ICICI Prudential Life Insurance Co.'s new business premium grew more than twofold year-on-year in November on the back of a rise in the group yearly renewable premium.
The new business premium stood at Rs 3,222 crore last month in comparison to approximately Rs 1,291 crore in the same period last year, according to the data released by Life Insurance Council.
While the group single premium fell 12% to Rs 450 crore, the group yearly renewable premium saw a jump of 814% jump. The group yearly renewable premium stood at Rs 2,076.6 crore as against Rs 227.2 crore in the same period last year.
The individual single premium rose 13% to Rs 134 crore in comparison to Rs 118.7 crore reported in November 2023. Individual non-single premium also rose to Rs 560.9 crore from Rs 436.59 reported in November last year.
The new business sum assured by the firm stood at Rs 95,565 crore, an increase of 21. The retail weighted received premium for the last month rose 28% to Rs 574 crore, ICICI Prudential said in an exchange filing on Monday. The annualised premium equivalent for November jumped 55% to Rs 859 crore.
The share price of ICICI Prudential as much as 0.86% during the day to Rs 680.65 apiece on the National Stock Exchange. It closed 0.20% higher at Rs 676.20 per share, compared to a 0.24% decline in the benchmark Nifty. The share price has risen 27.12% on a year-to-date basis.
Nineteen out of the 34 analysts tracking the company have a 'buy' rating on the stock, 12 recommend 'hold' and three suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 15.5%.
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