Buy ICICI Prudential Life; target of Rs 755: YES Securities

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26 Aug, 2025 12:21

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YES Securities' research report on ICICI Prudential Life

Management laid down the factors that make them believe that the medium-term outlook for margin has a positive bias: While there could be some shift from Non-Par to lower-margin Par products due to the rate environment, the impact due to rising share of higher-margin Protection and Annuities would be more important. Retail protection would be coming back and the overall margin of Protection would be enhanced. Persistency delivery would also help enhance margin. Over a period of time, expense control would also contribute to improved margin.

Outlook

We maintain ‘Buy’ rating on IPRU with a revised price target of Rs 755: We value IPRU at 2.6x FY24 P/EV for an FY23E/24E/25E RoEV profile of 17.4/17.9%/18.0%.

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ICICI Prudential Life - 171022 - yes