HSIE ON ICICI LOMBARD GENERAL INSURANCE ; BUY | TP ₹2,000

• Net earned premium grew 18% during Q2. • PAT rose 15% YoY, supported by a 28% jump in investment income. • Management expects no incremental provisioning related to the Supreme Court matter after the provision taken in Q1FY27. • Target price implies ~30.5x September 2028E P/E. • HSIE sees sustained core market dominance supporting the valuation.

ICICI LOMBARD GIC LIMITED

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