ICICI Lombard - Cyclical Recovery Can Protract, Fundamentals Remain Intact: ICICI Securities
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ICICI Securities Report
We expect ICICI Lombard General Insurance Co. Ltd.’s (ICICIGI) health product/channel mix to be reoriented as its principal bancassurance partner (ICICI Bank Ltd.) reduces it focus on sale of credit-linked attachment products.
Near-term challenges for ICICIGI include:
1) sustained competitive intensity and higher claims in motor OD, and
2) delay in motor TP price hike.
However, with emphasis on retail sales, new partnerships and new products amid strong demand and favourable base, we expect ICICIGI’s health segment growth to recover in FY22E/FY23E.
Revival of premium growth in motor segment and possible price hikes in motor TP remain positive triggers.
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