Buy ICICI Prudential Life Insurance Company; target of Rs 450: Anand Rathi
Anand Rathi is bullish on ICICI Prudential Life Insurance Company has recommended buy rating on the stock with a target price of Rs 450 in its research report dated May 13, 2020.
May 16, 2020 / 03:38 PM IST
Anand Rathi 's research report on ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Ltd. (IPRU) recorded 4.8% year-over-year (y/y) increase in gross premium to Rs.106.47 billion in Q4FY20, primarily due to growth in new business premium. Renewal premium decreased 4.1%% y/y. Net premium income (net of reinsurance) increased 4.2% y/y Rs.104.75 billion in the quarter. The quarter witnessed negative income from investment of Rs.188.13 billion as against income of Rs.58.39 billion in Q4FY19. Profit after tax declined 31.5% y/y to Rs.1.78 billion.
We continue to remain positive on the company and maintain our BUY rating with a revised target price of Rs.450 per share.
For all recommendations report, click here
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