ICICI Prudential Life Insurance Company Ltd
ICICI Prudential Life Insurance Company Ltd
Financial Services F&OICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website.[1] It is promoted by ICICI Bank and Prudential Corporation :- ICICI Bank (51% stake)[2] - The company is a part of ICICI Bank Ltd which is the 2nd largest private bank in India. It offers a diversified range of products and services to retail, SME and corporate customers.[3] Prudential Plc (22% stake) - It is a British multinational insurance company based in London, England. It is the largest UK life insurer in Asia with presence in India, China, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines and other Asian countries. It is also present in African subcontinent in Nigeria, Ghana, Togo and other countries.[4]
ICICI Prudential Life trades at a PE of 45.1x with strong profit growth of 26% CAGR over 3 years, but negative sales growth of -5% over 5 years and a stock decline of -21% in the past year make the risk-reward unfavorable at current levels. The 79% buy consensus from analysts provides some comfort, but valuation at 5.4x book with sub-10% ROE warrants caution.
Key Fundamentals
MidcapLife InsuranceInsuranceTechnical Indicators
Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 5.28 times its book value
- The company has delivered a poor sales growth of -5.30% over past five years.
- Tax rate seems low
- Company has a low return on equity of 8.75% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoICICI Prudential Life trades at a PE of 45.1x with strong profit growth of 26% CAGR over 3 years, but negative sales growth of -5% over 5 years and a stock decline of -21% in the past year make the risk-reward unfavorable at current levels. The 79% buy consensus from analysts provides some comfort, but valuation at 5.4x book with sub-10% ROE warrants caution.
- Strong analyst consensus with 79.41% buy ratings (27 out of 34 analysts) and zero sell recommendations
- Compounded profit growth of 26% CAGR over 3 years signals improving underwriting discipline and operational leverage
- TTM profit growth of 36% demonstrates accelerating earnings momentum in the most recent period
- ROE improving from 9% (3-year and 5-year average) to 13% last year, indicating better capital utilization
- Market cap of Rs 73,715 Cr provides large-cap stability and institutional liquidity in the life insurance space
- Company is expected to deliver a good upcoming quarter per management guidance and street expectations
- Long-term sales CAGR of 12% over 10 years shows the business has structural growth tailwinds from underpenetrated Indian insurance market
- Stock has declined 21% over the past 1 year, significantly underperforming broader markets and indicating negative sentiment
- Negative sales growth of -5.3% over 5 years points to persistent top-line challenges and possible market share loss
- Trading at 5.4x price-to-book is expensive for a company delivering only 9% average ROE over 3-5 years
- PE ratio of 45.1x is elevated relative to earnings quality, especially with TTM revenue declining 10%
- 3-year stock CAGR of -3% and 5-year CAGR of -4% show prolonged value destruction for shareholders
- Low 3-year average ROE of 8.75% does not justify the premium valuation multiples the stock commands
- Dividend yield of only 0.33% offers negligible income support while waiting for capital appreciation
- TTM sales decline of -10% raises concerns about near-term business momentum despite profit growth
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 1d ago- GST demand ₹166.56 crore FY24 Jun 5
ICICI Prudential received a GST order demanding ₹166.56 crore for FY2024, including a penalty of ₹21.17 crore. The company plans to appeal.
- GST demand ₹51.2 crore FY23 Jun 2
A separate GST order demands ₹51.2 crore for FY2023. Combined with the FY24 order, total GST exposure stands at ₹217.76 crore across two years.
- New business premiums up 13.9% Jun 9
May 2026 new business premiums rose 13.9% YoY to ₹16.03 billion, with two-month FY2027 total reaching ₹28.99 billion. APE grew 7.3% to ₹7.22 billion though Retail APE dipped 1.2%.
- ₹1.65 per share dividend declared May 28
Final dividend of ₹1.65 per share announced for FY2026, with record date of June 5, 2026.
- Denies promoter stake media reports Jun 19
ICICI Prudential denied knowledge of media claims about a promoter retaining a 21.9% stake, directing stakeholders to official disclosures.
- Investor meetings scheduled June May 28
Company scheduled meetings with Morgan Stanley (Jun 3), Citi India Conference (Jun 4), and Kotak India Corporate Day in Singapore (Jun 9). No UPSI to be shared.
TL;DR: ICICI Prudential Life is delivering solid top-line momentum with 13.9% new business premium growth in May and healthy APE expansion, supported by shareholder-friendly dividend payouts. Key risks are cumulative GST demands totalling ₹217.76 crore across FY23-FY24, though the company is contesting both orders. The retail APE decline of 1.2% bears watching but overall growth trend remains constructive heading into FY2027.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,984 | 23,384 | 17,388 | 26,430 | 22,482 | 25,396 | 25,158 | 4,536 | 15,687 | 25,401 | 11,936 | 22,834 | 3,185 |
| Expenses | 11,400 | 23,663 | 17,682 | 26,584 | 22,760 | 25,362 | 24,839 | 4,295 | 15,272 | 25,188 | 11,955 | 22,093 | 3,940 |
| Operating Profit | -416 | -280 | -293 | -155 | -278 | 34 | 319 | 241 | 415 | 213 | -19 | 741 | -754 |
| OPM % | -4% | -1% | -2% | -1% | -1% | 0% | 1% | 5% | 3% | 1% | 0% | 3% | -24% |
| Other Income | 780 | 496 | 570 | 420 | 549 | 237 | -17 | 169 | 183 | 177 | 408 | -243 | 1,036 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 364 | 216 | 276 | 265 | 270 | 271 | 302 | 410 | 598 | 390 | 389 | 498 | 281 |
| Tax % | 35% | 5% | 12% | 14% | 36% | 17% | 17% | 21% | 36% | 23% | 24% | 22% | -122% |
| Net Profit | 235 | 206 | 244 | 227 | 174 | 224 | 251 | 325 | 385 | 301 | 296 | 387 | 624 |
| EPS in Rs | 1.64 | 1.43 | 1.69 | 1.58 | 1.21 | 1.56 | 1.74 | 2.25 | 2.67 | 2.08 | 2.04 | 2.67 | 4.3 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,453 | 20,849 | 37,816 | 38,832 | 41,463 | 21,025 | 83,182 | 63,564 | 50,478 | 89,683 | 70,778 | 63,357 |
| Expenses | 32,798 | 19,008 | 36,010 | 37,062 | 40,922 | 21,344 | 83,572 | 65,728 | 52,235 | 90,580 | 69,321 | 62,050 |
| Operating Profit | 1,655 | 1,842 | 1,806 | 1,771 | 541 | -319 | -390 | -2,163 | -1,757 | -897 | 1,457 | 1,307 |
| OPM % | 5% | 9% | 5% | 5% | 1% | -2% | 0% | -3% | -3% | -1% | 2% | 2% |
| Other Income | 43 | 0 | 130 | 132 | 813 | 1,578 | 1,669 | 3,191 | 2,925 | 2,039 | 258 | 397 |
| Interest | 17 | 0 | 15 | 20 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 40 | 0 | 58 | 44 | 57 | 61 | 60 | 67 | 84 | 113 | 134 | 145 |
| PBT | 1,642 | 1,842 | 1,863 | 1,839 | 1,274 | 1,198 | 1,219 | 961 | 1,085 | 1,028 | 1,582 | 1,559 |
| Tax % | 0% | 10% | 10% | 12% | 11% | 11% | 22% | 21% | 25% | 17% | 25% | -3% |
| Net Profit | 1,640 | 1,650 | 1,682 | 1,619 | 1,139 | 1,067 | 956 | 759 | 813 | 851 | 1,186 | 1,608 |
| EPS in Rs | 11.46 | 11.52 | 11.72 | 11.28 | 7.93 | 7.43 | 6.66 | 5.28 | 5.65 | 5.9 | 8.2 | 11.09 |
| Div. Payout % | 51% | 73% | 63% | 59% | 40% | 11% | 30% | 10% | 11% | 10% | 10% | 15% |
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,432 | 1,432 | 1,435 | 1,436 | 1,436 | 1,436 | 1,436 | 1,437 | 1,439 | 1,441 | 1,445 | 1,449 |
| Reserves | 3,833 | 3,891 | 4,971 | 5,138 | 5,435 | 5,777 | 7,673 | 7,721 | 8,651 | 9,564 | 10,488 | 12,182 |
| Borrowings | 0 | 1,029 | 0 | 0 | 0 | 0 | 1,200 | 1,200 | 1,200 | 1,200 | 2,600 | 2,595 |
| Other Liabilities | 95,951 | 98,413 | 1,18,335 | 1,35,245 | 1,56,215 | 1,48,818 | 2,06,911 | 2,34,079 | 2,44,562 | 2,86,796 | 2,99,705 | 3,03,509 |
| Total Liabilities | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
| Fixed Assets | 209 | 212 | 207 | 404 | 463 | 932 | 911 | 433 | 479 | 1,168 | 1,315 | 1,378 |
| CWIP | 6 | 7 | 7 | 18 | 13 | 20 | 22 | 54 | 117 | 49 | 36 | 43 |
| Investments | 99,491 | 1,03,024 | 1,21,581 | 1,38,537 | 1,59,003 | 1,50,776 | 2,11,727 | 2,38,101 | 2,48,216 | 2,89,230 | 3,03,475 | 3,07,369 |
| Other Assets | 1,509 | 1,522 | 2,946 | 2,859 | 3,607 | 4,303 | 4,560 | 5,848 | 7,039 | 8,553 | 9,412 | 10,944 |
| Total Assets | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
Cash Flow
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 523 | 3,634 | 4,130 | 5,690 | 11,377 | 8,596 | 7,314 | 1,831 | 89 | -7,315 | -9,408 | -5,355 |
| Investing | -1,822 | 27 | -696 | -5,389 | -7,559 | -10,797 | -5,084 | -816 | -1,145 | 7,420 | 6,869 | 7,571 |
| Financing | -966 | -1,442 | -994 | -1,188 | -843 | -405 | 1,205 | -319 | -112 | -88 | 1,422 | -171 |
| Net Cash Flow | -2,264 | 2,219 | 2,439 | -887 | 2,975 | -2,606 | 3,434 | 696 | -1,168 | 17 | -1,116 | 2,045 |
| Free Cash Flow | 471 | 3,583 | 4,078 | 5,622 | 11,270 | -1,12,909 | 7,279 | 1,736 | -105 | -7,550 | -9,663 | -5,473 |
| CFO/OP | 32 | 208 | 229 | 321 | 2,103 | -2,710 | -1,930 | -95 | -21 | 790 | -623 | -365 |
Ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -10 | -16 | -2 | -9 | -9 | -5 | -2 | -6 | -5 | 2 | 3 | -1 |
| ROCE % | 34% | 32% | 29% | 29% | 16% | 17% | 14% | 9% | 10% | 3% | 12% | 10% |
Documents
Frequently Asked Questions about ICICI Prudential Life Insurance Company Ltd
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Company Information
ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website.[1] It is promoted by ICICI Bank and Prudential Corporation :- ICICI Bank (51% stake)[2] - The company is a part of ICICI Bank Ltd which is the 2nd largest private bank in India. It offers a diversified range of products and services to retail, SME and corporate customers.[3] Prudential Plc (22% stake) - It is a British multinational insurance company based in London, England. It is the largest UK life insurer in Asia with presence in India, China, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines and other Asian countries. It is also present in African subcontinent in Nigeria, Ghana, Togo and other countries.[4]