Buy ICICI Prudential Life ; target of Rs 787: YES Securities

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26 Aug, 2025 12:21

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YES Securities' research report on ICICI Prudential Life

Group term continues to pick up the slack for now, even as management guides for a bounce-back in retail protection in FY23: Overall protection APE rose 32.8% YoY in 4QFY22 to Rs 4.57bn and occupied a share of 17.5% in total APE. Protection APE growth was driven by group term business. In 4QFY22, share of the newly launched ROP product was 17% in retail protection APE. Management expects a revival in retail protection business as under-writing norms have now been calibrated and some of the supply-side issues (reluctance of customers to get medically tested) would also get addressed.

Outlook

We maintain ‘Buy’ rating on IPRU with a revised price target of Rs 787: We value IPRU at 3.1x FY23 P/EV for an FY23E/24E RoEV profile of 17.3/17.8%.

More Info

At 12:51 hrs ICICI Prudential Life Insurance Company was quoting at Rs 529.80, down Rs 12.40, or 2.29 percent.

It has touched an intraday high of Rs 553.15 and an intraday low of Rs 525.25.

It was trading with volumes of 51,216 shares, compared to its thirty day average of 54,986 shares, a decrease of -6.86 percent.

In the previous trading session, the share closed up 0.25 percent or Rs 1.35 at Rs 542.20.

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 26.87 percent below its 52-week high and 23.21 percent above its 52-week low.

Market capitalisation stands at Rs 76,148.72 crore.

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