Financial Services News

ICICI Lombard share price: Buy ICICI Lombard General Insurance Company, target price Rs 1500: Motilal Oswal Financial Services


has buy call on ICICI Lombard General Insurance Company with a target price of Rs 1500. The current market price of ICICI Lombard General Insurance Company is Rs 1229.1.

ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 59615.59 crore) operating in Financial Services sector.

ICICI Lombard General Insurance Company key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance for the year ending 31-Mar-2022.

Financials

For the quarter ended 30-06-2022, the company has reported a Standalone Total Income of Rs 4149.38 crore, down -13.55 % from last quarter Total Income of Rs 4799.75 crore and up 21.54 % from last year same quarter Total Income of Rs 3414.09 crore. Company has reported net profit after tax of Rs 349.03 crore in latest quarter.

Investment Rationale
MOSL expects the company to deliver a gross premium/PAT CAGR of 19%/27% over FY22-24, led by stronger new auto sales, investments in the health distribution channel and technology. It expects the expense ratio to fall to 27.9% in FY24 from 29.1% in FY22. The combined ratio/RoE is likely to improve to 102.2%/18.8% in FY24E from 108.8%/15.4% in FY22. It maintains BUY rating on ICICIGI with a TP of Rs 1,500 (35x FY24E P/E).

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