ICICI Prudential shares decline after net profit rises 33% to Rs 207 crore YOY in Q1

ICICI Prudential share price NSE, ICICI Prudential Q1 results 2023: Shares of ICICI Prudential Life Insurance declined on Wednesday, a day after the life insurance company registered a 33 per cent jump in its net profit at Rs 207 crore in the April-June quarter, boosted by massive gains from investments. ICICI Prudential stock opened at Rs 578 and declined as much as 4.7 per cent to touch the day's low of Rs 547.7 from the previous close of Rs 574.75 on the NSE. The stock finished at Rs 559 apiece, down by Rs 15.75, or 2.74 per cent on the NSE.

ICICI Prudential's net premium income increased two per cent on a year-on-year basis to Rs 7,020 crore. ICICI Prudential's quarterly net profit was estimated at Rs 184 crore and net premium income at Rs 6,937.5 crore, according to Zee Business research. In a statement, the company said its income under unit-linked investments increased from a loss of Rs 9,888 crore in the first quarter of FY23 to a gain of Rs 14,159 crore in Q1 FY24, primarily due to a rise in the market value of the securities it held, coupled with a jump in profits on the sale of investments.

The net income rose 32.7 per cent to Rs 207 crore as the company could make good progress on cost efficiency (cost to total weighted received premium ratio), improving to 18.8 per cent from 27.7 per cent. Read more 

ICICI Prudential share price target: Should you buy, sell, or hold?

• CLSA has maintained a buy call with a target price of Rs 700.
• Citi has maintained a buy rating and has raised the target price to Rs 685 from Rs 640.
• Macquarie has maintained a neutral call with a target price of Rs 486.
• HSBC has maintained a buy call but has cut the target price to Rs 710 from Rs 715.
• Nomura has maintained a buy call with a target price of Rs 650.

ICICI Prudential share price history

ICICI Prudential's stock has given a positive return of nearly 7 per cent in the last 12 months (since July 19, 2022). In comparison, the headline index, Nifty 50, has rallied nearly 21 per cent.

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