ICICI Securities's research report on ICICI Prudential Life Insurance Company
ICICI Prudential (IPRU) reported a volume decline of 5% YoY in total APE vs 10.2% YoY growth for private industry in Q1FY26. While volume growth was weak in Q1FY26 (retail APE down 9.2% YoY), margin performance was better (VNB margin improved to 24.5% in Q1FY26 from 22.8% in FY25) driven primarily by product mix change and cost optimisation. Its diversified channel mix (agency/direct/banca/partnership distribution/group APE mix is 25%/13%/30%/13%/19%, as of Q1FY26) remains unique among peers and significantly blunts risks to the business. Yet, IPRU’s ability to better optimise margins and volume shall be tested, considering its open architecture and fluctuation in products mix.
Outlook
Maintain BUY; INR 750 TP basis 1.75x (all unchanged) FY27E EV
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ICICI Prudential Life Insurance Company_23072025_ICICI Securities
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