ICICI Lombard - Cyclical Recovery Can Protract, Fundamentals Remain Intact: ICICI Securities
An insurance guide assists resident to sign up for a health insurance plan. (Photographer Andrew Harrer/Bloomberg)

ICICI Lombard - Cyclical Recovery Can Protract, Fundamentals Remain Intact: ICICI Securities

BQ Blue’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 BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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.

Click on the attachment to read the full report:

ICICI_Lombard_Q4FY21_results.pdf

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