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GODIGIT delivered a largely in-line performance during Q2FY26, with combined ratio at 111.4% (down by 70bps YoY) vs our estimate of 111%. However, PAT at Rs1.17bn (+30% YoY) was lower than our estimate of Rs1.2bn.

Star Health (STARHEAL)’s net earned premium grew 10% YoY to INR40.8b (in-line) in 2QFY26. For 1HFY26, NEP grew 11% YoY to INR80b.

ICICI Lombard (ICICIGI) has reported healthy earnings growth of 25.4% over the last three years and 22.9% YoY growth in H1FY26 (26.2% ex-capital gains).

Niva Bupa has been able to deliver standout growth in health insurance premiums (~40% CAGR between FY20–25 and 28% in Q1FY26 on a comparable basis (without 1/n).

Niva Bupa posted a 20% YoY growth in NEP to INR12.2b (in line) in 1QFY26. The loss ratio at 77.9% (our est. of 72.3%) increased 1,390bp YoY due to the impact of 1/n, higher reserving led by suspension of auto adjudication of claims.

*over or under performance to benchmark index In Q1FY26, the company's gross direct premium income (GDPI) was largely flat YoY, at Rs. 7,735cr, as strong performance in its core portfolios was offset by...

ICICI Lombard’s (ICICIGI) gross written premium was up 2% YoY in 1QFY26 at INR81b (in line), impacted by 1/n regulation and its cautious approach to the motor segment.

Star Health reported weak performance for Q3FY25, with GWP growth at 5.3% (at a 1.8% miss) impacted by implementation of the 1/n regulation and Combined Ratio at 103.3% vs our estimate of 100.5% driven by higher Claims and Expense Ratio (affected by 1/n premium accounting of long-term policies).

Go Digit reported a better set of numbers in Q3FY25 than our estimates, on account of higher inward reinsurance business growth and sharp improvement in Group Health (including PA) underwriting.

ICICIGI reported a strong performance for Q3FY25, wherein GWP at Rs64.7bn (+0.6% YoY), impacted by the 1/n regulation, came in 0.9% lower than our estimate; however, combined ratio at 102.7% was significantly lower than our estimate of 103.9%, driving PAT of Rs7.2bn (+68% YoY) and beating our estimate by 12.4%.

ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health segments by 179/83/85bp.

ICICI Lombard remains confident of a continued growth trajectory led by the motor and health
segments.

We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai. Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.

ICICI Lombard (ICICIGI), through its annual report, has reiterated its future
readiness to capitalize on this fast-growing general insurance industry.