CS initiates coverage on general insurance and expects premium growth to resume in FY23E
- CS expects premium growth to resume in FY23E
- CS thinks ICICI Lombard’s execution on strong growth and earnings will cause shares to reprice
- CS expects profits to rebound as claims ratio improves sharply post-Covid
Even with lower premium market share, large private players have still maintained their share of industry profits through selective profit pool targeting, superior underwriting and strong investment results. Credit Suisse initiates hedge on ICICI Lombard with ‘OUTPERFORM’ rating and target price of Rs 1400 with 9% upside from CMP Rs 1280. Brokerage believes execution on growth and earnings strengths will lead to a revaluation of the shares.
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