ICICI Pru Life Share Price Target: Emkay Sets Target at Rs 675 – Here’s Why

Brokerage house Emkay has maintained an ‘Add’ rating on ICICI Prudential Life Insurance with a target price of Rs 675, implying a potential upside from the current market price of Rs 567. The call follows the insurer’s Q4FY25 earnings, where profit and margins beat estimates, though growth remained under pressure.

The stock currently trades at 1.4x FY27E Price/Embedded Value (P/EV)—a level Emkay considers undemanding. The brokerage believes a pickup in APE (Annualised Premium Equivalent) growth could be the catalyst for a rerating, and hence, the outlook hinges on topline acceleration.
ICICI Prudential Life Q4 Results

ICICI Pru Life reported a net profit of Rs 3.9 billion for Q4FY25, ahead of estimates. The Value of New Business (VNB) margin stood at 22.7%, compared to Emkay’s projection of 21%. For the full year, the VNB margin was 22.8%, marginally above expectations.
 

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However, growth was subdued. The insurer posted APE of Rs 35 billion in Q4FY25, down 3.2% YoY and ~3% below Emkay's estimate. The slowdown was attributed to lower ULIP sales due to market volatility and a drag in the Credit Protection business due to sluggish MFI disbursals.

Non-Par Products Aid Margins, But EV Misses
The newly launched non-par product supported margin delivery during the quarter. VNB for FY25 came in at Rs 23.7 billion, up 6.4% YoY and slightly ahead of estimates.
However, Embedded Value (EV) at Rs 479.5 billion missed the mark, coming in 1.7% lower than Emkay’s forecast. The miss was primarily due to changes in operating assumptions—especially mortality assumptions—which adversely impacted both EV and VNB margin.

“The operating assumption changes-led impact on the EV and VNB margin disappointed a bit,” Emkay noted in its report.
 

Valuation Comfort, Execution Key to Re-Rating
Going forward, the brokerage sees a positive mix shift towards non-linked savings products, repricing in group protection plans, and a recovery in credit life products in the second half of FY26 as supportive for margins.

Yet, analysts stress that APE growth will be the primary driver of a stock rerating. To reflect Q4 developments, Emkay has trimmed FY26–27 APE estimates by ~1% and reduced VNB margin forecasts by 10–20 basis points, resulting in a 1–2% cut in VNB estimates.

Still, Emkay retains the target price of Rs 675 for March 2026, implying FY27E P/EV of 1.6x, and maintains its ‘Add’ rating.

“We maintain ADD with unchanged Mar-26E TP of Rs 675. APE growth remains the key trigger for a stock re-rating,” the brokerage stated.

ICICI Prudential Life Share Price Today

On Wednesday, ICICI Prudential Life Insurance's share price opened at Rs 584.30 and reached an intraday high of Rs 602.00, reflecting a gain of more than 5%. It closed at Rs 585.50, up by 17.90 points, marking a 3.15% increase.
 

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