ICICI Prudential Q3 Results Review — Miss Across Key Parameters; Motilal Oswal Reiterates 'Buy' On The Stock

ICICI Prudential's VNB margin has been under pressure during the quarter, mainly owing to the shift in product mix (higher share of ULIPs)..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 Ltd. reported new business annual premium equivalent growth of 28% YoY to Rs 24.4 billion (6% miss). For 9MFY25, APE grew 28% YoY to Rs 69.1 billion.VNB margin for the quarter stood at 21.2% versus our estimate of 23%. Absolute VNB grew 19% YoY to Rs 5.2 billion (13% miss).For Q3 FY25, ICICI Prudential reported a 43% YoY growth in shareholder PAT to Rs 3.2 billion (27% beat). For 9MFY25, it reported a PAT of Rs 8 billion (+18% YoY).Management is confident in its well-diversified distribution network along with multiple levers available to achieve alpha over the market in terms of premium growth. The ongoing focus would remain on VNB growth, which will primarily depend on APE growth.Considering ICICI Prudential’s Q3 performance, we cut our APE growth and VNB margin estimates. For FY25, we expect new business APE/VNB/PAT to grow 23%/ 15%/37% YoY to Rs 111.5 billion/Rs 25.6 billion/Rs 11.7 billion. Going forward, the company’s ability to sustain strong premium growth and improve VNB margin will be crucial. Reiterate Buy with a target price of Rs 780 (based on 1.7x Sept’26E EV)..Click on the attachment to read the full report:.ICICI Prudential Life Insurance Q3 Earnings: Net Profit Climbs 43.2% To Rs 325 Crore.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 Q3 Results Review — Miss Across Key Parameters; Motilal Oswal Reiterates 'Buy' On The Stock

Going forward, ICICI Prudential’s ability to sustain strong premium growth and improve VNB margin will be crucial, says the brokerage.

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ICICI Prudential Q3 Results Review — Miss Across Key Parameters; Motilal Oswal Reiterates 'Buy' On The Stock

Going forward, ICICI Prudential’s ability to sustain strong premium growth and improve VNB margin will be crucial, says the brokerage.

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