ICICI Lombard - Transformation Through Innovation: Motilal Oswal

Motilal Oswal Report

Going forward, growth in the Motor segment is likely to be back-ended, with ICICI Lombard General Insurance Company Ltd. waiting for price rationalisation in the own damage segment. In the health segment, the benefits of price hikes and improving the efficiency of the agency channel should translate into better profitability.

Scale benefits, a favorable product mix (higher share of retail health), and improvements in efficiencies across channels should help ICICI Lombard improve its combined ratio and return on equity over the next couple of years.

Reiterate Buy with a target price of Rs 2,100 (premised on 35 times FY26E earnings per share).

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