ICICI Lombard General Insurance has received a maintained BUY rating from ICICI Securities, with the brokerage keeping its target price unchanged at ₹2,250. The recommendation comes on the back of strong financial performance and growth prospects despite facing some sectoral headwinds.

Strong Earnings Performance

The insurance company has demonstrated impressive financial growth across multiple timeframes. The company's earnings performance highlights its consistent growth trajectory and operational efficiency.

Valuation and Target Price Methodology

ICICI Securities has rolled forward its valuation methodology while maintaining the same target price. The revised approach reflects updated earnings expectations and market conditions.

The brokerage has adjusted its earnings estimates, implementing approximately 2-3% cuts in FY26 and FY27 projections. These revisions account for higher combined operating ratios and the natural lag between premium growth and earnings growth, excluding labour code costs.

Sectoral Challenges and Outlook

While acknowledging current sectoral challenges, ICICI Securities views these as cyclical rather than structural issues. The motor insurance segment has experienced lower growth rates and elevated loss ratios, impacting overall sector performance.

However, the outlook appears more optimistic for the near term:

• Motor growth trends showing signs of improvement
• GST cuts expected to drive better growth prospects
• Cyclical nature of current challenges suggests potential recovery

The brokerage emphasizes that the company's 16% earnings CAGR over five years demonstrates significant compounding potential, justifying a premium valuation multiple. Higher growth expectations serve as the primary driver for the improved FY28 earnings projections, supporting the maintained BUY recommendation despite near-term headwinds.

ICICI Lombard General Insurance Company Limited has disclosed the transcript of its earnings conference call for the quarter and nine months ended December 31, 2025, in compliance with regulatory requirements. The company submitted this disclosure to both BSE and NSE on January 19, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Earnings Call Details

The earnings conference call was hosted on January 13, 2026, where the company engaged with investors and analysts to discuss its financial performance for the specified period. This follows the company's earlier communications dated January 6, 2026, and January 13, 2026, regarding the same matter.

Regulatory Compliance

The transcript disclosure represents part of the company's ongoing commitment to transparency and regulatory compliance. The document was signed by Vikas Mehra, Company Secretary, and submitted to both major stock exchanges where the company's shares are listed.

Stock Exchange Information

ICICI Lombard General Insurance shares are traded on both major Indian stock exchanges with the following identifiers:

• BSE Scrip Code: 540716
• NSE Symbol: ICICIGI

Accessibility and Transparency

The company has ensured broad accessibility of the earnings call information by making the transcript available through multiple channels. In addition to the mandatory stock exchange filings, the transcript has been published on the company's official website at www.icicilombard.com , allowing stakeholders easy access to the financial discussions and management commentary.

This disclosure practice aligns with ICICI Lombard General Insurance's commitment to maintaining transparent communication with its investors and the broader financial community regarding its operational and financial performance.