ICICI Prudential Life Insurance: Check share price targets post Q4 results; here's what brokerages say
HDFC Securities trimmed its APE estimates for FY27E and FY28E by 6% and 8%, respectively, while reducing VNB estimates by 3% and 5%.
- Apr 16, 2026,
- Updated Apr 16, 2026 8:21 AM IST
ICICI Prudential Life Insurance Company Ltd had reported its performance for the quarter ended March 2026 (Q4FY26), which has beaten analysts' margin estimates on the back of the retail protection segment. After the earnings announcement, brokerage firms Nirmal Bang and HDFC Securities highlighted the insurer's margin expansion alongside concerns over growth.
What brokerages say?
Nirmal Bang highlighted that the insurer's Q4FY26 numbers comfortably beat limited consensus estimates, posting an annualised premium equivalent (APE) of Rs 3830 crore and a new business value (NBV) of Rs 965 crore.
“Q4FY26 NBV margin expanded to a robust 25.2% (beating estimates), fuelled by a 60.5% YoY surge in retail protection APE and favourable economic assumption changes,” Nirmal Bang said.
“A sharp decline in the 13th month persistency ratio ultimately dragged the overall FY26 ROEV,” Nirmal Bang added.
“ICICI Prudential Life's (IPRU) FY26 APE grew 2% YoY, below estimates, while 11% VNB growth beat expectations,” HDFC Securities said.
HDFC Securities noted that the retail APE growth continues to lag peers, noting that on a three-year CAGR basis, the company's individual regular premium new business (IRNB) growth has been a modest 7% versus roughly 10% for private peers.
HDFC Securities expects the insurer to continue underperforming peers on IRNB growth given its heavy focus on Unit Linked Insurance Plans (ULIPs), which could be a drag in a volatile equity market.
HDFC Securities trimmed its APE estimates for FY27E and FY28E by 6% and 8%, respectively, while reducing VNB estimates by 3% and 5%.
Target prices & ratings
Nirmal Bang maintained a ‘Buy’ rating on ICICI Prudential Life stock, raising its target price to Rs 660 from Rs 650.
Taking a slightly cautious stance, HDFC Securities maintained its ‘Add’ rating with a target price of Rs 595. “We maintain ADD with a TP of INR595 (1.3x Mar-28E EV), implying a ~45% discount to SBILIFE,” the brokerage said.
ICICI Prudential Life Insurance Company Ltd had reported its performance for the quarter ended March 2026 (Q4FY26), which has beaten analysts' margin estimates on the back of the retail protection segment. After the earnings announcement, brokerage firms Nirmal Bang and HDFC Securities highlighted the insurer's margin expansion alongside concerns over growth.
What brokerages say?
Nirmal Bang highlighted that the insurer's Q4FY26 numbers comfortably beat limited consensus estimates, posting an annualised premium equivalent (APE) of Rs 3830 crore and a new business value (NBV) of Rs 965 crore.
“Q4FY26 NBV margin expanded to a robust 25.2% (beating estimates), fuelled by a 60.5% YoY surge in retail protection APE and favourable economic assumption changes,” Nirmal Bang said.
“A sharp decline in the 13th month persistency ratio ultimately dragged the overall FY26 ROEV,” Nirmal Bang added.
“ICICI Prudential Life's (IPRU) FY26 APE grew 2% YoY, below estimates, while 11% VNB growth beat expectations,” HDFC Securities said.
HDFC Securities noted that the retail APE growth continues to lag peers, noting that on a three-year CAGR basis, the company's individual regular premium new business (IRNB) growth has been a modest 7% versus roughly 10% for private peers.
HDFC Securities expects the insurer to continue underperforming peers on IRNB growth given its heavy focus on Unit Linked Insurance Plans (ULIPs), which could be a drag in a volatile equity market.
HDFC Securities trimmed its APE estimates for FY27E and FY28E by 6% and 8%, respectively, while reducing VNB estimates by 3% and 5%.
Target prices & ratings
Nirmal Bang maintained a ‘Buy’ rating on ICICI Prudential Life stock, raising its target price to Rs 660 from Rs 650.
Taking a slightly cautious stance, HDFC Securities maintained its ‘Add’ rating with a target price of Rs 595. “We maintain ADD with a TP of INR595 (1.3x Mar-28E EV), implying a ~45% discount to SBILIFE,” the brokerage said.