ICICI Prudential Life’s third quarter profit increased by 43%. The company’s NII also saw a jump of 23.5%. But VNB margins disappointed. In terms of figures, the company’s net profit increased by 43 percent to Rs 326 crore in the October-December quarter. Whereas in the same quarter last year, the profit was Rs 227.47 crore. The company’s net premium income increased by 24 percent on an annual basis to Rs 12,261.37 crore. Whereas in the same quarter a year ago it was Rs 9,929 crore. The solvency ratio of the insurance company was 211.8 percent, which was 196.5 percent a year ago. After the results, brokerage houses have given mixed opinions on the stock.
The market did not like the company’s results. After the market opened, the stock was seen trading at Rs 587, down 7.69 per cent or Rs 48.90 around 9.21 am.
HSBC ON ICICI Prudential Life
HSBC has given a buy opinion on ICICI Prudential Life. However, he has reduced its target. The brokerage has reduced the target of the stock from Rs 825 to Rs 780. He says that in 3Q, APE saw a growth of 28% on an annual basis. There was 19% growth in VNB.
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MORGAN STANLEY ON ICICI Prudential Life
Morgan Stanley has given equal-weight rating on ICICI Prudential Life. Its target has been fixed at Rs 695. He says VNB in 3Q was lower than expected. Its APE growth appeared strong. The brokerage has cut VNB estimates by 25% for F2-27. The stock is currently trading at a multiple of 15.
MACQUARIE ON ICICI Prudential Life
Macquarie has given a neutral rating on ICICI Prudential Life. Its target has been fixed at Rs 725. According to him, 3QFY25 VNB growth has again disappointed. VNB faces downside risk in FY25. Higher ULIPs have resulted in reduced savings and increased costs impacting margins. IPRUs were relatively less impacted by regulatory overhang but weak VNB growth and captive channel issues remain a cause of concern.
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