The Gross Written Premium (GWP) for Q4FY24 stood at INR 151,500 Mn, a growth of 16.6%/ 47.3% QoQ, primarily led by a 16.7% YoY/ 59.8% QoQ surge in the New Business Premium (NBP). GWP was 9.9% higher than our estimates because a single premium segment performed better than expected. The Annualized Equivalent Premium (APE) was INR 36,150 Mn in Q4FY24, a jump of 89.6% QoQ/ 9.5% YoY, led by 92.1% QoQ growth in the first-year segment. APE was 5.2% higher than our estimates, led by higher growth in NBP. The Value of New Business Margin contracted by 1050 bps YoY/ 140 bps QoQ in Q4FY24 to 21.5% (vs. our est. of 26.5%). The Board has approved a final dividend of INR 0.60 per equity share for FY24.
OutlookWe assign a 1.5x P/EV on FY26E EVPS of INR 402.7 to arrive Target Price of INR 605 per share (earlier INR 545); indicating a 7.1% upside from the CMP. Accordingly, we maintain our rating at “ACCUMULATE”.
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ICICI Prudential Life Insuranc - 29042024 - krDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
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