ICICI Direct's research report on ICICI Lombard General Insurance
ICICI Lombard is among the leading multi-line players in the general insurance space with ~8.6% market share on an overall basis. Motor segment contributes over 40% of total premium • General insurer is among the most profitable and consistent in terms of return ratios with RoE of ~14% for a sustainable period.
Outlook
Thus, we maintain our HOLD rating on the stock. Rolling to FY25E, we value ICICI Lombard at 2.1x FY25E premium (50% weight), 1.1x FY25E float (50% weight) and maintain our target price at Rs 1300/share.
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