
Nuvama has retained its ‘Hold’ rating on ICICI Prudential Life Insurance and revised the target price downwards to ₹720 from ₹740. The revised target price reflects a potential upside of 13.2% from the current market price (CMP) of ₹635.90. The brokerage highlights that changes in product mix have negatively affected the margins. However, retail Annualized Premium Equivalent (APE) growth has been supported by strong contributions from agency and bancassurance channels.
Management remains focused on delivering mid-double-digit growth in Value of New Business (VNB) over the medium term, driven by top-line expansion. Nuvama notes that the stock is fairly priced at its current levels.
Current Market Price (CMP): ₹635.90 (as on 7:55AM, January 22, 2025)
Disclaimer: This article is for informational purposes only and does not constitute financial advice.