YES Securities' research report on ICICI Pru Life
We remain positive on ICICI Pru Life, given its strong delivery in terms of VNB margins (highest amongst listed peers). With benefits of base effect (ICICI Bank focusing only on protection, annuities and ULIPs from Jan 2020), APE growth should come back from Q4 FY21.
Outlook
Valuations are attractive at FY22E P/EV of 2x. Reiterate as top pick.
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