Quick Note - ICICI Prudential Life Insurance (IPRU IN) (Buy) - Prudential to reduce stake

Research evidence excerpt

Quick Note - ICICI Prudential Life Insurance (IPRU IN) (Buy) - Prudential to reduce stake

Global Markets Research

ICICI Prudential Life Insurance ICIR.NS IPRU IN 18 May 2026

EQUITY: FINANCIALS

RatingPrudential to reduce stake Remains Buy

Target price INR 680 RemainsQuick Note

Closing priceICICI Prudential Life Insurance (IPRU IN, Buy) has disclosed on the exchanges (link) that 15 May 2026 INR 536

foreign promoter Prudential Corporation Holdings Limited (unlisted) plans to acquire a

75% stake in another Indian life insurer – Bharti Life Insurance Company (unlisted). With

this repositioning of India operations, Prudential will now have to reduce its stake in IPRU Research Analysts

from 21.91% currently to under 10% and cease to be promoter (as per regulations). IPRU’ India Financialss share price has been under pressure since media sources shared this development in

Shreya Shivani - NFASLMar-26 (link) – the stock is down 21% in YTD CY26 (vs a 10% decline in Nifty 50). We shreya.shivani@nomura.com

await details on the stake sale by Prudential of over 11.91% (amounting to more than +91 22 403 74804

INR92bn). The market currently prices in no APE/VNB growth for IPRU over the for next

Ankit Bihani - NFASL14years. We maintain our Buy rating. ankit.bihani@nomura.com

+91 22 403 74135 • Prudential Inc along with ICICI Bank (ICICIBC IN, Buy) established IPRU in 2001.

Currently, Prudential holds a 21.91% stake in IPRU, and as it buys a majority stake in Shreyas Pimple - NFASL

another life insurer, it will have to reduce its stake in IPRU to under 10%, as per Indian shreyas.pimple@nomura.com

+91 22 403 74029 regulations. Regulations also demand it to cease being the promoter of IPRU. ICICI

Bank holds a 50.89% stake in IPRU, and we await further details on the stake sale by