ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corp. Holdings. The issuer offers protection for life and health along with pension products and services. Gross premium income down 9.2% YoY owing to drop in retail new business (-40.5% YoY) and group premium (-11.2% YoY). Value of New business (VNB) fell 35.0% YoY as new business APE for unitlinked (ULIP) business declined. However, VNB margin improved 340bps YoY driven primarily by an increase in protection mix. Profit after tax inched up 1.1% YoY to Rs. 288cr due to decline in operating expenses and claims payout.
OutlookGiven attractive valuation and upside potential, we reiterate our BUY rating on the stock with a revised TP of Rs. 512 at 2.5x FY22E EVPS.
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