Buy ICICI Lombard General Insurance; target of Rs 1612: YES Securities

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26 Aug, 2025 12:21

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YES Securities' research report on ICICI Lombard General Insurance

Net premiums earned: Net premiums earned remained broadly flat QoQ, where Crop and Motor segments have acted as a drag Loss ratios: Overall loss ratio has deteriorated by 240 bps QoQ to 72%, with all segments except Fire and Engineering evolving negatively on sequential basis Expense control: Expense ratio was flat QoQ at 31.5% where opex rose just 0.2% QoQ but commissions fell by -21% QoQ.

Outlook

We maintain ‘Buy’ rating on ICICIGI with a revised price target of Rs 1612: We value ICICIGI at 36x FY23 P/E for an FY21-24E EPS CAGR of 17%.

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