Buy ICICI Prudential Life Insurance; target of Rs 532: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research repor on ICICI Prudential Life Insurance

ICICI Prudential Life Insurance (IPRU) posted strong results, indicating an encouraging recovery in topline, while VNB margins and APE growth improved q-o-q. Annualized premium equivalent (APE), at Rs. 1,465 crore grew by 78% q-o-q; VNB margins improved to 27.4% (from 24.4% for Q1FY2021), hinting at an improving outlook. We find the insurance space attractive, given a long runway for growth and believe that players with strong balance sheets and business metrics would be able to tide over the crisis.

Outlook

We recommend a Buy rating on the stock with a price target of Rs. 532.

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