ICICI Prudential - Building A Robust Business Model: Motilal Oswal

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Motilal Oswal Report.ICICI Prudential Life Insurance Company Ltd. has diversified its product mix as well as distribution mix over the past few years. ULIPs have seen increased traction owing to the optimism in the Indian equity markets. Protection momentum is picking up with supply-side pressures easing.  On the distribution side, the share of the banca channel increased to ~29% in FY24. The company has been investing in the agency and direct channels over the past couple of years. ICICI Prudential achieved its stated guidance of doubling its FY19 value of new business by FY24 and expects healthy growth in VNB to continue, aided by: opportunities in the long-term savings/protection businesses, and improving persistency and cost ratios..In FY24, the Protection business accounted for ~17% of total APE, while the non-Linked business made up 40%. We estimate ICICI Prudential to deliver a 21% CAGR in VNB over FY24-26E. VNB growth will be fueled by premium growth and a slight improvement in margins, thereby enabling an operating return on embedded value of ~20% over FY26E. We reiterate our Buy rating with a target price of Rs 890 (based on 2.1 times March-26E EV)..Click on the attachment to read the full report:.Granules India - Gagillapur Site Under A Cloud: Motilal Oswal.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Prudential - Building A Robust Business Model: Motilal Oswal

The company is witnessing strong growth in premiums, albeit on a low base of FY24, says the brokerage.

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ICICI Prudential - Building A Robust Business Model: Motilal Oswal

The company is witnessing strong growth in premiums, albeit on a low base of FY24, says the brokerage.

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