Sharekhan’s research report on ICICI Lombard General Insurance
ICICI Lombard General Insurance Company's (ILGI) profitability missed our estimates, owing to an increase in underwriting loss. PAT came in at Rs. 318 crore versus our expectation of Rs. 442 crore and declined by ~29% q-o-q (up 1% y-o-y). We believe the company's focus on diversifying into tier-3 and 4 cities is positive and will help the company to ride on a diversifying product mix and multi-channel distribution network, backed by robust risk selection and strong investment returns. Merger with Bharti Axa is expected to bring in cost and operational efficiencies going ahead.
We maintain our Buy rating on ILGI with a PT of Rs. 1,750.
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At 14:43 hrs ICICI Lombard General Insurance Company was quoting at Rs 1,372.25, down Rs 53.25, or 3.74 percent.
It has touched an intraday high of Rs 1,395.00 and an intraday low of Rs 1,319.00.
It was trading with volumes of 75,802 shares, compared to its thirty day average of 14,274 shares, an increase of 431.07 percent.
In the previous trading session, the share closed down 1.28 percent or Rs 18.45 at Rs 1,425.50.
The share touched its 52-week high Rs 1,674.00 and 52-week low Rs 1,295.00 on 22 September, 2021 and 01 February, 2021, respectively.
Currently, it is trading 18.03 percent below its 52-week high and 5.97 percent above its 52-week low.
Market capitalisation stands at Rs 67,352.79 crore.
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