ICICIGI

ICICI Lombard reported 14% YoY growth in gross written premium in Q1 FY26. The health and motor segments showed strong traction. Margins improved due to better underwriting and claim management. With digital adoption rising and regulatory tailwinds, general insurance is poised for steady growth. Valuations at ~30x FY26 EPS are fair given strong fundamentals. ICICI Lombard remains a top pick in non-life insurance.