'Buy' ICICI Lombard Shares Maintains Motilal Oswal — Here's Why

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Motilal Oswal Report

Despite subdued growth in the general insurance industry in FY25, ICICI Lombard General Insurance Company Ltd. continued to maintain profitable growth, achieving double-digit expansion in the Motor segment through focused initiatives in older and commercial vehicles and refined portfolio segmentation.

The health segment, particularly retail, remained a key growth driver, supported by market share gains, strong traction from new customer acquisitions, and inflation-linked pricing strategies.

We have increased our earnings estimates by 3%/5% for FY26/FY27, driven by a decline in expenses.

Reiterate a Buy rating on the stock with a target price of Rs 2,300 (based on 33x Mar’27E earnings per share).

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