HSBC maintains its Buy rating on ICICI Lombard, forecasting a 13% upside with a target price of Rs 2280. The company’s Q2 premium growth moderated but still remained above the industry average, while its core-combined ratio improved year-on-year.
HSBC noted that while a slowdown in new vehicle sales may impact near-term growth, the company is focusing on improving renewal rates in its motor insurance segment to mitigate this pressure. The brokerage remains optimistic about ICICI Lombard’s medium-term earnings potential, despite the current slowdown in underlying assets.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Please consult a financial advisor before making any investment decisions.
