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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
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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.


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 are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

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first published: Apr 22, 2021 04:00 pm

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