ICICI Lombard, an insurance company, reported an underwriting loss of INR2.5b in 4QFY23 compared to a loss of INR2.9b in 3QFY23. Total GWP grew 2% YoY to INR40b in 4QFY23, and NEP was flat YoY to INR37b. The claims ratio increased to 74.2% in 4QFY23 from 70.3% in 3QFY23 as the loss ratio in Motor TP and other commercial lines was higher. The company's policyholders' investment income was INR6.2b, and the Combined ratio for the quarter stood at 104.2%. PAT for the quarter stood at INR4.4b, registering a strong growth of 40% YoY. In FY23, NEP grew 14% YoY while the combined ratio stood at 104.2% vs. 108.8%. The company's PAT growth over the same period was 26% YoY. The company has a BUY rating with a target price of INR1,400 (29x FY25E).