Buy ICICI Prudential life insurance company; goal of Rs 750: Sharekhan
Sharekhan's studies record on ICICI Prudential life coverage business enterprise
VNB margins fell by means of 166 bps y-o-y to 21.2% as opposed to estimates of 21.five% pushed through an unfavourable product blend.
accelerated surrender cost had a constrained impact. VNB grew by means of 19% y-o-y (~7% under estimates) in Q3. For 9MFY25, VNB boom of nine% y-o-y much below the focused high mid-teenagers. VNB margin could stabilise in more than one quarters, driven with the aid of better share of annuity, non-PAR and protection products. robust growth persevered throughout proprietary & bancassurance channel and strong institution APE growth resulted in APE boom of ~28% / y-o-y even though APE boom lagged estimates.
Outlook
We preserve a buy with a revised PT of Rs. 750. inventory trades at 1.8x/1.6x/1.4x its FY2025E/FY2026E/FY2027E EVPS.
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ICICI Prudential lifestyles coverage Company_23012025_Sharekhan
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