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Motilal Oswal Report
ICICI Lombard General Insurance Co. Ltd. witnessed a better-than-industry growth trajectory in H2 FY26, driven by recovery in motor insurance (owing to GST cuts) and strong market share gain in retail health (additional boost from GST exemption).
The company's retail health segment continues its strong momentum, gaining market share through effective new customer acquisition, strong distribution capabilities, and significant traction of its "Elevate" product.
Competitive intensity remains high in the motor OD segment, but the company has witnessed recovery driven by rising fresh vehicle sales. While the commercial lines segment is expected to face heightened competition, ICICI Lombard is well-positioned to capture profitable business within the segment.
Motilal Oswal cuts its NEP/PAT estimates by 2%/3% and 6%/2%, respectively, for FY26/27, considering ICICI Lombard's Q4 FY26 performance.
The brokerage expects the combined ratio to improve to 101.8% by FY28, given a stable claims environment and continued operational efficiency. Reiterate Buy with a target price of Rs 2,230 (based on 28 times FY28E earnings per share).
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