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Motilal Oswal Report
ICICI Lombard General Insurance Company Ltd.'s NEP was 7.4% below our estimate at Rs 45 billion (up 16% YoY) in Q1 FY25. Its gross direct premium income was Rs 76.9 billion versus Rs 63.9 billion in Q1 FY24, (+20.4% YoY), higher than the industry growth of 13.3%.
The claims ratio came in at 74% versus 68.6% Q4 FY24 (our estiamte 70%). The combined ratio was 102.3% versus 102.2% in Q4 FY24 (our estimate ~101.5).
ICICI Lombard maintained its combined ratio guidance of 101.5% (exit rate of FY25). Profit after tax grew 49% YoY to Rs 5.8 billion in Q1, which was in line with our estimate.
Management expects the momentum in the auto segment to sustain and investments in the health business to yield results over the medium term. Reiterate Buy with a target price of Rs 2,200 (based on 34 times FY26E EPS).
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