Add ICICI Prudential Life Insurance Company, target price Rs 605 : HDFC Securities

The company's re-engineered business model, focused on offering customers a diversified product and channel mix, is gradually reflecting in industry-leading share in sum assured (FY23: 15%).

By ETMarkets.com | Updated: Jul 19, 2023, 11.10 AM IST

The brokerage tweaks its FY24E/FY25E VNB estimates by 2%/3% to factor in the evolving product mix, and expect VNB to clock a 9% CAGR over FY23-25E.

HDFC Securities has add call on ICICI Prudential Life Insurance Company with a target price of Rs 605. The current market price of ICICI Prudential Life Insurance Company is Rs 556.2.

ICICI Prudential Life Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 79135.81 Crore) operating in Financial Services sector.

ICICI Prudential Life Insurance Company key Products/Revenue Segments include Premiums Earned and Other Operating Revenue for the year ending 31-Mar-2023.

Financials
For the quarter ended 30-06-2023, the company has reported a Consolidated Total Income of Rs 23879.55 Crore, up 121.78 % from last quarter Total Income of Rs 10767.43 Crore and up 52.02 % from last year same quarter Total Income of Rs 15707.72 Crore. Company has reported net profit after tax of Rs 206.19 Crore in latest quarter.

Investment Rationale The company's re-engineered business model, focused on offering customers a diversified product and channel mix, is gradually reflecting in industry-leading share in sum assured (FY23: 15%). The brokerage tweaks its FY24E/FY25E VNB estimates by 2%/3% to factor in the evolving product mix, and expect VNB to clock a 9% CAGR over FY23-25E.

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