ICICI Prudential Q3 VNB Margin Steady At 24.4%; Motilal Oswal Maintains 'Buy' — Check Target Price

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Motilal Oswal Report

ICICI Prudential Life Insurance Company Ltd.’s continued efforts toward product mix shift, increasing retail protection contribution and robust cost optimization measures have resulted in continued YoY expansion in VNB margin, despite the loss of input tax credit after GST exemption.

In the longer term, the company’s profitability will be supported by higher volumes driven by GST exemption, increased traction of non-linked products, and improved product-level margins.

The brokerage has maintained its APE growth estimates for FY26-28. However, have raised VNB margin assumption by 50bp/50bp/100bp for FY26/FY27/FY28 considering the Q3 FY26 performance.

Motilal Oswal maintains Buy rating with a target price of Rs 800 (based on 1.7x FY28E enterprise value).

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