Sharekhan's research report on ICICI Prudential Life Insurance Company
VNB margins fell by 166 bps y-o-y to 21.2% versus estimates of 21.5% driven by an adverse product mix. Increased surrender value had a limited impact. VNB grew by 19% y-o-y (~7% below estimates) in Q3. For 9MFY25, VNB growth of 9% y-o-y much below the targeted high mid-teens. VNB margin could stabilise in a couple of quarters, driven by higher share of annuity, non-PAR and protection products. Strong growth continued across proprietary & bancassurance channel and strong group APE growth resulted in APE growth of ~28% / y-o-y although APE growth lagged estimates.
Outlook
We maintain a Buy with a revised PT of Rs. 750. Stock trades at 1.8x/1.6x/1.4x its FY2025E/FY2026E/FY2027E EVPS.
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