ICICI Lombard Q4 Results Review- Management Outlook Remains Buoyant On Growth, Profitability: ICICI Securities

ICICI Securities Report

ICICI Lombard General Insurance Company Ltd.’s Q4 FY24 result print has been positive from the perspective of continued improvement in actual performance as well as outlook in all-important volume-profitability balance.

This has been a developing trend over FY24 (also for the industry) and ICICI Lombard is likely to benefit from the same in FY25/26E. Numerically, this is evident from 17% YoY growth written premium growth and 115 basis points combined operating ratio improvement in FY24, leading to ~20% like-to-like profit after tax growth in FY24 and improved guidance of COR for FY25.

Key strategic decision ahead may be to best optimise this growth profitability balance in order to improve business strength.

Key risk: high competitive intensity impacting profitability.

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