ICICI Pru up 8% After Q4 Results; Motilal Oswal Says Buy

  • Investing.com
  • Stock Market News
ICICI Pru up 8% After Q4 Results; Motilal Oswal Says Buy
Credit: © Reuters.

By Aditya Raghunath

Investing.com --  Shares of ICICI Prudential (LON: PRU ) Life Insurance Company Ltd (NS: ICIR ) are trading almost 8% higher in the stock markets right now after the company reported good numbers for Q4 FY21.

ICICI Pru’s total income for the quarter ended March 31, 2021, went up 17.88% to Rs 735.33 crore, from the December 2020 quarter of Rs 623.78 crore. It was down 25.55 % from the corresponding period last year where it clocked Rs 987.71 crore. The company reported a net profit of Rs 62.51 Crore in the March 2021 quarter.

New business annualized premium equivalent (APE) grew 27% YoY in Q4FY21 to Rs 2,509 crore from Rs 1,974 crore in the corresponding quarter last year. Assets under Management (AUM) stood at Rs 2.14 trillion as of March 31, 2021, a growth of 40% over March 31, 2020. This is an outcome of the growth in new business, strong persistency, and robust fund management, ICICI Pru said in a press release.

Brokerage firm Motilal Oswal Financial Services Ltd (NS: MOFS ) has recommended a buy on the stock with a target of Rs 600, an upside of almost 24% from its current price of Rs 486.5. The firm estimates that the company will deliver around 25% CAGR in value of the new business over FY21-23E.  It said, “We expect a further recovery in coming quarters as the mix of protection/non-linked savings continues to improve, both of which have a higher persistency rate.”

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles