Limited Period Offer:Be a PRO for 1 month @Rs49/-Multiple payment options available. Know More

Accumulate ICICI Prudential Life Insurance; target of Rs 526: KR Choksey

KR Choksey recommended Accumulate rating on ICICI Prudential Life Insurance with a target price of Rs 526 in its research report dated April 22, 2021.

April 22, 2021 / 04:00 PM IST
 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

KR Choksey's research report on ICICI Prudential Life Insurance


The Gross written premium (GWP) grew 32.2% QoQ on improved momentum. New business premium (NBP) grew 49.4% QoQ. The mix between protection and savings on Annual premium equivalent (APE) basis is 16.18% and 83.8% respectively. The sum assured market share was at 13% for the year. Value of new business (VNB) margin for FY2021 was 25.1%. Value of New Business rose 25.7% YoY. The total assets under management of the Company grew by 40% YoY. Solvency was at 217%. Cost ratios was 14.8% from 15.9% last year.



Outlook



We maintain our target price at INR 526, valuing it at 1.8x P/EV on FY23E EVPS of INR 294.9 and a VNB multiple of 15x to arrive at a weighted average Target Price of INR 526 per share (50:50 weights on the P-EV and appraisal value methodology); indicating a 10.3% upside to the CMP. Accordingly, we downgrade the rating on the stock to an ACCUMULATE.


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.

Broker Research
first published: Apr 22, 2021 04:00 pm

stay updated

Get Daily News on your Browser
Sections