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HDFC Securities Institutional Equities
ICICI Lombard, ICICI Prudential Life and Union Bank of India could remain in focus after HDFC Securities reviewed their June quarter earnings, maintaining a constructive stance on the insurance players while retaining a cautious positive view on the public-sector lender.
Among the three, HDFC Securities continues to prefer ICICI Lombard General Insurance, maintaining a 'Buy' rating with a target price of Rs 2,100, despite a weaker-than-expected profit performance during the quarter.
ICICI Lombard: Profit hit by provisions, but brokerage stays bullish
ICICI Lombard reported 16% growth in net earned premium, while profit after tax declined 46% YoY. The earnings were impacted by two major fire incidents and additional provisioning on the motor third-party portfolio following a Supreme Court ruling.
The brokerage noted that the insurer continues to enjoy leadership in key segments such as motor and commercial insurance despite some market share erosion. HDFC Securities believes the company's strong franchise and underwriting discipline support its long-term growth outlook and has retained its Buy recommendation with a target price of Rs 2,100.
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