The 27 reports from 8 analysts offering long term price targets for ICICI Prudential Life Insurance Company Ltd. have an average target of 438.38. The consensus estimate represents an upside of 5.01% from the last price of 417.45.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-07-02||ICICI Prudential Lif..||Karvy||425.40||418.00||425.40 (-1.87%)||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 (6.03%)||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 (4.34%)||13.31||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 (3.74%)||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 (10.58%)||10.19||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..||Motilal Oswal||336.55||430.00||336.55 (24.04%)||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...
|2020-04-26||ICICI Prudential Lif..||Prabhudas Lilladhar||377.50||385.00||377.50 (10.58%)||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...
|2020-04-13||ICICI Prudential Lif..||Rudra Shares and Stock Brokers Ltd||369.95||385.00||369.95 (12.84%)||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 (-7.51%)||40.86||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...
|2020-01-27||ICICI Prudential Lif..||Karvy||451.35||582.00||451.35 (-7.51%)||39.42||Hold|
|2020-01-22||ICICI Prudential Lif..||HDFC Securities||506.50||495.00||506.50 (-17.58%)||Target met||Neutral|
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 19.3%. Lower than expected growth and lower protection share remain key risks. We rate IPRU a NEUTRAL with a TP of Rs 495 (Dec-20E EV + 19.5x Mar-22E VNB). IPRU printed a higher than est. 3QFY20 total APE of Rs 20.4bn (3.9/7.3% YoY/QoQ,+5.5% vs. est.). 9MFY19 reported VNBM was steady at 21.0%, leading to a +24.7% YoY VNB of Rs 11.4bn.
|2020-01-22||ICICI Prudential Lif..||Nirmal Bang Institutional||506.50||569.00||506.50 (-17.58%)||36.30||Buy|
ICICI Prudential Life Insurance Company- 3QFY20 Result Update- Early signals indicate mgmt on track to deliver ...
Nirmal Bang Institutional
ICICI Prudential Life Insurance Company (IPLI) reported 3QFY20 results with the key pointers Sector: Insurance being (1) VNB up 24.7% YoY; high growth in protection key margin driver (2) 9MFY20 APE up 1% YoY, impacted by demand compression in the ULIP segment (3) 8MFY20 persistency down CMP: Rs490 across cohorts except 49m. 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 Target Price: Rs569 17% YoY at Rs30,381mn, Surplus growth of 19% YoY at Rs3,870mn and PAT growth of 2% YoY at Rs3,025mn. We have revised our estimates for FY20/FY21/FY22 and have retained a Buy Upside: 16%...
|2020-01-21||ICICI Prudential Lif..||Motilal Oswal||506.50||565.00||506.50 (-17.58%)||35.35||Buy|
21 January 2020 IPRU reported moderation in premium growth as renewal premium growth was muted due to weak persistency. Although the opex ratio stood elevated, VNB growth remained strong at 33% with margins stable at 21%. Maintain PAT increased 2% YoY to INR3b (7% miss) in 3QFY20. Renewal premium growth was muted month persistency declining by 100bp/230bp YoY. Total APE was up ~4% YoY led by 37% YoY growth in protection APE, while savings APE growth was flat. VNB margin stood stable at ~21% due to the higher share of protection business, which resulted in 33% YoY growth in VNB to INR4.3b. VNB growth was mainly led by retail and group protection business. Total expenses (commission + opex) were up 26% YoY (higher than premium growth) as operating expenses increased 32% YoY, mainly driven by investment in protection business. Cost to weighted received premium increased 120bp YoY to 16.
|2019-11-04||ICICI Prudential Lif..||Geojit BNP Paribas||510.65||572.00||510.65 (-18.25%)||37.02||Buy|
Geojit BNP Paribas
In Q2FY20, gross premium income rose 6.6% YoY, driven by the increase in group level premium by 80.4% YoY. Value of New business (VNB), a measure of profitability of new business underwritten in a period, increased 20.2% YoY to Rs. 709cr in H1FY20. VNB margin, which is the ratio of VNB to the amount of new business underwritten in the period expanded to 21.0% from 17.5% in H1FY19. Profit after tax rose marginally by 0.5% YoY to Rs. 302cr in Q2FY20. We revise our target price to Rs. 572 based on 2.6x FY21E embedded...
|2019-10-24||ICICI Prudential Lif..||Nirmal Bang||479.65||565.00||479.65 (-12.97%)||35.35||Buy|
ICICI Prudential Life Insurance Company- 2QFY20 Result Update- Undeterred on VNB guidance, new tie-ups to generate ...
ICICI Prudential Life Insurance Company (IPLI) reported 2QFY20 results with the key pointers being (1) VNB margin expanded 400 bps YTD on account of protection thrust (2) Overall APE growth remains sluggish (-0.4% YoY) amidst changing business strategies (3) 13th month persistency (ex single premium) for 5M-FY20 at 83.6% is 100 bps lower than FY19 delivery. Also, see comprehensive conference call takeaways on page 2 for significant incremental colour. Per se, on the key P&L; items, IPLI posted NBP growth of 14% YoY at Rs29,510mn, Surplus growth of 138% YoY at Rs4,768mn and PAT growth of 0.3% YoY at Rs3,019mn. We have revised our estimates for FY20/FY21/FY22 and have retained a Buy rating on IPLI with a...
|2019-10-24||ICICI Prudential Lif..||Karvy||512.90||512.00||512.90 (-18.61%)||Target met||Hold|
ICICI Prudential Life Insurance Comp. Ltd: Push in Protection New Business and Reduction in Saving Mix ...
Value of New Business APE has increased by 5 percent in Q2FY20 with VNB Margin at21.2 percent with percentage contribution from Protection APE has increased by 86.8 percentYoY and now contributes 14.8 percentin overall APE.
|2019-10-23||ICICI Prudential Lif..||HDFC Securities||485.20||445.00||485.20 (-13.96%)||Target met||Neutral|
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 17.5%. Lower than expected growth and lower protection share remain key risks. We rate IPRU a NEUTRAL with an unchanged TP of Rs 445 (Sep-20E EV + 19.2x Sep-21E VNB). While IPRUs 2QFY20 APE declined 4.3% YoY to Rs 19.0bn, protection share grew to 14.9% (+560bps vs. FY19). VNB and VNBM increased to Rs 4.0bn (+15.6/29.0% YoY/QoQ) and 21.0% (vs. 17.0% in FY19) respectively.
|2019-10-23||ICICI Prudential Lif..||Motilal Oswal||485.20||520.00||485.20 (-13.96%)||Target met||Buy|
This resulted in VNB growing 16% YoY to INR4b, mainly led by Retail and Group Protection business. commission) grew 9% YoY (higher than the premium growth) as operating expenses increased 14% YoY, mainly driven by investment in the protection business. Management also highlighted that there has been decline in the higher ticket size ULIPs in Protection mix improved to 14.9% of the total APE driving 360bp YoY improvement in VNB margins stood at 21% (+360bp YoY) in 2QFY20. APE in the Non-PAR savings (Annuity) segment grew 115% YoY to INR280m Value of new business grew 16% YoY to INR4b in 2QFY20 while for 1HFY20 VNB IPRU Lifes management has taken initiatives to develop a wherein the entire process right from pre-sales, on-boarding to claims & servicing has been smoothened by the company using digital capabilities. We expect Indian insurers to trade at a premium Private sector life insurance companies have 51% market share in total new business APE, and IPRU is amongst the leading players.
|2019-09-25||ICICI Prudential Lif..||Motilal Oswal||433.25||475.00||433.25 (-3.65%)||Target met||Buy|
The company reported ~73% CAGR in protection business APE over FY16-19 and aims to maintain this healthy growth rate. VNB margin is also likely to maintain a positive bias as the business mix continues to improve and the revival in the core savings business initiatives have facilitated an improvement in employee productivity and helped IRPU to reduce the cost ratios. Total opex ratio declined from 11.3% in FY15 to 9.3% in FY19 even as IPRU continued improvement in the persistency levels across cohorts despite volatility in the markets. The improvement in the persistency rate (13 month persistency in PAR products at ~90% better than ULIP products) and controlled cost ratios (which have ensured healthy returns to customers) have enabled IPRU to focus on the PAR business. IPRU has taken a strategic call to move toward balanced product categories and improve granularity in ULIP, which is likely to help reduce volatility in the business.
|2019-09-13||ICICI Prudential Lif..||Nirmal Bang||417.40||417.40 (0.01%)||Sell|
We looked at IRDA data for monthly new business figures and note that (1) HDFC Life Individual New Business APE growth for Aug19 was the fastest in the life insurance industry at 34.8% YoY (2) Among listed life insurers, Max Life's growth for the same metric was the second fastest at a 28.1% YoY. (3) Growth for SBI Life was 14.3% YoY (4) Growth for ICICI Prudential Life was...