Sharekhan's research report on ICICI Prudential Life Insurance
ICICI Prudential reported a ~34% y-o-y growth in APE, albeit on a lower base led by strong growth across its distribution channels. VNB margins stood at 24% vs estimates of 24.5% and 30% y-o-y.VNB margins lagged on an adverse product mix and higher expense ratio . VNB grew by 8% y-o-y to Rs. 472 crore.Management expects APE growth to outpace industry led by sustained strong growth across its distribution channels, while VNB growth would depend upon product mix and expense ratio.
Outlook
We maintain a Buy with a revised PT of Rs. 800 by increasing the multiple, given growth outlook improving. The trades at 2.1x/1.8x its FY2025E/FY2026E EVPS.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
