HSBC ON ICICI LOMBARD ; HOLD | TP ₹1,820 | EARLIER TP ₹1,741

• Q2FY27 saw a sharper-than-expected improvement. • Beat was driven by higher retention rates and investment income. • Core combined ratio remained stable YoY. • Regulatory overhang increases risks. • HSBC believes ICICI Lombard is well placed to outperform peers, but current valuations already reflect this strength.

ICICI LOMBARD GIC LIMITED

← Back to feed