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Anand Rathi reiterates buy on ICICI Lombard General Insurance, target price of Rs 1,450

Buy ICICI Lombard General Insurance Company Ltd. at a price target of Rs 1450.0 .

Updated: Sep 04, 2019, 08.53 AM IST
Anand Rathi has reiterated its buy rating on ICICI Lombard General Insurance in the long term with a target price of Rs 1,450 per share citing its impressive underwriting performance, diversified product mix, strong distribution network and favourable macro traits. Shares of ICICI Lombard declined 5.37% to Rs 1,190.95 on Tuesday while BSE Sensex plunged 769.88 points to 36,562.91.

Company Financials

For the quarter ended 30-06-2019, the company has reported standalone sales of Rs 374.33 crore, up 26.15 % from last quarter Sales of Rs 296.74 crore and up 13.56 % from last year same quarter sales of Rs 329.63 crore. The company has reported net profit after tax of Rs 309.81 crore in the latest quarter.

Investment Rationale

With focus on SME insurance market and cross selling opportunities, ICICI Lombard looks to drive growth on the back of initiatives like expanding distribution network to increase penetration in tier-3 and tier-4 cities, said the brokerage.

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