Strong growth rates in Q3FY24 hold more target gains for ICICI Lombard

The growth may be driven by a pickup in the motor segment as competition eases and an increased focus on retail health. Merger synergies could result in higher yields

ICICI Lombard General Insurance Company had a steady quarter which keeps it on track to achieve growth targets. It reported a 22 per cent year-on-year (Y-o-Y) growth in net profit in Q3FY24, while the gross domestic premium income surged 15 per cent Y-o-Y in Q3FY24 to Rs 6,400 crore.  

The management says it will continue to invest in digital and health agency channels to accelerate future growth but it is also on track to achieve 102 per cent combined ratio by the end of FY25. The net profit could grow at 23 per cent compounded annually over FY24-26.

The growth