October 08, 2026, recommended removal of restrictions on availing input tax credit on Group Health and Life Insurance. Management said this will help smoother flow of input tax credit across the supply chain.

Management's view on the road ahead

Motor: "we expect the Motor sales to continue surpassing previous trends. However, growth may appear to be moderated on account of a higher base."
Commercial lines: the trends "indicate a gradual improvement in the operating environment for Commercial lines, which augurs well for the segment in the coming quarters."
Group Health: improved affordability from the input tax credit clarification "could encourage wider employee health coverage among SMEs and larger corporates, supporting the segment's growth."

The call carried a caution that forward-looking statements are based on information presently available to management and do not constitute an indication of future performance.

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