ICICI Prudential Life: ICICI Securities Recommends BUY, Target Rs 800

• ICICI Securities recommends a 'BUY' rating for ICICI Prudential Life Insurance Company.
• The target price has been revised upwards to Rs 800, based on 1.7x FY28E EV.
• ICICI Prudential (IPRU) showed recovery in APE and VNB growth in Q3FY26, driven by GST tailwinds and stronger execution.
• Margin improved to 24.4% in Q3FY26, despite challenges with input tax credits.
• IPRU's diversified channel mix (agency, direct, banca, partnership, group) helps mitigate business risks.

Why It Matters: ICICI Securities maintains a 'BUY' on ICICI Prudential Life, raising the target to Rs 800 due to strong Q3FY26 performance.