The combined ratio (COR) for ICICI Lombard (ICICIGI) remained elevated at 104.2/104.5% in Q4FY23/FY23. Recovery in motor loss ratio and traction in health (group as well as retail) remain the key investment theses. While motor loss ratio remains elevated (motor OD and motor TP FY22/FY23 loss ratio stood at 68/72.6% and 74/72%, respectively), there has been 31% YoY growth in retail health agency vertical in Q4FY23.