Future growth expectations in sales/revenue/volumes?

Expectation of mid-single-digit growth in new Motor sales, with continued competition impacting growth rates. Health segment projected to see double-digit growth, particularly in Retail Health due to new insurance adoption and inflationary effects. Commercial lines expected to rebound to double-digit growth, aided by improved Fire pricing discipline and increased government CAPEX. Anticipated overall Gross Direct Premium Income (GDPI) growth of about 8.3% in FY2025 with optimism for further growth in FY2026. Industry-wide impact of regulatory changes (1/n accounting) may cause subdued

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects a positive growth outlook for FY2026 amid some industry challenges. Motor segment growth is anticipated to be mid-single digit to potentially double-digit, with new sales expected to improve. Health segment is expected to see double-digit growth, driven mainly by Retail Health. Commercial lines, including Fire and Engineering, are expected to rebound to double-digit growth due to improved pricing discipline and increased CAPEX activity. The company aims to maintain Return on Equity (ROE) in the range of 16% to 20%, focusing on profitable growth and balancing underwriting ou

Any current/future new fundraising through debt or equity?

There is no mention of any current or planned fundraising through debt or equity in the provided transcript. The company focuses on driving profitable growth and maintaining strong financial metrics such as ROE (targeting 16%-20%) and solvency ratios well above regulatory requirements. Investment activities discussed relate to managing yields and capital gains rather than raising new funds. No specific plans or guidance regarding new issuance of debt or equity securities were indicated during the call or in the commentary.

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ICICI Lombard General Insurance Company LtdQ1 FY25Insurance

ICICI Lombard General Insurance Company Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,814P/E: 33.0Market Cap: ₹91.5K CrSector: Insurance

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

→Expectation of mid-single-digit growth in new Motor sales, with continued competition impacting growth rates.
→Health segment projected to see double-digit growth, particularly in Retail Health due to new insurance adoption and inflationary effects.
→Commercial lines expected to rebound to double-digit growth, aided by improved Fire pricing discipline and increased government CAPEX.
→Anticipated overall Gross Direct Premium Income (GDPI) growth of about 8.3% in FY2025 with optimism for further growth in FY2026.
→Industry-wide impact of regulatory changes (1/n accounting) may cause subdued growth in H1 FY2026, with potential unwinding in H2 improving full-year growth.
→Focus on profitable growth with a strong emphasis on driving Return on Equity (ROE) between 16% to 20% for sustainable value creation.
→Positive outlook underpinned by government policies, rate cuts, increased disposable income, and regulatory efforts fostering retail consumption.

Margin guidance

Category 3

→The company expects a positive growth outlook for FY2026 amid some industry challenges.
→Motor segment growth is anticipated to be mid-single digit to potentially double-digit, with new sales expected to improve.
→Health segment is expected to see double-digit growth, driven mainly by Retail Health.
→Commercial lines, including Fire and Engineering, are expected to rebound to double-digit growth due to improved pricing discipline and increased CAPEX activity.
→The company aims to maintain Return on Equity (ROE) in the range of 16% to 20%, focusing on profitable growth and balancing underwriting outcomes with investment returns.
→Combined ratio guidance remains cautious but aims for improvement; no explicit revision announced.
→Investment income expected to be influenced by interest rate trends; treasury team has increased portfolio yield to 7.55%, supporting earnings.
→Overall, ICICI Lombard is optimistic about delivering outperformance relative to industry growth while focusing on sustainable profitability.

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Fundraise plans

→There is no mention of any current or planned fundraising through debt or equity in the provided transcript.
→The company focuses on driving profitable growth and maintaining strong financial metrics such as ROE (targeting 16%-20%) and solvency ratios well above regulatory requirements.
→Investment activities discussed relate to managing yields and capital gains rather than raising new funds.
→No specific plans or guidance regarding new issuance of debt or equity securities were indicated during the call or in the commentary.

Order book

The provided pages of the ICICI Lombard General Insurance Co. Ltd. document do not contain specific information regarding the company's current or expected orderbook or pending orders. The discussion primarily focuses on financial performance, underwriting, investment income, market growth outlook, pricing, and regulatory impacts. There is no mention or data related to orderbook or pending orders in the excerpts from the earnings call. If you require details on orderbook or pending orders, please provide the relevant pages or sections from the document.

Capex plans

Yes

The document does not explicitly mention any specific current or future capex, capital investment, or strategic investment plans by ICICI Lombard General Insurance Co. Ltd. However, the following relevant points can be inferred: - The company anticipates growth in Commercial lines driven by government CAPEX and related activities, suggesting an indirect impact of government capital spending on their business. - The focus remains on maintaining underwriting discipline, improving ROE (targeting 16%-20%), and leveraging profitable opportunities including domestic and reinsurance inward business. - No direct mention of capital investments or strategic acquisitions is provided in the extracted discussion from the Q4 FY2025 earnings call or the investor presentation content. Therefore, as per the available information, no clear or detailed plans on capex or strategic investments have been disclosed.

How does ICICI Lombard General Insurance Company Ltd rank vs peers in Insurance?

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1ICICI Lombard General Insurance Company Ltd

Rev 4Mar 3

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