Nuvama

Adjusted for 1/n accounting, Q2FY26 GWP expanded 11.5% YoY (versus reported growth of just 1.2% YoY). Loss ratio (Ind-AS) decreased 190bp YoY to 71.8% (IGAAP at 71%, -129bp YoY). Ind-AS CoR fell 380bp YoY to 101%

Sector Update

General Insurance

October 16, 2025

Sep-25: GST cut defers motor growth

Industry GDPI reported strong expansion in Sep-25 as growth in fire (+32.1% YoY) and crop (+22.3% YoY) picked up while growth in motor (+8.2% YoY) moderated; growth in motor OD/TP slowed to just 7.9%/8.5% YoY as

Result Update

ICICI Lombard General Insurance Company Ltd

Capital gains drive PAT growth

For Q2FY26, ICICI Lombard posted muted 1.6% YoY GWP growth as growth slowed and it lost 63bp YoY market share in motor segment. CoRs rose 68bp YoY/219bp QoQ to 105.1% while excluding impact of CAT losses, CoR grew 126bp

Sector Update

General Insurance

October 07, 2025

Sep-25: Demand deferral hurts growth

For Sep-25, while overall industry GDPI growth of 13.2% YoY was strong, industry growth ex-specialised insurers came in at just 2.1%. Industry growth slowed due to postponement of demand for motor vehicles and health

Sector Update

General Insurance

September 17, 2025

Aug-25: Growth slows for motor

Industry GDPI logged sluggish growth in Aug-25 as growth for fire (+21.7% YoY) and health (+14.2% YoY) picked up while motor (+2.1% YoY) reported a moderation. Motor OD/TP growth slowed to just 4.2%/6.4% YoY as customers

Sector Update

General Insurance

September 10, 2025

Aug-25: Demand deferral hurts growth

In Aug-25, industry GDPI growth slowed down to just 1.6% YoY. Private multi-line insurers’ GDPI remained flat (-0.1% YoY) while public multi-line insurers outpaced their private counterparts with 15% YoY growth. Growth

Sector Update

General Insurance

August 21, 2025

Jul-25: Growth slows for Motor, Health

Industry GDPI growth was sluggish in Jul-25 as Fire picked up (+27.8% YoY), whereas Health (+3.2% YoY) moderated. GDPI-ex crop improved 7.3% YoY while Motor slowed with OD/TP GDPI increasing at a tepid 4.9%/7.3% YoY.

For Jul-25, industry GDPI growth slowed to just 2.4% YoY while growth for SAHIs surged 10.3% YoY. Private multi-line insurers’ GDPI decreased 3.3% YoY, whereas public multi-line insurers outperformed logging 3.4% YoY

Result Update

Star Health and Allied Insurance

Encouraging growth in fresh business

Adjusted for 1/n accounting, Q1 GWP grew 13.2% YoY (reported growth just 3.4% YoY). Loss ratios stayed elevated at 69.5% (+197bp YoY/-31bp QoQ) as price hikes are yet to flow in. CoR rose sharply by 301bp YoY to 102.2%

Sector Update

General Insurance

July 16, 2025

Jun-25: Growth in core segments slows

Industry GDPI growth was sluggish in Jun-25; growth in fire insurance (+20.6% YoY) picked up, whereas health insurance (+3.3% YoY) moderated. GDPI ex-crop insurance improved 9.3% YoY while motor insurance slowed with

Result Update

ICICI Lombard General Insurance Company Ltd

Strong investment income drives beat

ICICI Lombard delivered a soft uptick in Q1FY26 GWP of 1.5% YoY as growth slowed down in the motor and health segments. CoR increased 63bp YoY/44bp QoQ to 102.9%; excluding the impact of 1/n, CoR improved 10bp YoY to

Sector Update

General Insurance

July 07, 2025

Jun-25: Growth moderates

For Jun-25, industry GDPI growth moderated to 5.6% YoY while SAHIs expanded 10.5% YoY. Private multi-line insurers’ GDPI inched down 0.3% YoY; public multi-line insurers outpaced private players with 15.4% YoY growth.

Sector Update

General Insurance

June 10, 2025

May-25: Subdued growth

Industry GDPI growth moderated to 6.5% YoY in May-25 while SAHIs’ growth jumped 10% YoY. Private multi-line insurers’ GDPI increased at a muted 3.8% YoY; public multi-line insurers outperformed private players, logging

Sector Update

General Insurance

May 09, 2025

Apr-25: Growth picks up

For Apr-25, industry GDPI surged 13.5% YoY while SAHIs grew 11% YoY. Private multi-line insurers’ GDPI rose 10.9% YoY; public multi-line insurers outperformed private players with 18.7% YoY growth. Listed players logged

Result Update

Star Health and Allied Insurance

Loss ratios disappoint

Adjusted for 1/n accounting, Q4FY25 GWP grew 12.9% YoY (reported growth of just 3.4% YoY). Loss ratios stayed elevated at 69.2% (+512/-220bp YoY/QoQ); commission and expenses ratio also rose 131bp YoY. This resulted in

Sector Update

General Insurance

April 21, 2025

Mar-25: Key segments’ growth improves

Industry GDPI was flat in Mar-25 as health (+4.8% YoY) and fire (+1.0% YoY) remained slow while crop decreased (-40.6% YoY); GDPI ex-crop improved 4.8% YoY while Motor picked up with OD/TP increasing 7%/7.2% YoY. Retail

Result Update

ICICI Lombard General Insurance Company Ltd

Soft investment income leads to miss

For Q4FY25, ICICI Lombard delivered a soft 10.2% YoY GWP as a result of a slowdown in new vehicle sales, and deferred accounting of long-term products. CoRs fell 23bp QoQ while increasing 26bp YoY to 102.5%, as loss

Sector Update

General Insurance

April 09, 2025

Mar 25: Industry at a standstill

For Mar-25, industry GDPI is flat at 0.2% YoY while SAHIs posted growth of 11.2% YoY. Private multi-line insurers’ GDPI fell (-3.2% YoY), whereas public multi-line insurers reported sluggish growth (4.3% YoY). Listed

Sector Update

General Insurance

April 07, 2025

Growth and margins moderate

Easing sales of linked products along with growth pressure on credit life shall drag APE growth to mere 6.3% YoY. VNB margins are likely to remain largely stable at 24.6% (-47bp YoY) as growth slows, restricting VNB

Company Update

Star Health and Allied Insurance

Recalibration to improve CoRs

Given a sharp (58.5%) fall in stock price over last eight months, we upgrade the stock to ‘BUY’. We estimate corrective actions in the form of retail portfolio repricing and selective group business underwriting shall

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