Religare Retail Research report on ICICI Prudential Life Insurance Company
ICICI Prudential’s (IPRU) top-line remained muted in Q1FY24 as net premium income increased by 2% YoY to Rs 7,020cr. The flat net premium income was mainly due to decline in first year premium and single premium by 2% YoY and 6% YoY, respectively. Even though, the premium income remained flattish, net commission remained elevated at 25% YoY as first year commission and single commission saw a growth of 23% YoY and 94% YoY, respectively. Annualized premium equivalent declined by 4% YoY to Rs 1,460cr.
Outlook
We have revised the target price of the company upwards to Rs 679 and also changed rating to Buy from Accumulate valuing the company at a P/EV of 1.9x of its FY25E embedded value per share.
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