ICICI Prudential Life Insurance Company Limited has announced the allotment of 100,201 equity shares under its employee stock option and stock unit schemes on January 20, 2026. The company informed the stock exchanges about this corporate action through an official communication signed by Company Secretary Priya Nair.

Share Allotment Details

The allotment was executed at 12:48 p.m. IST on January 20, 2026, and comprised shares from two distinct employee schemes. The breakdown of the allotment demonstrates the company's commitment to employee participation through equity-based compensation programs.

Employee Stock Schemes Overview

The allotment involved two separate employee benefit schemes operated by the insurance company. The larger portion of 98,700 shares was allocated under the 'ICICI Prudential Life Insurance Company Limited - Employees Stock Option Scheme (2005)', which represents the company's long-standing employee stock option program. Additionally, 1,501 shares were allotted under the newer 'ICICI Prudential Life Insurance Company Limited - Employees Stock Unit Scheme (2023)'.

Corporate Communication

The company formally notified both BSE Limited and the National Stock Exchange of India Limited about this allotment through official correspondence. The communication was digitally signed by Priya Nair, Company Secretary (ACS 17769), ensuring proper regulatory compliance and transparency in corporate actions.

Company Information

ICICI Prudential Life Insurance Company Limited operates from its registered office at ICICI PruLife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025. The company maintains its corporate identification number as L66010MH2000PLC127837 and continues to engage with stakeholders through its official website and corporate communication channels.

ICICI Securities has maintained its buy rating on ICICI Prudential Life Insurance Company with a revised target price of ₹800, representing an upward revision from the previous target of ₹720. The brokerage's optimistic stance is based on the company's strong recovery in key performance metrics during Q3FY26.

Strong Recovery in Key Metrics

The company witnessed a notable turnaround in its Annual Premium Equivalent (APE) and Value of New Business (VNB) growth during Q3FY26. This recovery was primarily driven by GST tailwinds, weak base effects, and enhanced execution capabilities.

The transformation from negative growth in the first half to positive momentum in Q3 demonstrates the company's ability to capitalize on favorable market conditions and operational improvements.

Margin Expansion Despite Challenges

Despite facing headwinds from the non-availability of input tax credits, ICICI Prudential managed to expand its margins significantly. The company achieved a margin of 24.40% in Q3, marking a substantial improvement of 315 basis points on a year-on-year basis. This performance underscores the company's operational efficiency and pricing discipline.

Diversified Distribution Strategy

The company maintains a well-balanced and diversified channel mix that sets it apart from industry peers. The distribution strategy significantly reduces business risks through multiple revenue streams.

This diversified approach provides stability and reduces dependence on any single distribution channel, creating a competitive advantage in the market.

Investment Outlook and Valuation

ICICI Securities has revised its target price methodology, now valuing the company at 1.7x FY28E Embedded Value compared to the earlier FY27E EV basis. The brokerage highlighted several positive factors including:

• Better growth outlook supported by favorable base effects
• Improved margin trajectory
• Diversified business model reducing concentration risks

However, the research report also noted some concerns including weaker persistency rates and challenges in agency performance that remain areas to monitor. Despite these overhangs, the overall assessment remains positive given the company's strong fundamentals and recovery momentum in key business metrics.