Q3 results: ICICI Securities' revenue grows 4%, Lombard meets expectations

When subsidiaries contribute close to a fourth of the overall valuation, their performance assumes as much importance as that of the parent company. In that sense, the December quarter (Q3) was a mixed ICICI Bank’s subsidiaries — namely ICICI Lombard, ICICI Securities (I-Sec), and ICICI Prudential Life Insurance (I-Pru Life).
 
ICICI Lombard
 
Tepid participation from crop insurance products resulted in gross written premium (GWP) staying flat year-on-year (YoY) at Rs 3,770 crore in the third quarter. Even excluding crop insurance, GWP growth at 8 per cent lags industry growth of 13 per cent for the quarter. Much of