shares of ICICI Prudential Life Insurance Were trading down about 5% in Wednesday’s session ₹629 each on BSE. The company had registered a jump of nearly 47% in its net profit on Tuesday. ₹445 crore for the second quarter ended 30 September ₹303 crore in the year-ago quarter.
Brokerage and research firm Yes Securities in a note has recommended a ‘Buy’ rating on the life insurance stock, with a revised target price. ₹836 per share, indicating a potential increase of over 30% from current levels.
“IPRU continues to invest in all channels and is seeing decent growth in proprietary sales and online channels including agency, direct channels: it is difficult to say when IPRU will find the next big banka partner but the company continues to add smaller corporate agents Has happened. In the first six months of the year, 50 corporate agents have been added.
Yes Securities believes that the slowdown in the retail security business is a temporary phenomenon. “Retail security slowdown continued due to change in guidelines and reluctance to conduct medical tests of potential customers: The company is already seeing signs of improvement in the security business on a sequential basis. Within the Protection Basket, the company is focusing on Group Term Life and Credit Life products,” the note said.
According to the brokerage, IPRU has become one of the largest pension and annuity providers, with pension fund assets under management (AUM) growing 74% year-on-year. ₹IPRU has a market share of 15.7% in the 97.5 billion private sector pension fund AUM.
The views and recommendations given above are those of individual analysts or broking companies and not of Mint.
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