Gopal Balachandran, Chief Financial Officer and Chief Risk Officer at ICICI Lombard on Wednesday said that the company will grow 100-200 basis points (bps) higher than industry levels. He further said that he is expecting the insurance market to grow at 15-17 percent in current financial year i.e. FY24. -Across industries, he believes that multiple players have called for additional information from tax department.

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"The loss ratio will be in the range of 70-75 percent," he said while talking exclusively to CNBC-TV18 a day after the private sector general insurer reported a 39.6 percent year-on-year (YoY) rise in net profit at Rs 437 crore for the fourth quarter that ended March 31, 2023.

Commenting on the same, he said that motor TP on a full year basis is slightly lower at 72 percent.

"One-off transaction does not have a material impact on combined ratio. Increase in prices is one of the levers used to bring it down. We will continue to make investments to expand distribution to drive combined ratios lower," he told CNBC-TV18.

On wallet share, he said that it has moved to double digits in the last two years.

Balachandran further stated that they have got access to Axis Bank and HDFC Bank with Bharti AXA deal completion.

Meanwhile, brokerages gave 'buy' to 'overweight' ratings to the insurer after their earnings.

Jefferies maintained a 'buy' rating with a target of Rs 1,560 per share. It said that for the fourth quarter of FY23, the company's profit was ahead of estimates, aided by higher investment income. Morgan Stanley, meanwhile, maintained an 'overweight' rating with a target of Rs 1,400 per share.

On the other hand, UBS maintained a 'buy' rating on ICICI Lombard with a target of Rs 1,445 per share. It said the company's net income was above estimates, helped by higher-than-expected investment income and lower commissions.

JM Morgan maintained a 'neutral' rating with a target of Rs 1,160 per share. It said it does not have visibility to price in a beat to management guidance of 102 percent combined ratio by FY25.

(Edited by : Anshul)