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Nirmal Bang Report
We attended the analyst meet hosted by ICICI Prudential Life Insurance Company Ltd. The key takeaways from the meeting are:
ICICI Prudential Life is focusing on a multi-channel and multi-product strategy to optimise growth. It highlighted a 4D framework leveraging data analytics and digitisation to deliver differentiated products through deeper partnerships.
Using its micro-market strategy, the company has been able to launch innovative products and has created distinct moats within the value chain, so as to engage with its partner network.
While we expect the new surrender value guidelines and the investment in capacity to keep margins in check in FY25E, strong APE growth (~16% in FY25E) led by Protection/Annuity sales and a diversified distribution mix — provide ICICI Prudential Life with a strong comparative advantage.
We value the company using the Appraisal Value framework (FY25E EV plus FY26E Structural Value) with a target price of Rs 850 (2.2 times FY26E P/EV, in line with five-year average P/EV). Reiterate Buy.
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Galaxy Surfactants – Encouraging Commentary On Demand In RoW Markets: Nirmal Bang
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