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Created: 2025-07-16 09:06:57 UTC
📊 ICICI Prudential Life Insurance Company Ltd | Broker Report | 𝘉𝘜𝘠 𝘊𝘢𝘭𝘭 🟢
🏢 𝘉𝘶𝘺 𝘐𝘊𝘐𝘊𝘐 𝘗𝘳𝘶𝘥𝘦𝘯𝘵𝘪𝘢𝘭 𝘓𝘪𝘧𝘦 𝘐𝘯𝘴𝘶𝘳𝘢𝘯𝘤𝘦; 𝘵𝘢𝘳𝘨𝘦𝘵 𝘰𝘧 𝘙𝘴 780: 𝘔𝘰𝘵𝘪𝘭𝘢𝘭 𝘖𝘴𝘸𝘢𝘭 📈 𝘙𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘢𝘵𝘪𝘰𝘯: BUY 🏛️ 𝘉𝘳𝘰𝘬𝘦𝘳𝘢𝘨𝘦: Motilal Oswal
ICICI Prudential Life Insurance (IPRU) reported a mixed 1QFY26. New business APE declined X% YoY, while VNB margin expanded to 24.5%. Motilal Oswal maintains a BUY rating with a target price of ₹780. 🚀
𝗕𝗿𝗼𝗸𝗲𝗿𝗮𝗴𝗲 𝗙𝗶𝗿𝗺: Motilal Oswal
𝗥𝗮𝘁𝗶𝗻𝗴: BUY
𝗧𝗮𝗿𝗴𝗲𝘁 𝗣𝗿𝗶𝗰𝗲: ₹780 (+16%)
𝗥𝗮𝘁𝗶𝗼𝗻𝗮𝗹𝗲: ▪ Cost optimization and favorable product mix support margins. ▪ Strong VNB margin performance. ▪ Expectation of robust VNB growth over the medium term.
𝗞𝗲𝘆 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: ▪ New business APE declined X% YoY to INR18.6b. ▪ VNB margin for the quarter stood at XXXX% (vs. XX% in 1QFY25). ▪ Shareholder PAT increased XX% YoY to INR3b. ▪ Gross premium grew X% YoY. ▪ Renewal premium growth of XX% YoY. ▪ Retail protection APE grew XX% YoY. ▪ Agency/direct channels saw a decline of 19%/15% YoY. ▪ AUM grew X% YoY to INR3.2t.
𝗠𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁 𝗖𝗼𝗺𝗺𝗲𝗻𝘁𝗮𝗿𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀: ▪ Focused on driving new business and improving renewal growth. ▪ Expect demand for ULIPs to return over time. ▪ Proprietary channel performance impacted by the increased share of annuity sales. ▪ Cost optimization initiatives to build a leaner operating structure.
𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻: ▪ Reiterate BUY with a TP of INR780 (based on 1.8x FY27E EV).
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹𝘀 & 𝗩𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 (𝗜𝗡𝗥 𝗯): ▪ FY25: Net Premiums: 472.6, Surplus / Deficit: 10.9, Sh. holder's PAT: 11.9, NBP growth unwtd (%): 24.4, APE (INRb): 104.1, VNB (INRb): 23.7, VNB margin (%): 22.8, EV per share: 332, RoEV (%): 13.3, Total AUMs (INRt): 3.1, Valuations P/EV (x): XXX
𝗦𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗶𝗻𝗴 𝗽𝗮𝘁𝘁𝗲𝗿𝗻 (%): ▪ Promoter: XXXX% (Mar-25) ▪ DII: XXX% (Mar-25) ▪ FII: XXXX% (Mar-25) ▪ Others: XXX% (Mar-25)
🔗 𝘙𝘦𝘢𝘥 𝘍𝘶𝘭𝘭 𝘙𝘦𝘱𝘰𝘳𝘵:
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