General Insurance- ICICI Lombard Lags Private Sector Aggregate Growth In Motor, Health In July: Yes Securities

Yes Securities Report

In July 2023, the health segment posted gross direct premium income growth of 33.1%/45.1% YoY/month-on-month, to Rs 113.6 billion. Among key players, for the health segment, Bajaj Allianz grew the fastest YoY, up 887% due to one-off Rs 23 billion government scheme premium.

Excluding this government scheme premium, the YoY growth for Bajaj Allianz was 57%. Go Digit grew by 110% YoY. ICICI Lombard General Insurance Company Ltd. grew 20.9% YoY and 4.2% month-on-month (base being comparable both YoY and month-on-month).

HDFC Ergo posted growth of 9.9% YoY. State Bank of India general grew by 7.6% YoY. Excluding the Bajaj one-off, the health segment’s overall growth would have been 6.1%/15.7% YoY/month-on-month whereas the private sector health segment’s growth would have been 24.9%/19.9% YoY/month-on-month.

The motor segment posted a YoY/month-on-month growth of14.8%/1.8% to Rs 70.3 billion. Within the motor segment, private sector players grew 14.9% YoY whereas the public sector players grew 14.7% YoY.

Among key players, for the Motor segment, Go Digit displayed strong growth of 67% YoY, followed by IFFCO-Tokio at 30.5% YoY. ICICI Lombard grew by 10.4% YoY but de-grew -0.7% month-on-month (base being comparable YoY and month-on-month).

HDFC Ergo de-grew -9.7% YoY. SBI General de-grew -9.0% YoY.

The fire segment posted YoY/month-on-month growth of 11.8%/26.6% to Rs 24.2 billion whereas the crop segment displayed a de-growth/growth of -24%/138% YoY/month-on-month to Rs 26.9 billion.

Total GDPI grew 13.4%/29.9% YoY/month-on-month. We currently have a less-than-bullish 'Add' rating for ICICI Lombard.

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