ICICI Prudential Life Insurance shares fell over 3 percent on July 19, a day after the insurer reported a 4 percent on-year decline in annualised premium equivalent (APE) to Rs 1,461 crore for the quarter ended June 2023. Despite this decline, brokerages have maintained their Buy rating on the stock as the insurer achieved strong APE growth for the month of June alone, indicating potential improvement in the future.
Key Details:
| Company Name | ICICI Prudential Life Insurance |
|---|---|
| Stock Performance | 3% decline on July 19 |
| Quarterly APE | 4% decline to Rs 1,461 crore |
| Value of New Business (VNB) | 7% decline to Rs 438 crore |
| VNB Margins | 30% as of June 30, down from 31% YoY |
| Net Profit | 33% increase to Rs 207 crore |
| Investment Income | Rs 16,327 crore compared to a loss of Rs 8,496 crore YoY |
Expert Ratings:
- Morgan Stanley: Overweight rating with a target price of Rs 685 per share. Expects a slight decline in the near term after a strong rally.
- Jefferies: Positive indicators with 17% YoY growth in non-ICICI Bank distribution and 86% APE from non-ICICI Bank channels.
- Nomura: Buy rating with a target price of Rs 670 per share. Highlights decline in APE but positive growth in protection premiums.
- CLSA: Buy rating with a target price of Rs 700 per share. Strong surge in retail protection sales and significant growth in retail protection APE.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Source: Moneycontrol News
