Sharekhan's research report on ICICI Prudential Life Insurance
Value of new business (VNB) fell 7% y-o-y, while VNB margins dipped 100 bps y-o-y to 30%. APE declined by 4% y-o-y. Despite strong growth in retail protection and stable non-linked savings share, VNB margins were lower due to a change in product mix towards par and ULIP products. ICICI Bank channel continued to drag growth. Overall, ICICI Bank’s contribution declined to 13% in the APE mix versus a peak of 59% in FY2019. Agency/partnership channel grew at a slower pace 5%/7% y-o-y, while direct channel reported strong growth of 28.5% y-o-y.
Outlook
Stock trades at 2.0x/1.7x its FY2024E/FY2025E EVPS. We maintain a Buy rating and raise PT to Rs. 650.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
