ICICI Lombard General Insurance Company Limited announced its audited financial results for the quarter and nine months ended December 31, 2025, showcasing mixed performance with revenue growth offset by declining quarterly profits. The general insurance major published these results under Regulation 47 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015.

Q3FY26 Financial Performance

The company's quarterly performance reflected contrasting trends in revenue and profitability metrics. While total income from operations demonstrated robust growth, net profit margins faced pressure during the quarter.

The total income from operations, representing gross written premium gross of reinsurance and net of applicable taxes, reached ₹7,432.98 crores in Q3FY26, marking a significant 14.8% year-on-year increase from ₹6,474.45 crores in Q3FY25.

Nine-Month Performance Shows Resilience

The nine-month performance demonstrated the company's underlying business strength with improved profitability metrics across key parameters.

For the nine months ended December 31, 2025, total income from operations increased by 5.6% to ₹22,544.39 crores compared to ₹21,353.80 crores in the corresponding period of the previous year. Net profit after tax showed stronger momentum with an 11.3% increase to ₹2,225.38 crores from ₹1,998.70 crores.

Balance Sheet Strength

The company's balance sheet position reflected continued strengthening with substantial improvements in key financial metrics.

The company's net worth increased significantly by 18.0% to ₹16,189.09 crores as of December 31, 2025, compared to ₹13,724.14 crores in the previous year. Reserves excluding revaluation reserve grew substantially by 33.5% to ₹8,477.95 crores.

Regulatory Compliance and Publication

The financial results were published in Financial Express (all editions) and Lokatta (Mumbai edition) newspapers as required under regulatory guidelines. The company also provided a Quick Response code for accessing the complete format of financial results. The detailed quarterly and year-to-date financial results are available on stock exchange websites and the company's official website at www.icicilombard.com .

ICICI Lombard General Insurance operates under IRDA Registration Number 115 and maintains its registered office at ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025. The results were signed by Sanjeev Mantri, Managing Director & CEO, on January 13, 2026.

Goldman Sachs has maintained its neutral rating on ICICI Lombard General Insurance while revising its target price downward to ₹1,925.00. The global investment bank's decision reflects a measured approach toward the insurance company's stock valuation.

Analyst Rating Overview

The brokerage firm has kept its neutral stance on ICICI Lombard General Insurance, indicating a balanced view of the company's prospects. The target price revision to ₹1,925.00 represents Goldman Sachs' updated valuation assessment for the insurance stock.

Market Implications

The neutral rating suggests that Goldman Sachs views ICICI Lombard General Insurance as fairly valued at current levels, with the revised target price providing guidance for potential stock movement. This assessment comes as part of the brokerage's ongoing coverage of the insurance sector.

The target price adjustment reflects Goldman Sachs' analytical review of various factors affecting the insurance company's valuation. Such rating updates are closely watched by market participants as they provide professional insights into stock performance expectations.