ICICI Prudential Life Insurance Co reported stronger-than-expected premium income growth, driven by a healthy retail segment, although margins were impacted by elevated commission costs and higher ULIP sales. The company is adapting to new regulatory norms and aims for absolute VNB growth. Currently trading at 2.2/2.0/1.7x P/EV of its FY25/26/27E embedded value, a Buy rating is maintained with a target price of Rs 893, valuing the company at 2.3x its FY26E embedded value.
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