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ICICI Lombard posts strong earnings in 9M FY23, health segment stands out

Change in product mix to drive future profitability of ICICI Lombard; valuations rich but sustainable

January 19, 2023 / 01:45 PM IST
ICICI Lombard posts strong earnings in 9M FY23, health segment stands out

ICICI Lombard could outgrow the industry and standalone health insurance players because of its continued investments in the retail health distribution network

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 higher than the industry, gains market share Robust health insurance growth, tepid growth in motor segment amid stiff competition Combined ratio declines due to fall in claims ratio even as expenses ratio remains elevated Strong growth in retail health agency channel, bancassurance gains traction Product mix changes in favour of health, will drive future profitability Valuations rich but sustainable, given superior franchise ICICI Lombard General Insurance (CMP: Rs 1,250; Mcap: Rs 61,395 crore) has reported strong earnings for the nine months of FY23...

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