Emkay Global Financial's research report on ICICI Pru Life
ICICI Pru Life (IPRU) hosted its Analyst Meet 2024, where it introduced its 3C framework of Customer Centricity, Competency, and Catalyst that will enable it to deliver sustainable VNB growth by balancing business growth, profitability, and risk. Diversified product and distribution have resulted in better-thanindustry growth, while the company aspires to maintain a prudent risk management approach. For YTDFY25, IPRU has grown its Retail APE and Total APE at 41% YoY and 29% YoY, respectively, which is materially above the industry and private industry growth. Given IPRU's lower dependence on nonlinked saving products and higher overall growth, we see an upside risk to our FY25 APE estimates.
Outlook
After the strong run up of IPRU shares in the last 3 months, the stock is currently trading near our Target Price (TP) of Rs750/share, and we shall review our estimates and TP in due course.
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