ICICI Prudential Life Insurance
ICICI Prudential Life Insurance
Insurance F&OKey Fundamentals
MidcapLife InsuranceInsuranceTapetide Score
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Key Insights
Strengths
1- Company is expected to give good quarter
Weaknesses
4- Stock is trading at 5.01 times its book value
- The company has delivered a poor sales growth of -5.30% over past five years.
- Tax rate seems low
- Company has a low return on equity of 8.75% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoICICI Prudential Life Insurance trades at a market cap of ₹67,299 Cr with a P/E of 42.7x and P/B of 5.11x. The company has shown strong recent profit growth of 36% TTM but faces a negative 5-year sales CAGR of -5.3%, while ROE has improved to 13% in the last year from a 3-year average of 9%.
- TTM profit growth of 36% indicates a sharp acceleration in earnings over the trailing twelve months
- Last year ROE improved to 13%, up from the 3-year average of 9% and 5-year average of 9%, suggesting improving capital efficiency
- 3-year compounded profit CAGR of 26% reflects sustained earnings momentum over a medium-term horizon
- 10-year compounded sales CAGR of 12% demonstrates the company's long-term revenue scaling ability in a growing insurance market
- Company is expected to deliver a good upcoming quarter based on available channel checks and business trends
- Dividend yield of 0.35% provides a small but consistent return to shareholders, indicating cash generation capability
- Market cap of ₹67,299 Cr positions ICICI Prudential as a large-cap insurer with strong brand parentage and distribution access through the ICICI Bank network
- 5-year compounded profit CAGR of 11% shows the company has managed to grow bottom line even through periods of weak topline performance
- P/B ratio of 5.11x is elevated; the stock is trading at over 5 times book value, which limits margin of safety
- 5-year compounded sales CAGR is negative at -5.3%, reflecting persistent topline weakness over a meaningful period
- TTM sales growth is negative at -10%, indicating the revenue decline has worsened in the most recent period
- 3-year ROE averages only 8.75%, which is low for a life insurance business and suggests subpar capital deployment historically
- P/E of 42.7x is demanding and prices in significant future growth that may not materialize given weak sales trends
- Stock price CAGR is -21% over 1 year and -5% over 3 years, showing sustained underperformance and value erosion for shareholders
- 10-year compounded profit CAGR of 0% means the company has essentially not grown its profits on a decade-long basis despite the insurance sector's expansion
- Tax rate appears low, which could mean reported earnings are flattered by tax benefits that may not be sustainable
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- ₹37.53 Cr GST demand upheld Sep 10
Additional Commissioner dismissed ICICI Pru Life's appeal and upheld ₹37.53 crore GST demand. Company plans to file a further appeal.
- ₹3.65 Cr GST penalty order Aug 22
Order upheld ₹3.64 crore GST demand for FY2018-FY2023. Company intends to appeal the decision.
- APE surges 23.4% YoY in Aug Sep 7
APE grew 23.4% YoY to ₹8.91 billion in August 2026. New business sum assured surged 57.9% YoY to ₹1,377.10 billion, and retail APE rose 24.5% YoY to ₹7.36 billion.
- ICICI Bank raises stake to 52.84% Sep 5
ICICI Bank acquired 2.9 crore shares via open market purchases, raising its stake to 52.84% as disclosed under SEBI SAST regulations on September 4, 2026.
- Investor meetings in multiple cities Sep 11
ICICI Pru Life scheduled investor meetings in Gurgaon, Mumbai, and Hong Kong for September 2026. No unpublished price-sensitive information to be shared.
- Postal ballot for name change Aug 18
Company initiated a postal ballot to approve a name change to ICICI Life Insurance Limited, open to shareholders on record as of August 14, 2026.
- Virtual investor meet Aug 27 Aug 21
ICICI Pru Life hosted a virtual meeting with Morgan Stanley India analysts on August 27, 2026 as part of scheduled investor relations activities.
TL;DR: ICICI Pru Life is delivering strong business momentum with APE up 23.4% YoY and new business sum assured surging nearly 58% in August 2026. Parent ICICI Bank increasing its stake to 52.84% signals promoter confidence. On the risk side, recurring GST demands totalling over ₹41 crore across multiple orders bear watching, though individually they are not material to the company's scale. The growth trajectory remains firmly positive, but ongoing tax litigation could create minor earnings drag if appeals are unsuccessful.
Quarterly Results
| Particulars | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,984 | 23,384 | 17,388 | 26,430 | 22,482 | 25,396 | 25,158 | 4,536 | 15,687 | 25,401 | 11,936 | 22,834 | 3,185 |
| Expenses | 11,400 | 23,663 | 17,682 | 26,584 | 22,760 | 25,362 | 24,839 | 4,295 | 15,272 | 25,188 | 11,955 | 22,093 | 3,940 |
| Operating Profit | -416 | -280 | -293 | -155 | -278 | 34 | 319 | 241 | 415 | 213 | -19 | 741 | -754 |
| OPM % | -3.8% | -1.2% | -1.7% | -0.6% | -1.2% | 0.1% | 1.3% | 5% | 2.6% | 0.8% | -0.2% | 3.2% | -24% |
| Other Income | 780 | 496 | 570 | 420 | 549 | 237 | -17 | 169 | 183 | 177 | 408 | -243 | 1,036 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | 364 | 216 | 276 | 265 | 270 | 271 | 302 | 410 | 598 | 390 | 389 | 498 | 281 |
| Tax % | 35% | 5% | 12% | 14% | 36% | 17% | 17% | 21% | 36% | 23% | 24% | 22% | -122% |
| Net Profit | 235 | 206 | 244 | 227 | 174 | 224 | 251 | 325 | 385 | 301 | 296 | 387 | 624 |
| EPS in Rs | 1.64 | 1.43 | 1.69 | 1.58 | 1.21 | 1.56 | 1.74 | 2.25 | 2.67 | 2.08 | 2.04 | 2.67 | 4.3 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 34,453 | 20,849 | 37,816 | 38,832 | 41,463 | 21,025 | 83,182 | 63,564 | 50,478 | 89,683 | 70,778 | 63,357 |
| Expenses | 32,798 | 19,008 | 36,010 | 37,062 | 40,922 | 21,344 | 83,572 | 65,728 | 52,235 | 90,580 | 69,321 | 62,050 |
| Operating Profit | 1,655 | 1,842 | 1,806 | 1,771 | 541 | -319 | -390 | -2,163 | -1,757 | -897 | 1,457 | 1,307 |
| OPM % | 4.8% | 9% | 4.8% | 4.6% | 1.3% | -1.5% | -0.5% | -3.4% | -3.5% | -1% | 2.1% | 2.1% |
| Other Income | 43 | 0 | 130 | 132 | 813 | 1,578 | 1,669 | 3,191 | 2,925 | 2,039 | 258 | 397 |
| Interest | 17 | 0 | 15 | 20 | 23 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 40 | 0 | 58 | 44 | 57 | 61 | 60 | 67 | 84 | 113 | 134 | 145 |
| PBT | 1,642 | 1,842 | 1,863 | 1,839 | 1,274 | 1,198 | 1,219 | 961 | 1,085 | 1,028 | 1,582 | 1,559 |
| Tax % | 0% | 10% | 10% | 12% | 11% | 11% | 22% | 21% | 25% | 17% | 25% | -3% |
| Net Profit | 1,640 | 1,650 | 1,682 | 1,619 | 1,139 | 1,067 | 956 | 759 | 813 | 851 | 1,186 | 1,608 |
| EPS in Rs | 11.46 | 11.52 | 11.72 | 11.28 | 7.93 | 7.43 | 6.66 | 5.28 | 5.65 | 5.9 | 8.2 | 11.09 |
| Div. Payout % | 51% | 73% | 63% | 59% | 40% | 11% | 30% | 10% | 11% | 10% | 10% | 15% |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1,432 | 1,432 | 1,435 | 1,436 | 1,436 | 1,436 | 1,436 | 1,437 | 1,439 | 1,441 | 1,445 | 1,449 |
| Reserves | 3,833 | 3,891 | 4,971 | 5,138 | 5,435 | 5,777 | 7,673 | 7,721 | 8,651 | 9,564 | 10,488 | 12,182 |
| Borrowings | 0 | 1,029 | 0 | 0 | 0 | 0 | 1,200 | 1,200 | 1,200 | 1,200 | 2,600 | 2,595 |
| Other Liabilities | 95,951 | 98,413 | 1,18,335 | 1,35,245 | 1,56,215 | 1,48,818 | 2,06,911 | 2,34,079 | 2,44,562 | 2,86,796 | 2,99,705 | 3,03,509 |
| Total Liabilities | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
| Fixed Assets | 209 | 212 | 207 | 404 | 463 | 932 | 911 | 433 | 479 | 1,168 | 1,315 | 1,378 |
| CWIP | 6 | 7 | 7 | 18 | 13 | 20 | 22 | 54 | 117 | 49 | 36 | 43 |
| Investments | 99,491 | 1,03,024 | 1,21,581 | 1,38,537 | 1,59,003 | 1,50,776 | 2,11,727 | 2,38,101 | 2,48,216 | 2,89,230 | 3,03,475 | 3,07,369 |
| Other Assets | 1,509 | 1,522 | 2,946 | 2,859 | 3,607 | 4,303 | 4,560 | 5,848 | 7,039 | 8,553 | 9,412 | 10,944 |
| Total Assets | 1,01,215 | 1,04,765 | 1,24,741 | 1,41,819 | 1,63,086 | 1,56,031 | 2,17,220 | 2,44,437 | 2,55,851 | 2,99,001 | 3,14,239 | 3,19,735 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 523 | 3,634 | 4,130 | 5,690 | 11,377 | 8,596 | 7,314 | 1,831 | 89 | -7,315 | -9,408 | -5,355 |
| Investing | -1,822 | 27 | -696 | -5,389 | -7,559 | -10,797 | -5,084 | -816 | -1,145 | 7,420 | 6,869 | 7,571 |
| Financing | -966 | -1,442 | -994 | -1,188 | -843 | -405 | 1,205 | -319 | -112 | -88 | 1,422 | -171 |
| Net Cash Flow | -2,264 | 2,219 | 2,439 | -887 | 2,975 | -2,606 | 3,434 | 696 | -1,168 | 17 | -1,116 | 2,045 |
| Free Cash Flow | 471 | 3,583 | 4,078 | 5,622 | 11,270 | -1,12,909 | 7,279 | 1,736 | -105 | -7,550 | -9,663 | -5,473 |
| CFO/OP | 32 | 208 | 229 | 321 | 2,103 | -2,710 | -1,930 | -95 | -21 | 790 | -623 | -365 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -10 | -16 | -2 | -9 | -9 | -5 | -2 | -6 | -5 | 2 | 3 | -1 |
| ROCE % | 34% | 32% | 29% | 29% | 16% | 17% | 14% | 9% | 10% | 3% | 12% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about ICICI Prudential Life Insurance
What does ICICI Prudential Life Insurance Company Ltd do?
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Company Information
ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website.[1] It is promoted by ICICI Bank and Prudential Corporation :- ICICI Bank (51% stake)[2] - The company is a part of ICICI Bank Ltd which is the 2nd largest private bank in India. It offers a diversified range of products and services to retail, SME and corporate customers.[3] Prudential Plc (22% stake) - It is a British multinational insurance company based in London, England. It is the largest UK life insurer in Asia with presence in India, China, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines and other Asian countries. It is also present in African subcontinent in Nigeria, Ghana, Togo and other countries.[4]
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