Yes Securities believes ICICI Lombard's strong retail momentum and health segment performance provide a solid foundation for sustained growth, despite near-term challenges in motor premiums.
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Yes Securities Report
Yes Securities maintain Buy on ICICI Lombard General Insurance Company Ltd. with a revised price target of Rs 2300, implying an upside of 22%.
Yes Securities notes that ICICI Lombard delivered a robust GDPI growth of 13.3% YoY in Q3 FY26, ahead of the industry growth of 11.5%. However, the brokerage highlights that headline OEM sales growth of 19% has not translated into commensurate motor premium growth, as sales were skewed toward small hatchbacks. Motor segment GDPI grew 9.3% YoY, with realignment efforts underway to address this gap.
The health segment stood out, posting a stellar 42% YoY GDPI growth, while the retail business surged 85.8% YoY, driven by 1.7x growth in new-to-industry customers, significantly outpacing the industry's 33.6% growth. The company aims to maintain a growth trajectory 100–200 bps ahead of the industry.
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