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SBI General displays standout growth, ICICI Lombard remains weak

* The gross direct premium income (GDPI) for private sector diversified general insurers was up 1.8% MoM and 19.0% YoY.

* Among private sector diversified players, SBI General displayed standout growth of 170% MoM and 96% YoY.

* ICICI Lombard’s weakness in revenue growth continued with GDPI down -10.7% MoM and up just 4.3% YoY. We currently have a less than bullish ADD rating.

* HDFC Ergo’s growth was reasonably healthy at 40.3% MoM and 19.5% YoY.

* Public sector diversified general insurers de-grew -15.6% MoM but grew 15.8% YoY, dragging down growth for the overall sector on MoM basis.

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