Motilal Oswal Recommends 'BUY' for ICICI Prudential Life, Sets Rs 800 Target

• ICICI Prudential Life (IPRU) reported a 4% YoY rise in APE to INR25.3 billion in 3QFY26, meeting expectations.
• VNB margin expanded significantly by 320 basis points YoY to 24.4% in 3QFY26, surpassing estimates.
• Absolute VNB grew 19% YoY to INR6.2 billion in 3QFY26, aligning with projections.
• PAT saw a 19% YoY increase to INR3.9 billion in 3QFY26, beating estimates by 21%.
• Motilal Oswal maintains a 'BUY' rating, raising VNB margin assumptions and setting a target price of INR800.

Why It Matters: Motilal Oswal recommends buying ICICI Prudential Life, citing strong Q3 performance and an INR800 target.