Geojit is bullish on ICICI Pru Life Insurance has recommended buy rating on the stock with a target price of Rs 450 in its research report dated January 12, 2018.
Geojit's research report on ICICI Pru Life Insurance
ICICI Life has strengthened its position in a highly competitive industry and remained the market leader among private life insurers with an overall market share of 12.0% and private market share of 22.3% in FY17. We believe that Indian life insurance industry is at the cusp of enormous growth driven by strong surge in volumes on the back of shifting preference of individuals to financial savings from physical savings. ICICI Life is well-positioned to capture the strong growth of Indian life insurance sector given its superior operational metrics and distribution tie-ups coupled with fast growing protection premiums.
Thus, we believe that ICICI Life will deliver healthy return ratios with RoE at 22% and ROEV at 15% in FY19E. Hence, we initiate coverage on ICICI Life and assign BUY rating with a TP of Rs450 (3.5x FY19E EV).
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