Add ICICI Lombard General Insurance Company, target price Rs 1245.: Yes Securities

Yes Securities has add call on ICICI Lombard General Insurance Company with a target price of Rs 1245. The current market price of ICICI Lombard General Insurance Company is Rs 1097.

ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 55530.84 Crore) operating in Financial Services sector.

ICICI Lombard General Insurance Company key Products/Revenue Segments include Miscellaneous Insurance, Other Operating Revenue, Fire Insurance and Marine Insurance for the year ending 31-Mar-2022.


Financials
For the quarter ended 31-12-2022, the company has reported a Standalone Total Income of Rs 4570.11 Crore, down -2.86 % from last quarter Total Income of Rs 4704.51 Crore and up 13.71 % from last year same quarter Total Income of Rs 4019.13 Crore. Company has reported net profit after tax of Rs 352.53 Crore in latest quarter.

The company’s top management includes Mrs.Lalita D Gupte, Mr.Murali Sivaraman, Mr.Sandeep Batra, Mr.Ashvin Parekh, Mr.Suresh Kumar, Mr.Uday Chitale, Mr.Ved Prakash Chaturvedi, Mr.Sanjeev Mantri, Mr.Alok Kumar Agarwal, Mr.Bhargav Dasgupta, Mr.Rakesh Jha. Company has Chaturvedi & Co. as its auditors. As on 31-12-2022, the company has a total of 49 Crore shares outstanding.

Investment Rationale
The brokerage maintains ADD rating on the company with a revised price target of Rs 1245: It values ICICIGI at 28x FY24 P/E for an FY22-25E EPS CAGR of 25%. At our target, the implied FY24E P/B is 5.3x whereas the FY24/25E RoE profile is 19.1/19.3%.

Promoter/FII Holdings
Promoters held 48.02 per cent stake in the company as of 31-Dec-2022, while FIIs owned 23.39 per cent, DIIs 16.63 per cent.