Buy ICICI Prudential Life Insurance; target of Rs 680: KR Choksey

The research firm ICICI Securities believes earnings of apparel brands and retail companies under their coverage may surprise positively from Q3FY22E as the likely demand recovery may result in better than expected margin performance. Some of the costs savings achieved during pandemic may sustain and coupled with high operating leverage may lead to higher than pre-covid margins from Q3FY22E.  Stocks like Trent, V-Mart and Aditya Birla Fashion and Retail are the preferred picks backed by their strong and consistent track record of execution.

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26 Aug, 2025 12:21

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KR Choksey's research report on ICICI Prudential Life Insurance

In Q1FY23, the GWP grew 5.7% YoY while declined -38.0% QoQ owing to sequential fall in across all the segments. NBP de-grew 31.3% QoQ while grew 23.4% YoY in Q1FY23. APE for Q1FY23 stood at INR 15,200 Mn, an increase of 24.7% YoY while declined 41.7% QoQ. The VNB for Q1FY23 grew by 31.6% YoY to INR 4,710 Mn. The VNB margin for Q1FY23 stood at 31.0%, up from 29.4% for Q1FY22. The solvency ratio was 204% against the regulatory requirement of 150%. The total assets under management of the company were INR 2,300.7 Bn as on June 30, 2022, a growth of 3.1% over INR 2,231.7 bn as on June 30, 2021.

Outlook

We assign a 2.3x P/EV on FY24E EVPS of INR 295.6 and a VNB multiple of 24.0x to arrive at a weighted average Target Price of INR 680 per share (previously INR 772 per share) (50:50 weights on the P/EV and appraisal value methodology); indicating a 30.0% upside from the CMP. Accordingly, we re-iterate our “BUY” rating on the shares of ICICI Prudential Life Insurance Ltd.

More Info

At 16:01 hrs ICICI Prudential Life Insurance Company was quoting at Rs 520.10, down Rs 2.80, or 0.54 percent.

It has touched an intraday high of Rs 522.70 and an intraday low of Rs 513.45.

It was trading with volumes of 24,383 shares, compared to its thirty day average of 48,236 shares, a decrease of -49.45 percent.

In the previous trading session, the share closed up 1.07 percent or Rs 5.55 at Rs 522.90.

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 28.21 percent below its 52-week high and 20.95 percent above its 52-week low.

Market capitalisation stands at Rs 74,763.78 crore.

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ICICI Prudential Life Insurance - 190722 - kr