ICICI Lombard - Market Share Accretion To Continue Across Core Segments: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.Continued investments in retail health and growth momentum in old as well as new vehicle insurance have led to an improvement in ICICI Lombard General Insurance Ltd.’s market share. In the health segment, with growing traction of the newly launched retail solution ‘Elevate’, ICICI Lombard is confident of gaining market share at a faster pace in the medium term. We expect ICICI Lombard to report a net earned premium/profit after tax compound annual growth rate of 18%/20% during FY24-FY27. We expect the company to deliver an return on equity of 20.2%/20.6% in FY26E/FY27. International Financial Reporting Standards implementation will be earnings and return on equity accretive owing to the amortization of acquisition costs that are booked upfront under IGAAP. We have not built in the upsides in our estimates for IFRS implementation. However, we assign a relatively higher multiple of 38 times on Sep’26E earnings (10% premium) to arrive at a fair value of Rs 2,650. This is also supported by our discounted investment income approach, assuming no underwriting profitability perennially that yields a fair valuation of Rs 2,600.We reiterate our Buy rating and raise our target price of Rs 2,650 (premised on 38 times Sept’26E)..Click on the attachment to read the full report:.A Colossal Multi-Decade Investment Opportunity Beckons In Indian Power Sector: Motilal Oswal's Thematic View.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Lombard - Market Share Accretion To Continue Across Core Segments: Motilal Oswal

The brokerage reiterates its 'Buy' rating on the stock and raise target price to Rs 2,650.

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ICICI Lombard - Market Share Accretion To Continue Across Core Segments: Motilal Oswal

The brokerage reiterates its 'Buy' rating on the stock and raise target price to Rs 2,650.

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