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.

ICICI Prudential Life Insurance Company Limited has announced scheduled investor meetings for February 3-4, 2026, at the ICICI Securities Annual Investor Conference in Singapore. The company filed the regulatory disclosure on January 16, 2026, under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Meeting Schedule and Details

The insurance company has organized two group meetings with investors and analysts during the conference. Both sessions will be conducted in-person in Singapore as part of the ICICI Securities Annual Investor Conference.

Regulatory Compliance

The disclosure was made in accordance with Regulation 30 read with para A of part A of Schedule III and Regulation 46(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. Company Secretary Priya Nair signed the regulatory filing, emphasizing the company's commitment to transparency and compliance.

Key Highlights

The company has outlined several important aspects of these investor meetings:

• The meeting schedule remains subject to change due to exigencies on the part of investors or the company
• No unpublished price sensitive information will be shared during the meetings
• Both sessions are structured as group meetings rather than one-on-one interactions
• The meetings form part of ICICI Securities' broader annual investor conference in Singapore

These investor meetings represent ICICI Prudential Life Insurance's ongoing efforts to maintain regular communication with the investment community and provide updates on business developments within regulatory frameworks.