ICICI Lombard General Insurance Company Ltd. share price target

ICICIGI reported a strong performance for Q3FY25, wherein GWP at Rs64.7bn (+0.6% YoY), impacted by the 1/n regulation, came in 0.9% lower than our estimate; however, combined ratio at 102.7% was significantly lower than our estimate of 103.9%, driving PAT of Rs7.2bn (+68% YoY) and beating our estimate by 12.4%.

ICICIGI’s gross domestic premium income (GDPI) was flat YoY in 3QFY25 at INR65b (in line), impacted by 1/n regulation implementation for longterm products.

In Q3FY25, ICICI Lombard’s PAT beat estimates at Rs. 724 crore, rising 68% y-o-y. Higher investment income (up 28% y-o-y) and lower claims ratio (in motor & commercial lines) drove strong earnings.

ICICIGI reported a mixed Q2FY25 result, where the operating performance at 10.8% YoY GWP growth and the combined ratio at 104.5% came in lower than our estimates.

ICICIGI’s GDP grew 11% YoY in 2QFY25 to INR69b (3% miss). NEP grew 17% YoY to INR50b (3% ahead of our estimates).

ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health segments by 179/83/85bp.

ICICI Lombard remains confident of a continued growth trajectory led by the motor and health
segments.

ICICI Lombard (ICICIGI), through its annual report, has reiterated its future
readiness to capitalize on this fast-growing general insurance industry.