ICICI Lombard Q3 Review - Health Segment Faces Short-Term Challenges, Says ICICI Securities
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ICICI Securities Report
Health segment of ICICI Lombard General Insurance Company Ltd. will have to reorient its product and channel mix as the principal bancassurance partner (ICICI Bank Ltd.) is focusing less on the sale of credit-linked attachment products.
This can pose a near-term challenge in the growth of health segment (ICICI General Insurance Company health segment witnessed a decline of 3.9%YoY in nine-month FY21 versus industry growth of 13.7% YoY).
However, with a focus on retail sales, new partnerships, new products and favourable base, we expect the company to recover health segment growth in FY22E/FY23E.
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