Prabhudas Lilladher's research report on ICICI Prudential Life Insurance
ICICI PruLife's margins were a beat from our expectations at 16.5% for FY18 (Ple: 13.9% for FY18) mainly on change in product mix and better operating efficiency. The company has shown strong improvement in operating performance (margins/persistency/cost).
Outlook
Increase in protection mix has led to change our stance to "BUY" from Accumulate and increased the TP to Rs520 (up from Rs464), valuing it at Rs746 bn (up from Rs666 bn) which translates to 3.0x FY20E EV.
For all recommendations report, click here
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