Jefferies continues to recommend a buy rating on ICICI Prudential Life with a target price of ₹860, indicating a 17.7% upside from the current market price of ₹730.90. The company’s Q2 VNB came slightly below estimates due to delayed repricing ahead of surrender norm changes. Premium growth, driven by ULIPs and annuity, rose 21% YoY. Jefferies expects VNB growth to improve from Q3, with minimal impact from the new surrender norms. The company’s embedded value (EV) grew by 19% YoY, including mark-to-market gains.
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