Prabhudas Lilladher Recommends Accumulating ICICI Prudential Life, Sets Rs 725 Target

• Prabhudas Lilladher recommends 'Accumulate' for ICICI Prudential Life Insurance Company with a target price of Rs 725.
• Q3 Annualized Premium Equivalent (APE) grew 3.5% year-on-year, with retail protection surging 41% due to GST exemption.
• Momentum is expected to continue in Q4/FY27E, driven by retail protection, NPAR growth, and credit life recovery.
• Q3 Value of New Business (VNB) margin improved to 24.4%, boosted by retail protection volume.
• FY26-FY28E VNB margin estimates are increased by 20-50bps, reflecting sustainable margin improvement.

Why It Matters: Prabhudas Lilladher advises accumulating ICICI Prudential Life, citing strong growth and an undemanding valuation.