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Ideas for Profit | Why ICICI Pru Life Insurance is a long-term buy despite muted topline growth

April 25, 2019 / 01:54 PM IST
Ideas for Profit | Why ICICI Pru Life Insurance is a long-term buy despite muted topline growth

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

ICICI Prudential Life Insurance, one of the top private insurers in India, reported a 30 percent year-on-year (YoY) net profit decline in FY19. But then, accounting profits are not the right yardstick to analyse insurance companies. ICICI Pru’s higher operating costs to grow its term insurance business, also called the protection business, led to a drag on reported profit. This is because accounting rules dictate that commission paid to agents is recognised upfront while premium income is amortised over four...

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