Sharekhan's research report on ICICI Prudential Life Insurance
Q3 was stable, with operational numbers largely matching expectations, indicating an encouraging recovery. Annualised premium equivalent (APE) growth momentum continued across channels. APE increased by 13.7% y-o-y, VNB margin for 9M FY2021 improved to 26% (from 21.7% for FY2020). We find the insurance space attractive with a long growth runway and believe that players with strong balance sheets and business metrics stand to gain; IPRU is available at 2.4x / 2.1x its FY2022E / FY2023E EVPS.
We recommend a Buy rating on ICICI Prudential with a price target of Rs. 584.
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