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Equity Bottom-Up

ICICI Prudential Life Insurance / Equity Bottom-Up

ICICI Prudential Life Insurance (IPRU IN)

<ul><li>ICICI Prudential Life's (IPRU) FY26 APE grew 2% YoY, below estimates, while 11% VNB growth beat expectations</li><li>VNB margin at 24.7% surprised positively, as headwinds from GST input tax credit and softer retail business growth, amid a volatile geopolitical environment, were more than offset by a higher share of protection, a favorable yield curve movement, and improved rider attachment.</li><li>Operating RoEV, however, weakened to 11.9% (FY25: 13.1%), weighed down by persistently adverse experience on operating assumptions and expenses.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life's (IPRU) FY26 APE grew 2% YoY, below estimates, while 11% VNB growth beat expectationsVNB margin at 24.7% surprised positively, as headwinds from GST input tax credit and softer retail business growth, amid a volatile geopolitical environment, were more than offset by a higher share of protection, a favorable yield curve movement, and improved rider attachment.Operating RoEV, however, weakened to 11.9% (FY25: 13.1%), weighed down by persistently adverse experience on operating assumptions and expenses.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ICICI Prudential Life Insurance Company

Thematic (Sector/Industry)

<ul><li>ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)</li><li>VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachment</li><li>However, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITC</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachmentHowever, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITCContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance...

<ul><li>Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)</li><li>The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project Fortius</li><li>Margin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization efforts</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project FortiusMargin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization effortsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

<ul><li>Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growth</li><li>Outliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both fronts</li><li>In the LI business, companies witnessed green shoots on product mix alignment in the banca channel</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing profitability over topline growthOutliers such as GODIGIT, NIACL, GICRE, and MAXL ticked both boxes, while IPRULIFE continued to disappoint on both frontsIn the LI business, companies witnessed green shoots on product mix alignment in the banca channelContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

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ICICI Prudential Life Insurance (IPRU IN)

HSIE Results Daily: ICICI Prudential Life Insurance Company

Operating RoEV, however, weakened to 11.9% (FY25: 13.1%), weighed down by persistently adverse experience on operating assumptions and expenses.

HDFC Securities

HSIE Results Daily: ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance...

ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

India Insurance: Q1FY26 - A Mixed Bag - Low on Growth, High on Profitability

Indian insurers, across life, multi-line general and health businesses, reported a mixed bag for Q1FY26, with many franchises prioritizing...

HDFC Securities

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