General Insurance- ICICI Lombard Lags Private Sector Aggregate Growth In Motor, Health In July: Yes Securities
In July 2023, the health segment posted gross direct premium income growth of 33.1%/45.1% YoY/month-on-month, to Rs 113.6 billion.
BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
In July 2023, the health segment posted gross direct premium income growth of 33.1%/45.1% YoY/month-on-month, to Rs 113.6 billion. Among key players, for the health segment, Bajaj Allianz grew the fastest YoY, up 887% due to one-off Rs 23 billion government scheme premium.
Excluding this government scheme premium, the YoY growth for Bajaj Allianz was 57%. Go Digit grew by 110% YoY. ICICI Lombard General Insurance Company Ltd. grew 20.9% YoY and 4.2% month-on-month (base being comparable both YoY and month-on-month).
HDFC Ergo posted growth of 9.9% YoY. State Bank of India general grew by 7.6% YoY. Excluding the Bajaj one-off, the health segment’s overall growth would have been 6.1%/15.7% YoY/month-on-month whereas the private sector health segment’s growth would have been 24.9%/19.9% YoY/month-on-month.
The motor segment posted a YoY/month-on-month growth of14.8%/1.8% to Rs 70.3 billion. Within the motor segment, private sector players grew 14.9% YoY whereas the public sector players grew 14.7% YoY.
Among key players, for the Motor segment, Go Digit displayed strong growth of 67% YoY, followed by IFFCO-Tokio at 30.5% YoY. ICICI Lombard grew by 10.4% YoY but de-grew -0.7% month-on-month (base being comparable YoY and month-on-month).
HDFC Ergo de-grew -9.7% YoY. SBI General de-grew -9.0% YoY.
The fire segment posted YoY/month-on-month growth of 11.8%/26.6% to Rs 24.2 billion whereas the crop segment displayed a de-growth/growth of -24%/138% YoY/month-on-month to Rs 26.9 billion.
Total GDPI grew 13.4%/29.9% YoY/month-on-month. We currently have a less-than-bullish 'Add' rating for ICICI Lombard.
Click on the attachment to read the full report:
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.