447.80 -1.55 (-0.34%)
NSENov 25, 2020 03:31 PM
The 24 reports from 9 analysts offering long term price targets for ICICI Prudential Life Insurance Company Ltd. have an average target of 482.78. The consensus estimate represents an upside of 7.81% from the last price of 447.80.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-02||ICICI Prudential Lif..||Geojit BNP Paribas||417.70||492.00||417.70 (7.21%)||9.87||Buy|
Geojit BNP Paribas
Quarter dented by weak ULIPs; Outlook positive ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corp. Holdings. The issuer offers protection for life and health...
|2020-10-28||ICICI Prudential Lif..||Nirmal Bang Institutional||408.90||534.00||408.90 (9.51%)||19.25||Buy|
ICICI Prudential Life Insurance Company- 2QFY21 Result Update- VNB margin expansion led by strong growth in ...
Nirmal Bang Institutional
VNB margin expansion led by strong growth in non-linked savings ICICI Prudential Life Insurance Company (IPLI) reported 22.9% YoY decline in APE at Rs14.65bn even as the overall business traction improved significantly on QoQ basis. The savings APE was down 23.8% YoY due to a 45.1% YoY decline in linked APE. Given the general risk aversion among consumers, demand for ULIPs has contracted over the last 12 months, but trends also suggest that traction in this segment has improved QoQ. ULIP APE on QoQ basis grew by 95.2%. SBI Life has also highlighted that they have seen improving trends in ULIPs. Non-linked savings APE witnessed a growth of 45.2% YoY, which is higher than the industry. Group savings APE grew by 139.5% YoY....
|2020-10-28||ICICI Prudential Lif..||Prabhudas Lilladhar||403.35||438.00||403.35 (11.02%)||Target met||Hold|
ICICI Pru Life's delivered a strong uptick in margins to 27.4% in Q2FY21 & 26.3% on H1FY21 basis which was up 295bps QoQ improvement and is up 188bps up from Q1FY21 to H1FY21 basis. Tailwinds on margins have been on healthy mix change towards non-par savings & protection, while re-pricing benefit & opex control also help deliver margins. Protection share is now 19% in APE mix, although it is still lagging to peers with de-growth of 18% YoY in Q2FY21 & 10% YoY in H1FY21. Though margins have been strong, we believe margins will not sustain due to recovery in ULIP post Q4FY21, retraction of...
|2020-10-27||ICICI Prudential Lif..||Yes Securities||409.70||537.00||409.70 (9.30%)||19.92||Buy|
Individual Protection APE decline was 1520%. This quarter had seen increased competitionwithincreasedfocusonProtectionbyallindustryplayers.ROPareincluded bymanyplayersinprotectionbusiness,howeverthecompanywantstofocusonpure retail protection as ROP and pure protection has significant margin gap. Strong...
|2020-10-27||ICICI Prudential Lif..||Sharekhan||403.40||532.00||403.40 (11.01%)||18.80||Buy|
We recommend a Buy rating on the stock with a price target of Rs. 532. ICICI Prudential Life Insurance (IPRU) posted strong results indicating an encouraging recovery on the topline, while VNB margins and APE growth improved q-o-q. Though annualised premium equivalent (APE) declined by 22.9% y-o-y, to Rs. 1,465 crore on a sequential basis it grew by 78% y-o-y, indicating a revert to normalcy, buoyed by strong growth in non-linked savings products (up 45.2% y-o-y). Performance was also impacted by the shift in customer preferences, away from market-linked products, which was down 41.5% y-o-y for Q1 FY21. Also, VNB margin improved to 27.4% (from 24.4% for Q1FY2021...
|2020-10-27||ICICI Prudential Lif..||Motilal Oswal||408.90||525.00||408.90 (9.51%)||17.24||Buy|
ICICI Prudential Life (IPRU) posted a sharp improvement in VNB margins at 27.4% (the highest among the listed insurers). This was aided by the growing mix of the Non-Linked Savings business and improvement in Protection margins as the entire re-insurance hike was passed on to the customer. APE declined 23% YoY, mainly led by a 45% YoY plunge in ULIP (reported strong trends on a sequential basis). Persistency rate exhibited a mixed trend; it showed marginal improvement in 13th/61st month, but declined in other cohorts. Overall, persistency in the Protection segment...
|2020-07-30||ICICI Prudential Lif..||Geojit BNP Paribas||452.25||512.00||452.25 (-0.98%)||14.34||Buy|
Geojit BNP Paribas
Quarter dented by weak ULIPs; Outlook intact ICICI Prudential Life Insurance Co. Ltd. is a joint venture between ICICI Bank and Prudential Corp. Holdings. The issuer offers protection for life and health...
|2020-07-27||ICICI Prudential Lif..||Karvy||457.75||442.00||457.75 (-2.17%)||Target met||Sell|
Valuation and Outlook: We have valued the stock based on 2.7x forward P/EV on discount of 0.67x and 43.1x forward P/VNB and has arrived at a price target of Rs.442 with potentialupside of 0.5%. We rate the stock as SELL'.
|2020-07-22||ICICI Prudential Lif..||Prabhudas Lilladhar||452.05||402.00||452.05 (-0.94%)||Target met||Sell|
Margins of 24.4% in Q1FY21 (v/s expectation of 24.8%) was led by reiterated mix focus towards non-linked savings & protection (benefit of pricing may not sustain current levels. We had downgraded to Reduce in our preview...
|2020-07-22||ICICI Prudential Lif..||Nirmal Bang Institutional||442.20||512.00||442.20 (1.27%)||14.34||Buy|
ICICI Prudential Life Insurance Company- 1QFY21 Result Update- Wary of growth headwinds, valuation relatively comfortable
Nirmal Bang Institutional
Wary of growth headwinds, valuation relatively comfortable ICICI Prudential Life Insurance Company (IPLI) reported a weak 1QFY21 with APE declining by 44% YoY to Rs14.7bn. Given the product mix orientation towards ULIPs coupled with volatile capital markets, the savings APE was down 51.5% YoY at Rs12.55bn. Note that demand for ULIPs has been compressing for the last 2-3 quarters. Given that the volatility is expected to persist, we expect demand for ULIPs to remain under pressure until there is some bit of economic certainty. On the other hand, protection APE was Rs2.14bn, flat YoY. With protection share going up to 26% (APE basis) during the quarter compared to 15.1% for FY20, the VNB...
|2020-07-21||ICICI Prudential Lif..||Motilal Oswal||442.20||510.00||442.20 (1.27%)||13.89||Buy|
APE growth declined 44% YoY led by 66% YoY drop in ULIPs while other segments maintained steady trends. Persistency declined further with 13 140bp/170bp QoQ. However, it is recovering and is above the assumptions incorporated in EV calculations. 1QFY21 VNB declined 35% YoY; however, management has reiterated its intention to double FY19 VNB guidance over the next 3-4 years. We expect continued buoyancy in the Protection business along with gradual recovery in ULIPs to drive business /VNB growth over the near term while persistency should move in a narrow range. 1QFY21 PAT was flat YoY at INR2.9b, supported by strong opex control even as business growth was weak. Renewal premium grew a modest 2.4% YoY as persistency declined slightly. month persistency dropped by 140bp/170bp QoQ; however, it is recovering and is above the assumptions incorporated in the EV calculations. In 1QFY21, total APE declined ~44% YoY led by ULIPs, which plunged 66% YoY.
|2020-07-02||ICICI Prudential Lif..||Karvy||425.40||418.00||425.40 (5.27%)||Target met||Hold|
Valuation and Outlook: We have valued the stock based on 2.7x forward P/EV on discount of 0.8x and44.4x forward P/VNB with at a discount of 0.9x and has arrived at a price targetof Rs.418 with potential upside of 5%.
|2020-06-09||ICICI Prudential Lif..||Karvy||393.70||418.00||393.70 (13.74%)||Target met||Hold|
Valuation and Outlook: We have valued the stock based on 2.7x forward P/EV on discount of 0.8x and 44.4x forward P/VNB with at a discount of 0.9x and has arrived at a price target of Rs.418 with potential upside of 5%.
|2020-05-06||ICICI Prudential Lif..||Geojit BNP Paribas||400.10||473.00||400.10 (11.92%)||Target met||Buy|
Geojit BNP Paribas
The stock has corrected significantly over last 6 months (return: -23.4%) and is a value-buy at the current valuation, given its growth potential. We revise our FY21-22E estimates and now value the stock at 2.1x FY22E Embedded Value (EV), with a target price of Rs. 473. Retain BUY. Delay in premiums, ALM mismatch Amidst the ongoing Corona pandemic, the Insurance Regulatory and Development Authority of India (IRDA), recently provided relief to existing life policy holders with an additional grace period of 30 days for premium payments. Life Insurance...
|2020-04-27||ICICI Prudential Lif..||Nirmal Bang Institutional||402.40||391.00||402.40 (11.28%)||Target met||Buy|
ICICI Prudential Life Insurance Company- 4QFY20 Result Update- Growth headwinds ahead; mgmt retains aspiration to double ...
Nirmal Bang Institutional
ICICI Prudential Life Insurance Company (IPLI) reported 4QFY20 results with the key pointers being (1) Market volatility a key risk to growth in the near term (2) ULIP concentration presents persistency risks too (3) Margin could contract (4) Protection remains the cornerstone for doubling VNB (5) Multiple levers to address solvency (6) EV movement impacted due to economic assumption/investment variance. Also, see comprehensive conference call takeaways on page 2 for significant incremental colour. Per se, on the key financial items, IPLI posted NBP growth of 22% YoY at Rs42,118mn, Surplus growth of 122% YoY at Rs9,011mn and PAT decline of 31% YoY at Rs1,795mn. We have revised our estimates for FY21/FY22 and have retained Buy...
|2020-04-26||ICICI Prudential Lif..||HDFC Securities||377.50||460.00||377.50 (18.62%)||Target met||Buy|
We like IPRU's re-engineered business model which is focused on a more diversified product mix along with an increased protection share. We expect VNB to grow at FY19-22E CAGR of 2.8%. We however remain wary of the current Covid-19 situation and believe that outlook for FY21E remains hazy. Lower than expected growth in FY21E may delay goal of doubling VNB by FY23E. We rate IPRU a BUY with a TP of Rs 460 (Mar-21E EV + 21.1x Mar-22E VNB). Despite a 1.7% lower than expected FY20 APE of Rs 73.8bn, IPRUs reported FY20 VNB of Rs 16.1bn was 3.5% above expectation. Higher protection mix and lower expenses drove VNB margins higher 470bps YoY to 21.7%.
|2020-04-26||ICICI Prudential Lif..||Prabhudas Lilladhar||377.50||385.00||377.50 (18.62%)||Target met||Accumulate|
although protection continues to be mainstay with 54% growth in FY20 & 35% in Q4FY20. Positive surprise was on strong NBMs of 21.7% (v/s expectation in margins. In our view, business will take time to move up with only protection growth visible and savings may not recover immediately given capital market conditions, keeping overall pressure on growth. We retain our...
|2020-04-26||ICICI Prudential Lif..||Motilal Oswal||336.55||430.00||336.55 (33.06%)||Target met||Buy|
IPRU Life (IPRU) reported weak business trends due to the ongoing lockdown and volatile markets. APE growth declined 20% YoY led by ULIPs while protection business growth was steady. Persistency remained under...
|2020-04-13||ICICI Prudential Lif..||Rudra Shares and Stock Brokers Ltd||369.95||385.00||369.95 (21.04%)||Target met||Buy|
Rudra Shares and Stock Brokers Ltd
ICICI continued to develop and grow through all its channels, continue to have a balanced channel mix with Bancassurance contributing 53% of overall business during 9M FY20. Growth is well supported by strong performance across channels. For 9M FY20, based on Retail Weighted Received Premium (RWRP), Company had a private market share of 16.6% and overall market share of 9.5%. However, this reduced from 10.8% from 9M FY19, predominantly due to slowdown in the ULIP business (formed 69% of APE in 9M FY20), on account of volatile...
|2020-01-29||ICICI Prudential Lif..||Geojit BNP Paribas||451.35||588.00||451.35 (-0.79%)||31.31||Buy|
Geojit BNP Paribas
In Q3FY20, gross premium income increased 9.2% YoY, driven by premium income +4.3% YoY and new retail business +16.8% YoY. Value of New business (VNB), surged 24.7% YoY in 9MFY20 on the...