Buy ICICI Prudential Life Insurance; target of Rs 630: Motilal Oswal

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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Motilal Oswal's research report on ICICI Prudential Life Insurance

ICICI Prudential Life’s (IPRU) Annual Report reaffirms the company’s focus on steadily diversifying its product mix, especially, the non-par savings & protection segment. The addition of new-age partners and a wider presence across traditional channels will boost its business growth. The share of banca channel (excluding ICICI Bank) has increased to 14% in FY22 from 5% in FY18. These initiatives will provide the company with diversification benefits and drive an optimal business mix, thereby supporting margins. IPRU reiterated its guidance to double FY19 Value of New Business (VNB) by FY23 led by its 4P strategy.

Outlook

IPRU has reported 34% YoY growth in individual WRP in FY23 YTD and we estimate ~21% CAGR in new business APE and 23% CAGR in VNB over FY22-24E. We reiterate our Buy rating with a revised PT of INR630 (2.1x FY24E EV).

More Info

At 15:32 hrs ICICI Prudential Life Insurance Company was quoting at Rs 492.45, down Rs 4.25, or 0.86 percent.

It has touched an intraday high of Rs 505.00 and an intraday low of Rs 492.00.

It was trading with volumes of 23,352 shares, compared to its thirty day average of shares, a decrease of percent.

In the previous trading session, the share closed up 1.98 percent or Rs 9.65 at Rs 496.70.

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 32.03 percent below its 52-week high and 14.52 percent above its 52-week low.

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