Whalesbook
ICICI Securities ka kehna hai ki ICICI Prudential Life Insurance mein achha potential hai, isliye unhone stock par 'Buy' call diya hai aur ₹705 ka target set kiya hai. Brokerage ko company ke future earnings growth par bharosa hai aur unhe valuation bhi attractive lag raha hai.
Agar FY26 ke numbers dekhe toh retail APE sales thoda flat, matlab 0.1% down raha. Lekin, FY26 ke last quarter (October se February) mein 8.8% ka recovery dikhi. Ye numbers thode mixed lag sakte hain, par company ne Value of New Business (VNB) mein 10.9% ka solid growth achieve kiya hai. Iska secret hai achha product mix aur cost control, plus market interest rates bhi favor mein rahe.
Company ne 24.7% ka VNB margin bhi maintain kiya hai FY26 mein. Yeh tabhi hua jab GST changes ki wajah se input tax credits ka nuksaan aur policy renewals mein kami jaisi challenges thi.
ICICI Prudential Life ka business model kaafi stable hai unke diverse sales channels ki wajah se. Agency se 25%, direct sales se 13%, bancassurance se 30%, partnerships se 13%, aur group insurance se 18% APE aata hai FY26 mein. Ye alag-alag channels business risk ko kam karte hain, competitors ke comparison mein.
ICICI Securities ko FY28 tak embedded value (EV) mein growth dikh raha hai. Ye 'Buy' rating sales volumes aur margin performance ko balance karti hai. Brokerage ne thoda valuation multiple kam kiya hai kyunki sales growth thoda slow hone ka expectation hai. Company ka aim hai total APE aur VNB badhane ka, jahan VNB margins 25% ke aas paas rehne ki ummeed hai. Aur haan, 13% Return on Embedded Value (ROEV) consistent hai, jismein aur badhotri ki sambhavna hai.