ICICI PruLife - Q2FY21 - Angel Broking

Mr. Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd

ICICI pru Life reported a mixed set of numbers as growth moderates however, positives are margin improves, mix improved towards non-linked business. Annual premium equivalent (APE) declined by 23% primarily led by a decline in ULIP (down 45%) but non-participating business reported growth. ICICI Pru Life's non-linked savings business increased 50% YoY to 30% of overall APE in 2QFY21 from 15% in 2QFY20 and 24% in 1QFY21. VNB margin improved by 636bps YoY /300 bps QoQ led by higher protection tariffs, increased non-par business, and controlled opex. We have a positive view on ICICI pru Life considering the gradual improvement in VNB margin and structural tailwind for insurance product demand.

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.413.5 as compared to the previous close of Rs. 404.75. The total number of shares traded during the day was 80553 in over 3513 trades.

The stock hit an intraday high of Rs. 414.9 and intraday low of 404.3. The net turnover during the day was Rs. 33070902.

Source : Equity Bulls

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