ICICI Prudential Life Insurance Company Ltd

₹ 491 -0.81%
28 Jun - close price
About

ICICI Prudential Life Insurance Company Ltd carries on business of providing life insurance, pensions and health insurance products to individuals and groups. The business is conducted in participating, non-participating and unit linked lines of business. These products are distributed through individual agents, corporate agents, banks, brokers, sales force and company's website.[1]

It is promoted by ICICI Bank and Prudential Corporation :-

ICICI Bank (51% stake)[2] - The company is a part of ICICI Bank Ltd which is the 2nd largest private bank in India. It offers a diversified range of products and services to retail, SME and corporate customers.[3]

Prudential Plc (22% stake) - It is a British multinational insurance company based in London, England. It is the largest UK life insurer in Asia with presence in India, China, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines and other Asian countries. It is also present in African subcontinent in Nigeria, Ghana, Togo and other countries.[4]

Key Points

Ratios FY21
Solvency Ratio - 217%
Claim Settlement Ratio - 98%[1]
Cost Ratio - 15%[2]
Commission Ratio - 4.2%
Net Retention Ratio - 98%[3]
VNB Margin - 25%[4]
Persistency Ratio (13 months) - 87%
Persistency Ratio (61 months) - 60%[1]

  • Market Cap 70,530 Cr.
  • Current Price 491
  • High / Low 724 / 430
  • Stock P/E 93.5
  • Book Value 63.7
  • Dividend Yield 0.11 %
  • ROCE 9.25 %
  • ROE 8.25 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 17.05%

Cons

  • Stock is trading at 7.70 times its book value
  • The company has delivered a poor sales growth of 10.50% over past five years.
  • Company has a low return on equity of 11.43% for last 3 years.
  • Earnings include an other income of Rs.2275.94 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Insurance Industry: Finance & Investments

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
8,343 8,143 12,875 -8,339 18,746 16,691 28,462 19,281 16,211 23,161 9,929 13,002
8,259 8,082 12,809 -7,751 18,851 16,640 28,410 19,724 17,339 22,958 9,626 13,698
Operating Profit 84 60 66 -588 -105 51 52 -443 -1,128 202 303 -696
OPM % 1% 1% 1% -1% 0% 0% -2% -7% 1% 3% -5%
232 272 257 817 439 314 299 616 912 298 55 1,010
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 316 332 323 229 334 365 351 173 -216 501 358 314
Tax % 10% 9% 6% 22% 14% 17% 13% 63% 14% 11% 13% 41%
Net Profit 285 302 302 179 288 303 306 64 -186 445 311 185
EPS in Rs 1.98 2.10 2.11 1.25 2.00 2.11 2.13 0.44 -1.29 3.09 2.16 1.28

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
24,422 14,020 20,023 21,886 34,451 20,847 37,814 38,830 41,460 21,022 83,180 62,302
23,436 13,117 19,278 20,380 32,795 19,005 36,007 37,058 40,695 21,320 83,565 63,555
Operating Profit 985 904 745 1,505 1,656 1,842 1,807 1,772 765 -298 -385 -1,252
OPM % 4% 6% 4% 7% 5% 9% 5% 5% 2% -1% -0% -2%
12 627 900 129 43 0 130 132 591 1,578 1,668 2,276
Interest 0 16 14 15 17 0 15 20 23 19 0 0
Depreciation 73 56 41 47 40 0 58 44 57 61 60 67
Profit before tax 925 1,459 1,591 1,573 1,642 1,842 1,864 1,840 1,276 1,200 1,223 957
Tax % 13% 5% 5% 1% 0% 10% 10% 12% 11% 11% 22% 21%
Net Profit 808 1,386 1,516 1,562 1,640 1,650 1,682 1,620 1,141 1,069 960 754
EPS in Rs 5.65 9.70 10.61 10.93 11.46 11.52 11.72 11.28 7.94 7.44 6.69 5.25
Dividend Payout % 0% 30% 32% 70% 51% 73% 63% 59% 40% 11% 30% 10%
Compounded Sales Growth
10 Years: 16%
5 Years: 11%
3 Years: 15%
TTM: -25%
Compounded Profit Growth
10 Years: -6%
5 Years: -15%
3 Years: -13%
TTM: -21%
Stock Price CAGR
10 Years: %
5 Years: 1%
3 Years: 8%
1 Year: -21%
Return on Equity
10 Years: 22%
5 Years: 15%
3 Years: 11%
Last Year: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
1,428 1,429 1,429 1,429 1,432 1,432 1,435 1,436 1,436 1,436 1,436 1,437
Reserves 656 1,553 2,532 2,955 3,832 3,642 4,973 5,141 5,440 5,783 7,683 7,726
0 0 0 0 0 1,029 0 0 0 0 1,200 1,200
66,986 68,641 71,260 77,090 95,952 98,663 118,334 135,245 156,215 148,817 206,909 234,077
Total Liabilities 69,071 71,623 75,220 81,474 101,216 104,766 124,743 141,821 163,090 156,035 217,228 244,440
282 176 165 197 209 212 207 404 463 457 911 916
CWIP 1 4 7 5 6 7 7 18 13 20 22 54
Investments 67,935 70,398 73,717 80,102 99,492 103,027 121,586 138,540 159,009 151,256 211,736 237,625
852 1,045 1,331 1,171 1,509 1,520 2,943 2,859 3,606 4,301 4,559 5,845
Total Assets 69,071 71,623 75,220 81,474 101,216 104,766 124,743 141,821 163,090 156,035 217,228 244,440

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
4,724 2,830 -2,640 -2,381 528 3,636 4,132 5,693 11,381 8,600 7,320 1,831
-5,770 -814 1,563 6,004 -1,820 25 -699 -5,392 -7,563 -10,802 -5,090 -815
2 -362 -514 -1,091 -966 -1,442 -994 -1,188 -843 -405 1,205 -319
Net Cash Flow -1,044 1,654 -1,591 2,532 -2,257 2,219 2,439 -887 2,975 -2,608 3,434 696

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 0 0 0 0 0 3 0 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 0 3 0 0 0 0 0 0
Working Capital Days -19 -29 -19 -17 -10 -16 -2 -9 -9 -5 -2 -6
ROCE % 58% 46% 38% 34% 32% 30% 29% 19% 17% 14% 9%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
74.98 74.98 74.98 74.98 73.48 73.48 73.48 73.48 73.45 73.42 73.41 73.41
11.48 12.12 13.30 13.34 15.06 15.78 16.28 16.51 17.17 17.17 16.92 16.35
6.33 6.71 5.52 5.54 5.23 4.63 4.71 4.29 4.11 4.14 4.26 4.74
7.21 6.19 6.20 6.14 6.23 6.11 5.53 5.72 5.27 5.27 5.40 5.50

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