Combined ratio misses estimate on higher opex

Company
17 Jan 2024
5 Min read 
  • ICICI Lombard's 3QFY24 results showed a miss in PAT due to lower investment income.
  •  Claims ratio and combined ratio were in line with estimates.
  •  NEP grew by 14% YoY, with growth in health, motor, and crop segments.
  •  Underwriting loss increased, while investment income was lower than expected.
  •  The company has maintained its guidance of a combined ratio of 102% by FY25.
  •  Estimates have been cut, but the rating remains a BUY with a TP of INR1,650.
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