Buy ICICI Lombard General Insurance Company; target of Rs 2300: Sharekhan

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Sharekhan's research report on ICICI Lombard General Insurance Company

PAT was below estimates (~15%) at Rs. 510 crore, declining 2% y-o-y, mainly on lower investment income (down 17% y-o-y). Claims ratio slightly rose to 71.6% vs estimates of 69% and 68.6% y-o-y led by motor OD and health segment however lower opex ratio drove combined ratio lower to 102.5% versus estimates of 103.0% and 102.2% y-o-y. Underwriting loss stood at Rs. 210 crore vs. Rs. 232 crore y-o-y. GDPI growth of ~2.3% y-o-y in Q4 is a key concern not only for the company but for the industry (~1.7% y-o-y), but company continues to do well on the profitablity front, which is the key positive.

Outlook

Stock trades at 32.1x/28.5x its FY2026/ FY2027 EPS. We maintain a Buy with a revised PT of Rs. 2,300.

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ICICI Lombard General Insurance Company - 17042025 -khan