Buy ICICI Pru Life Insurance; target of Rs 450: Geojit

January 12
18:41 2018

Geojit’s research report on ICICI Pru Life Insurance

ICICI Life has strengthened its position in a highly competitive industry and remained the market leader among private life insurers with an overall market share of 12.0% and private market share of 22.3% in FY17.  We believe that Indian life insurance industry is at the cusp of enormous growth driven by strong surge in volumes on the back of shifting preference of individuals to financial savings from physical savings. ICICI Life is well-positioned to capture the strong growth of Indian life insurance sector given its superior operational metrics and distribution tie-ups coupled with fast growing protection premiums.

Thus, we believe that ICICI Life will deliver healthy return ratios with RoE at 22% and ROEV at 15% in FY19E. Hence, we initiate coverage on ICICI Life and assign BUY rating with a TP of Rs450 (3.5x FY19E EV).

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