579.30 -0.70 (-0.12%)
2.1M NSE+BSE Volume
NSEJun 21, 2021 03:31 PM
The 23 reports from 8 analysts offering long term price targets for ICICI Prudential Life Insurance Company Ltd. have an average target of 560.38. The consensus estimate represents a downside of -3.27% from the last price of 579.30.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2021-06-14||ICICI Prudential Lif.. +||Motilal Oswal||587.60||675.00||587.60 (-1.41%)||16.52||Buy|
IPRULIFE's Annual Report reaffirms our view that the company will continue to focus on change in product mix, with a higher emphasis on Non-Linked and Protection segment, with new channel partners further aiding business growth. The share of banca channel (excluding ICICIBC) has increased to 11% v/s 5% in FY18. Strengthened distribution will enable further business diversification and drive increasing mix of Non-Linked segment, which will aid margin. The management reiterated its guidance to double FY19 VNB by FY23, aided by: a) opportunity in the long-term Savings business; b) leveraging opportunity in the...
|2021-04-23||ICICI Prudential Lif.. +||Geojit BNP Paribas||512.40||594.00||512.40 (13.06%)||Target met||Buy|
Geojit BNP Paribas
Gross premium income rose 13.7% YoY in Q4FY21 driven by new business premium (+22.9% YoY) and retail renewal premium (+6.1%). VNB stood at Rs. 591cr, while VNB margin contracted marginally to 23.6%, driven by protection mix and non-linked business. PAT reached Rs. 65cr (-63.6% YoY, -78.6% QoQ) impacted by higher benefits paid and rise in actuarial liabilities. Profitability is expected to improve due to strong persistency ratios and reduction in discretionary spends along with growth potential in...
|2021-04-20||ICICI Prudential Lif.. +||HDFC Securities||477.95||575.00||477.95 (21.21%)||Target met||Accumulate|
ACC: During 1QCY21, ACC reported strong volume growth and all-round opex reduction. ACC's consolidated revenue/EBITDA/APAT grew by 4/23/25% QoQ (+23/47/74% YoY) to INR 42.9/8.6/5.6bn respectively. Unitary EBITDA firmed up 23% QoQ to INR 1,039/MT, led by lower input and employee costs. As ACC moved to the lower tax regime in 4QCY20, APAT grew 25% QoQ (+74% YoY). We maintain our BUY rating on the stock with an unchanged TP of INR 2,185/share (11x Mar'23 consolidated EBITDA). ICICI Prudential Life: While IPRU closed FY21 on a positive note (4QFY21 APE growth 14% ahead of expectations), FY21 APE clocked a 12.5% YoY decline. We like IPRUs re-engineered business model, which is focused on a more diversified product and channel mix, industry-leading share of protection (FY21: 13%) and rising share of traditional products (FY21: 34.8%). With the share of protection in the mix expected to moderate in FY22E/23E, we expect VNB margins to contract over FY22-23E to 24.7-24.9%. We expect VNB to grow at FY21-23E CAGR of 13%. We retain our ADD rating with an unchanged DCF-derived target price of Rs 575 (Mar-22 EV + 25.5x Mar-23E VNB). The stock is currently trading at FY22/23E P/EV of 2.0/1.8x and P/VNB of 20.2/16x.
|2021-04-20||ICICI Prudential Lif.. +||Motilal Oswal||477.95||600.00||477.95 (21.21%)||3.57||Buy|
ICICI Prudential Life (IPRU) posted 23% YoY growth in new business premium, led by a steady traction in both regular and single premium business. APE in 4Q grew 27% YoY (22% beat, 27% YoY decline in 9MFY21), led by a 106% growth in Non-Linked Savings APE. Annuity APE grew 215% YoY (120% for FY21), while linked APE growth recovered to 11% YoY. Persistency improved across most cohorts, with 13th month persistency at 84.8% (higher than pre-COVID levels). VNB margin moderated to 23.6% (25.1% in FY21), led by moderation in...
|2021-04-20||ICICI Prudential Lif.. +||Prabhudas Lilladhar||512.40||504.00||512.40 (13.06%)||Target met||Accumulate|
EV growth was strong at 26%; maintains at 3.32bn of COVID reserve for claims ICICI Pru Life's APE growth was strong at 28% YoY/53% QoQ in Q4FY21 leading to FY21 de-growth of 12.5% (44% decline in Q1FY21). Growth improvement helped deliver strong VNB growth of 26% YoY/38% QoQ in Q4FY21 to end FY21 at a 1% growth. Management maintains its guidance to double absolute VNB by FY23 on FY19 base which is 28% average growth for next two years. FY21 had tailwinds on VNB margins of 390bps from business mix change (de-growth in lower margin products) and to achieve double VNB...
|2021-03-09||ICICI Prudential Lif.. +||Prabhudas Lilladhar||484.00||476.00||484.00 (19.69%)||Target met||Sell|
IPru Life posted a 7% YoY growth on overall APE and 6% on individual APE, a first positive growth in 13 months. On FYTD21 new business de-grew -27% and is likely to end in negative growth for second consecutive year. IPru Life...
|2021-02-02||ICICI Prudential Lif.. +||Geojit BNP Paribas||472.35||569.00||472.35 (22.64%)||Target met||Buy|
Geojit BNP Paribas
Strong quarter with solid growth in premium 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...
|2021-01-28||ICICI Prudential Lif.. +||Motilal Oswal||490.90||575.00||490.90 (18.01%)||Target met||Buy|
ICICI Prudential Life (IPRU) posted 14% YoY growth in new business premium, led by a sharp rise in the single premium business. However, on APE, new business declined 18% YoY, largely due to ULIP plunging 39% YoY (strong trends reported on a sequential basis). Persistency rate improved in 13th/61st month by 60bp/50bp QoQ to 82.7%/58.0%. However, on a YoY basis, it declined across cohorts (barring 61st month). Overall, persistency in the Protection segment has improved sharply. VNB margins moderated to 25.7% (26% in 9MFY21), led by moderation in...
|2021-01-28||ICICI Prudential Lif.. +||Prabhudas Lilladhar||481.00||476.00||481.00 (20.44%)||Target met||Sell|
Slower growth in retail term business comes as negative surprise ICICI Pru Life's APE growth rate improved to -18% YoY/13% QoQ and -27% YoY on 9MFY21 basis. Volumes have recovered gradually but ticket sizes have been on lower side. Protection share dipped to 18% from 19.5% in H2 on back of drop in retail protection & recovery in ULIP and strong non-par savings. Management was cautious on retail protection in view with risk management due to pandemic and saw strong group protection growth. Margins have largely held up at 26%, while VNB has flattish. New products,...
|2020-11-02||ICICI Prudential Lif.. +||Geojit BNP Paribas||417.70||492.00||417.70 (38.69%)||Target met||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.. +||Prabhudas Lilladhar||403.35||438.00||403.35 (43.62%)||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 (41.40%)||Target met||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 (43.60%)||Target met||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 (41.67%)||Target met||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 (28.09%)||Target met||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 (26.55%)||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 (28.15%)||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...
|2020-07-21||ICICI Prudential Lif.. +||Motilal Oswal||442.20||510.00||442.20 (31.00%)||Target met||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 (36.18%)||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 (47.14%)||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%.