ICICI Lombard General Insurance Company Ltd. News and Updates

Name: Latest research reports of ICICI Lombard General Insurance Company Ltd. authored by Geojit BNP Paribas and published by - Trendlyne research reports.
Item: ICICI Lombard General Insurance Company Ltd.
Rating: 3
Author: Geojit BNP Paribas

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ICICI Lombard General Insurance Company Ltd.

24 Jul 2020

1912.50

0.65%

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED

Hold: ICICI Lombard General Insu...

Target

Geojit BNP Paribas

Gross direct premium income (GDPI) dropped 5.3% YoY, negatively impacted by Motor GDPI (adversely impacted by lockdown) and Health, Travel & PA (owing to lower disbursement from Banks and NBFCs). We expect steady performance from P&C; segment and Motor segment should do well in the coming quarters given the regulatory changes. Given limited upside, we maintain our HOLD rating on the stock with a revised target price of Rs. 1,398 based on 7.5x FY22E BVPS. Industry GDPI weighed down by COVID...

ICICI Lombard General Insurance Company Ltd. is trading above its 200 day SMA of 1864.9

ICICI Lombard General Insurance Company Ltd.

20 Jul 2020

1912.50

0.65%

ICICI Lombard General Insurance Comp. Ltd

Hold: ICICI Lombard General Insu...

Recommendation Target

Karvy

Valuation and Outlook: We have valued the stock based at 7.78x 1-yr forward P/BV mean and has arrived at a price target of Rs. 1487 with a potential upside of 15% and we rate it HOLD.

ICICI Lombard General Insurance Company Ltd. is trading below its 50 day SMA of 1915.7

ICICI Lombard General Insurance Company Ltd.

15 Jun 2020

1912.50

0.65%

ICICI Lombard General Insurance Comp. Ltd

Sell: ICICI Lombard General Insu...

Recommendation Target

Karvy

Valuation and Risks: We have valued the stock based at 7.55x 1-yr forward P/BV mean at 0.8 x discount and has arrived at a price target of Rs. 1155 with potential downside of 13% and we rate it SELL'.

ICICI Lombard General Insurance Company Ltd. is trading above its 200 day SMA of 1864.9

ICICI Lombard General Insurance Company Ltd.

11 May 2020

1912.50

0.65%

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED

Hold: ICICI Lombard General Insu...

Target

Geojit BNP Paribas

In Q4FY20, Gross Direct Premium Income (GDPI) dropped 8.7% YoY, negatively impacted by de-growth of 4.1% YoY in Motor GDPI. Net premium increased 6.7% YoY, owing to Fire segment (+89.0% YoY). ROE increased 130bps YoY, supported by PAT (+23.8% YoY). The company's strong distribution network should help the company to withstand the challenging times. Hence, we maintain our HOLD rating with a revised target price of Rs. 1,321 based on 7.0x FY22E BVPS. GDPI declines on weak Motor segment...

ICICI Lombard General Insurance Company Ltd. is trading below its 50 day SMA of 1915.7

ICICI Lombard General Insurance Company Ltd.

29 Apr 2020

1912.50

0.65%

General Insurance: Mar-20: GDPI declines due to Lockdown

Sell: ICICI Lombard General Insu...

HDFC Securities

With a long run-way of growth, improving regulatory environment, and strong innovation opportunities, we remain positive on the general insurance sector. Regulatory crack-down on motor TP pricing is key risk. Pvt. multi-line insurers Mar-20/FY20 GDPI grew -16.2/+11.7% YoY to Rs 67.1/911.8bn. Decline in Mar-20 was along expected lines as new policy sales have declined as a result of the lockdown and renewals have been impacted by the forbearance (until 15-May-20) given by IRDAI on premium payments, and extra time (until June-20) allowed for claiming deduction under the IT Act, for the purchase of health cover.

ICICI Lombard General Insurance Company Ltd. is trading above its 200 day SMA of 1864.9

ICICI Lombard General Insurance Company Ltd.

23 Mar 2020

1912.50

0.65%

General Insurance (Update): Feb-20: Pvt. multi-line insurers' GDPI growth improves to 11.3% YoY

Sell: ICICI Lombard General Insu...

Target

HDFC Securities

We will be reviewing our numbers and recommendations once we have a better understanding of the Covid-19 situation. ICICIGI: GDPI (ex-crop) increased 13.3% YoY to Rs 10.4bn. Growth momentum (ex crop) improved from -2.0/12% YoY seen in Dec-19/Jan-20. Health and Motor OD business reported growth (ahead of industry) of 12.4% and 12.7% respectively. FY20TD GDPI for ICICIGI stands at Rs 125.7bn (-7.5% YoY), with ex-crop GDPI is healthy at Rs 121.7bn (+13.9% YoY). We have a SELL on ICICIGI with a TP of Rs 1,170 (Mar-22E P/E of 26.0x and a P/ABV of 5.7x). ICICIGI is currently trading at a FY21/22E P/E of 26.6/22.3x and P/ABV of 4.9/4.0x. NIACL: GDPI grew to Rs 19.3bn, +24.2% YoY (ex. crop at Rs 18.6bn, +26.0% YoY) led by growth primarily in health business. Growth in retail business segments such as motor TP/health improved moderately to 20.7/30.3% YoY. FY20TD GDPI for NIACL stands at Rs 246.9bn (+15.6% YoY), ex-crop GDPI at Rs 219.1bn (+12.7% YoY). We have a SELL on NIACL with a TP of Rs 130 (0.65x Mar-22E ABV (less 5% discount for expected 10.4% supply). NIACL is currently trading at a FY21/22E P/E of 7.4/6.2x and P/ABV of 0.4/0.4x. Bajaj Allianz General Insurance (BAGIC): GDPI slipped by 1.4% YoY in Feb-20 to Rs 7.0bn, (ex-crop GDPI at Rs 6.6bn +1.6% YoY) led by sharp decline in crop business (-32.2% YoY). Motor OD GDPI declined 8.6% YoY vs. industry decline of 2.7% YoY. FY20TD GDPI for BAGIC stands at Rs 120.5bn (+20.1% YoY), while GDPI (ex-crop) is Rs 89.4bn...

ICICI Lombard General Insurance Company Ltd. is trading below its 50 day SMA of 1915.7

ICICI Lombard General Insurance Company Ltd.

27 Jan 2020

1912.50

0.65%

ICICI LOMBARD GENERAL INSURANCE COMPANY LIMITED

Hold: ICICI Lombard General Insu...

Target

Geojit BNP Paribas

The combined ratio worsened to 98.7% compared with 95.9% in Q3FY19 mostly due to roll out of long term insurance policies. The de-growth in the Crop segment and higher loss ratio in the Motor OD segment would affect the profitability in the short term. Hence, we...

ICICI Lombard General Insurance Company Ltd. is trading above its 200 day SMA of 1864.9

ICICI Lombard General Insurance Company Ltd.

22 Jan 2020

1912.50

0.65%

ICICI Lombard General Insurance Comp. Ltd:

Hold: ICICI Lombard General Insu...

Karvy

Improvement in Underwriting Performance and Increase in Fire and Retail Health GDPI Worked in Favour.

ICICI Lombard General Insurance Company Ltd. is trading below its 50 day SMA of 1915.7

ICICI Lombard General Insurance Company Ltd.

19 Jan 2020

1912.50

0.65%

ICICI Lombard (3QFY20): Beat on combined ratio, offset by lower investment income. Maintain SELL

Sell: ICICI Lombard General Insu...

Target

HDFC Securities

We expect changing regulations in motor to drive down both claims and tariffs, creating supernormal profitability in the short term. We believe that this period (of super-normal profitability) will be short lived, as we expect IRDAI to clamp down on TP pricing restricting profitability. We believe market is not factoring this risk, accordingly we rate ICICIGI a SELL with a reduced TP of Rs 1,126 (Dec-21E P/E of 26x and a P/ABV of 5.7x). ICICIGIs 3QFY20 saw NEP growth of 16.4% YoY (ex crop 22.2% YoY, +10.3% vs. est.) to Rs 24.5bn, decline in COR (calc.) to 99.5% was also better than est., but investment yield of ~7.3% (-80/-114bps YoY/QoQ), weighed on APAT, which at Rs 2.94bn grew +23.0/-14.9% YoY/QoQ, (-2.6% vs. est.)