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    ICICI Lombard – Health insurance new growth driver as motor insurance weighs

    Growth in health business will improve the insurer’s overall underwriting performance and reduce the expense ratio

    Neha Dave
    April 20, 2023 / 04:17 PM IST
    ICICI Lombard – Health insurance new growth driver as motor insurance weighs

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    PRO Only Highlights
    -      Quarterly performance largely backed by improved realisations
    -      Medium-term triggers China plus and protectionist measures for tyre industry
    -      Valuations not inexpensive; but improved medium-term outlook

    Highlights Premium growth in line with industry for FY23 Robust health insurance growth, market share losses in motor segment Combined ratio declines due to fall in claims ratio and expense ratio Investment income supports earnings Product mix change in favour of health will drive future profitability Valuations rich but sustainable given superior franchise ICICI Lombard General Insurance (CMP: Rs 1,130; Mcap: Rs 55,524 crore) has reported mixed earnings for FY23. While the insurer’s net profit growth was healthy, the GDPI (Gross Direct Premium Income) growth was...

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