ICICI Lombard: Buy Call by ICICI Securities, Target Price Rs 2250

• ICICI Securities recommends a 'BUY' rating for ICICI Lombard General Insurance Company.
• The target price is set at Rs 2250, based on 28x FY28E EPS of Rs 79.4.
• ICICI Lombard reported healthy earnings growth of 25.4% between FY22-25 and 11.3% YoY in 9MFY26.
• The company's 5-year earnings CAGR stands at 16%, indicating strong compounding potential.
• Growth outlook is positive in the near term, supported by GST cuts, despite cyclical sectoral challenges.

Why It Matters: ICICI Securities maintains a 'BUY' on ICICI Lombard with a Rs 2250 target, citing strong earnings growth.