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Yes Securities Report
In August 2023, the health segment posted gross direct premium income growth/de-growth of 14.9%/- 35.6% YoY/month-on-month, to Rs 73.2 billion. Among key players, for the health segment, Future Generali grew the fastest YoY, up 187%. Tata-AIG grew by 54.5% YoY. ICICI Lombard General Insurance Company Ltd. grew 25.6% YoY and 7.9% month-on-month (base being comparable both YoY and month-on-month). HDFC Ergo posted growth of 15.6% YoY. SBI General Insurance Company Ltd. grew by 33.1% YoY.
The motor segment posted a YoY/month-on-month growth of 16.1%/4.6% to Rs 73.5 billion. Within the motor segment, private sector players grew 17.6% YoY whereas the public sector players grew 12.5% YoY. Among key players, for the motor segment, Go Digit displayed strong growth of 52.5% YoY, followed by SBI General at 35.1% YoY. ICICI Lombard grew by 15.2% YoY and 5.7% month-on-month (base being comparable YoY and month-on-month). HDFC Ergo grew 1.4% YoY.
The fire segment posted YoY/month-on-month growth/de-growth of 2.3%/-40.9% to Rs 14.3 billion whereas the crop segment displayed a de-growth/growth of -40%/86% YoY/month-on-month to Rs 50.0 billion.
Total GDPI de-grew -3.8%/-11.2% YoY/month-on-month. We currently have a less-than bullish 'Add' rating for ICICI Lombard.
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