ICICI Prudential Life Insurance Company Ltd

ICICI Prudential Life Insurance Company Ltd. -S | *CMP* Rs. 484 | *M Cap* Rs. 69626 Cr | *52 W H/L* 649/430 (Nirmal Bang Retail Research) Result is above expectations* Premiums earned came at Rs. 9465 Cr vs YoY Rs. 9074 Cr, QoQ Rs. 9582 Cr APE came at Rs. 1822 Cr vs expectation of Rs. 1836 Cr, YoY Rs. 1929 Cr, QoQ Rs. 1999 Cr Value of New Business came at Rs. 618 Cr vs expectation of Rs. 561 Cr, YoY Rs. 515 Cr, QoQ Rs. 621 Cr Value of New Business Margin (%) came at 33.9% vs expectation of 30.6%, YoY 26.7%, QoQ 31.1% Margin improved on the back of an increase in mix of high margin Protection business PAT came at Rs. 221 Cr vs YoY Rs. 311 Cr, QoQ Rs. 199 Cr AUM came at Rs. 251884 Cr vs YoY Rs. 237560 Cr, QoQ Rs. 244279 Cr 13th month persistency came at 86.1% vs QoQ 85.9% 61st month persistency came at 64.2% vs QoQ 61.2% Market share came at 14.6% vs QoQ 15.7% & YoY 12.7% Quarter EPS is Rs. 1.5 Stock is trading at P/E of 54.5x FY24E EPS & 2.1x trailing M Cap/EV