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Last Updated : Sep 17, 2019 11:10 AM IST | Source: Moneycontrol.com

ICICI Prudential gains 2% after Nomura remains bullish, sees 23% upside

Nomura has maintained buy call on the stock with a target price at Rs 510, implying 23 percent potential upside from current levels.

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Shares of ICICI Prudential Life Insurance gained 1.6 percent intraday on September 17 after Japanese brokerage house Nomura remained bullish on the stock. The firm sees a 23 percent potential upside from current levels.

"Savings business of insurance company continued to remain in contraction mode but it has surprised positively on the protection side," said the brokerage which expects ULIP business slowdown to continue.

It further expects 18 percent value of new businesses (VNB) CAGR over FY19-21.

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Nomura has maintained buy call on the stock with a target price at Rs 510, implying 23 percent potential upside from current levels.

ICICI Prudential Life Insurance is a private sector life insurer, promoted by ICICI Bank with 52.87 percent shareholding and Prudential Corporation Holdings Limited with 22.11 percent.

It is the top private insurer on RWRP (retail weighted received premium) basis. It has bancassurance relationship with parent ICICI Bank, which is its key distribution channel.

Earlier Arihant Capital after annual report analysis said management expects favourable demographics, rise in the working population, improving per capita income, increasing urbanization and shift towards household financial savings to provide strong potential for growth in premium income.

Through various customer awareness initiatives, company expects to drive continued improvement in persistency and quality parameters, it added.

Company operates in three lines of business (LOB); (a) Participating (Par) (b) non-participating non linked (non-par) (c) non-participating linked.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Sep 17, 2019 11:10 am
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