One of the key performance catalysts will be the growth in the health business
April 18, 2024 / 12:50 IST
Given that ICICI Lombard’s market share in retail health business is a mere 3-4 percent there is a long runway for growth.
Highlights
Premium growth above the industry
Growth in motor insurance accelerated but still lags industry growth
Strong growth in P&C and health insurance
Combined ratio declines due to fall in claim/loss ratio in motor segment
Investment income supports earnings
Guidance of lower combined ratio for FY25 is encouraging
Product mix change in favour of health can drive future profitability
Valuations rich but sustainable given superior franchise
ICICI Lombard General Insurance (CMP: Rs 1,649; Mcap: Rs 81,246 crore; Rating: Overweight) has reported healthy earnings in
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