Buy ICICI Prudential Life Insurance Company: target of Rs 660: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on ICICI Prudential Life Insurance Company

ICICI Prudential Life Insurances APE grew by 4% y-o-y in Q4FY22 and ~20% y-o-y in FY22. Annuity and protection new business premiums grew by 29% y-o-y and 35% y-o-y, respectively in FY22. ULIPs had a steady ride, with the segment clocking a ~21% y-o-y growth amid buoyant equity markets. VNB recorded robust growth of 33% y-o-y in FY22 to Rs. 2,163 crore, with VNB margins of 28%, up by 290 bps y-o-y, primarily on account of better product mix. ROEV was at 11% post mortality in FY22, (was at 15% ex. mortality & morbidity variance), declined by ~240 bps, a negative surprise due to higher mortality variance. The stock price has corrected by 25% from highs of Rs. 725 amid the pandemic scenario. However, we believe with the return to normalcy, the stock offers a good buying opportunity at the current levels. The stock trades at 2.1x/1.8x its FY2023E/FY2024E EVPS.

Outlook

We maintain a Buy with a revised PT of Rs.660.

More Info

At 17:30 ICICI Prudential Life Insurance Company was quoting at Rs 542.20, up Rs 1.35, or 0.25 percent.

It has touched an intraday high of Rs 568.90 and an intraday low of Rs 533.55.

It was trading with volumes of 175,923 shares, compared to its thirty day average of 54,986 shares, an increase of 219.94 percent.

In the previous trading session, the share closed up 1.14 percent or Rs 6.10 at Rs 540.85.

The share touched its 52-week high Rs 724.50 and 52-week low Rs 430.00 on 08 September, 2021 and 08 March, 2022, respectively.

Currently, it is trading 25.16 percent below its 52-week high and 26.09 percent above its 52-week low.

Market capitalisation stands at Rs 77,930.98 crore.

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