Motilal Oswal Recommends 'BUY' on ICICI Lombard with Rs 2260 Target

• ICICI Lombard's gross written premium grew 15% YoY in 3QFY26 to INR74.3 billion.
• Net Earned Premium (NEP) increased 13% YoY to INR56.9 billion, with 9MFY26 growth at 13% YoY to INR165 billion.
• The claims ratio rose to 68.7% in 3QFY26 from 65.8% in 3QFY25, impacting the combined ratio which reached 104.5%.
• Profit After Tax (PAT) declined 9% YoY to INR6.6 billion in 3QFY26, but grew 11% YoY for 9MFY26 to INR15.7 billion.
• Motilal Oswal maintains a 'BUY' rating with a target price of INR2,260, based on 28x FY28E EPS, despite a 4% EPS decline due to higher motor claims.

Why It Matters: Motilal Oswal recommends buying ICICI Lombard shares, setting a target price of Rs 2260.