Buy ICICI Prudential Life Insurance Company; target of Rs 800: ICICI Securities

ICICI Securities is bullish on ICICI Prudential Life Insurance Company has recommended buy rating on the stock with a target price of Rs 800 in its research report dated January 14, 2026.

Broker Research

January 19, 2026 / 21:11 IST

Buy

ICICI Securities's research report on ICICI Prudential Life Insurance Company

ICICI Prudential (IPRU) witnessed a recovery in APE and VNB growth in Q3FY26 led by GST tailwinds, weak base and stronger execution. This is evident from negative APE/VNB movement of 4.1%/0.9% in H1FY26 but 3.6%/19% increase in Q3FY26 (all on YoY basis). The same factors lifted margin to 24.4% (up 315bps YoY) in Q3, despite non availability of input tax credits. Positives include better outlook on growth and margins, especially on a benign base while weaker persistency and agency show remain overhangs. IPRU’s diversified channel mix (agency/direct/ banca/partnership distribution/group APE mix is 26%/14%/29%/13%/17%, as of 9MFY26) remains unique vs. peers, and significantly trims the risks to its business.

Outlook

Maintain BUY; TP revised to INR 800 (vs. INR 720), basis 1.7x FY28E EV (earlier FY27E EV)

For all recommendations report, click here