ICICI Securities research report on ICICI Lombard General Insurance Company
ICICI Lombard’s (ICICIGI) strategy remains that of profitable growth. This can entail profits over market share in motor (YoY 400/146bps lower loss ratio/market share in motor in Q1FY24) with higher-than-industry growth in health (12/131bps gain in retail/group health market share YoY in Q1FY24). However, COR improvement is notable (102.9%) adjusted for Catastrophic losses in Q1FY24).
Outlook
Maintain BUY with a target price of INR 1,633 based on 35x FY25E EPS of INR 46.6 (all unchanged).
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ICICI Lombard General Insurance Company - 20 -07 - 2023 - isc
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