HSBC has maintained its buy rating on ICICI Prudential Life Insurance, setting a target price of ₹850, as the company’s Q2 Value of New Business (VNB) surpassed estimates. HSBC analysts believe the VNB growth has bottomed out and anticipate a healthy 25% YoY increase in H2 FY25. ICICI Pru Life is expected to deliver sustainable VNB growth in the medium term, balancing margin expansion with premium growth. With the company’s strategic focus on maintaining this balance, HSBC sees strong potential in ICICI Pru Life moving forward.
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