ICICI Life Q1FY27: Good quarter with healthy margin jump; Steps towards resolving stake-sale overhang

研报英文原文证据摘录

ICICI Life Q1FY27: Good quarter with healthy margin jump; Steps towards resolving stake-sale overhang

15 July 2026

Manas Agrawal

+91 226 842 1446

India Capital Markets & Insurance manas.agrawal@bernsteinsg.com

ICICI Prudential Life Insurance Co Ltd Himank Sangai

+91 226 842 1452

Rating himank.sangai@bernsteinsg.com

Market-Perform

Price Target

IPRU.IN 680.00 INR

ICICI Life Q1FY27: Good quarter with healthy margin jump; Steps

towards resolving stake-sale overhang

ICICI Life reported good growth in new sales (known from business update) and new

Close Date 15 Jul 2026

business profits (strong margin expansion). Growth was lop-sided from a product and

IPRU.IN Close Price (INR) 525.15

channel perspective (protection/annuity/group business & partnership channel). Higher mix

Price Target (INR) 680.00

of protection (+46% YoY, led by retail sales) and rider attachment covered up the drag from

Upside/(Downside) 29%

loss of input-tax credit, driving higher margins (26.7% vs. 24.5% YoY). The company sought

52-Week Range 706.80/459.50

to de-classify Prudential PLC (not covered) as an ‘investor’ from a ‘promoter’. If the regulator

ASIAX 1,910.77

were to permit the change, the stake-sale overhang would ease out.

FYE Mar

1. Growth: Total new sales grew +15% YoY, with retail new sales growing +9% while group Div Yield 0.3%

new sales grew +39% YoY. Within retail, growth was strong for protection and annuity lines Market Cap (INR) (M) 761,889

(+60/33% YoY respectively). Group business saw good growth led by savings & credit life EV (INR) (M) 776,462

(coming off a favorable base). From a channel perspective, the partnership channel drove Performance YTD 1M 6M 12M

most of the growth (+30% YoY). ICICI Life was unclear as to whether Standard Chartered Absolute (%) (21.4) 8.0 (21.5) (21.6)