The profitability of the company in the near-term might be affected by resurgence of the pandemic. This along with spike in claim expenditure for health insurance line, and subdued performance of motor insurance line due to increased competition are expected to be the key factors determining the financial metrics. Hence, with a cautious stance, we maintain our HOLD rating on the stock with a revised target price of Rs. 1,636 based on 7.5x FY23E BVPS. Strong performance from P&C; segment led to increased GDPI...