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.
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