ICICI Prudential (IPRU IN): Buy: Levelling up

研报英文原文证据摘录

ICICI Prudential (IPRU IN): Buy: Levelling up

Equities ● Insurance

16 July 2026

Our takeaways from the post-earnings conference call

◆ As per The Insurance Regulatory and Development Authority of India (IRDAI), an entity

cannot be the promoter of two life insurance companies with more than 25% stake.

However, management indicated that Prudential Corporation Holdings Limited has c22%

stake in IPRU and hence it does not have a regulatory requirement to sell down its stake.

◆ Moreover, Prudential is set to become the promoter of Bharti Life Insurance. As a result,

Prudential will now be classified as an investor rather than promoter of IPRU. The board

has also approved the name change of ICICI Prudential Life Insurance (IPRU) to ICICI Life

Insurance, subject to regulatory approvals.

◆ Management does not expect a material change in the relationship with Standard

Chartered Bank due to its long relationship with SCB and deep integration.

◆ IPRU’s sum assured market share was 11.8% in 1QFY27.

◆ Rider attachment and high sum assured ULIP both have seen an uptick.

◆ Outflows in AUM is due to spikes in policy exits around the five to six year window.

◆ The non-linked savings business operates in a competitive environment with alternative

investments like fixed deposits (FDs) able to attract customer interest due to it high fixed

returns. This resulted in subdued performance in non-par products despite IPRU

continuously repricing its non-par offerings.

◆ IPRU’s channel is diversified with ICICI bank having c15% share in its total APE. Outside of

it, most channels constitute of less than 5% of total APE.

◆ Management aims for the agency business to achieve average company growth soon. The

VNB growth in the agency channel is more accretive than its 2% y-o-y APE growth. In