ICICI Prudential Life Insurance Company Ltd

About

ICICI Prudential Life Insurance Co. carries on business of providing life insurance, pensions and health insurance products to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating, non-participating and unit linked lines of businesses. These products are distributed through individual agents, corporate agents, banks, brokers, the Companys proprietary sales force and the Company website.(Source : 202003 Annual Report Page No: 192)

  • Market Cap 90,775 Cr.
  • Current Price 632
  • High / Low 724 / 398
  • Stock P/E 145
  • Book Value 60.9
  • Dividend Yield 0.32 %
  • ROCE 9.15 %
  • ROE 7.63 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 26.84%

Cons

  • Stock is trading at 10.38 times its book value
  • Company has a low return on equity of 10.98% for last 3 years.
  • Earnings include an other income of Rs.2130.42 Cr.

Peer comparison

Sector: Insurance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
8,670 15,896 8,344 8,144 12,876 -8,338 18,746 16,691 28,463 19,282 16,211 23,161
8,461 15,981 8,260 8,083 12,811 -7,749 18,853 16,641 28,412 19,726 17,341 22,960
Operating Profit 208 -85 83 60 65 -589 -106 50 51 -444 -1,130 201
OPM % 2% -1% 1% 1% 1% -1% 0% 0% -2% -7% 1%
Other Income 118 388 233 272 257 817 439 314 299 616 914 301
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 326 303 316 332 322 228 333 364 350 172 -215 502
Tax % 9% 14% 10% 9% 6% 22% 14% 17% 13% 64% 14% 11%
Net Profit 296 261 285 302 302 179 287 302 304 63 -185 446
EPS in Rs 2.06 1.82 1.98 2.10 2.10 1.24 2.00 2.11 2.12 0.44 -1.29 3.10

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
14,021 20,025 21,888 34,453 20,849 37,816 38,832 41,463 21,061 83,231 87,117
13,118 19,280 20,384 32,798 19,008 36,010 37,062 40,922 21,558 83,864 88,439
Operating Profit 904 745 1,504 1,655 1,842 1,806 1,771 541 -497 -633 -1,322
OPM % 6% 4% 7% 5% 9% 5% 5% 1% -2% -1% -2%
Other Income 627 900 129 43 0 130 132 813 1,756 1,912 2,130
Interest 16 14 15 17 0 15 20 23 0 0 0
Depreciation 56 41 47 40 0 58 44 57 61 60 0
Profit before tax 1,459 1,591 1,572 1,642 1,842 1,863 1,839 1,274 1,198 1,219 808
Tax % 5% 5% 1% 0% 10% 10% 12% 11% 11% 22%
Net Profit 1,386 1,515 1,561 1,640 1,650 1,682 1,619 1,139 1,067 956 627
EPS in Rs 9.70 10.61 10.92 11.46 11.52 11.72 11.28 7.93 7.43 6.66 4.37
Dividend Payout % 30% 32% 70% 51% 73% 63% 59% 40% 11% 30%
Compounded Sales Growth
10 Years: %
5 Years: 32%
3 Years: 29%
TTM: 118%
Compounded Profit Growth
10 Years: %
5 Years: -15%
3 Years: -23%
TTM: -41%
Stock Price CAGR
10 Years: %
5 Years: 15%
3 Years: 25%
1 Year: 53%
Return on Equity
10 Years: %
5 Years: 17%
3 Years: 11%
Last Year: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Sep 2021
1,429 1,429 1,429 1,432 1,432 1,435 1,436 1,436 1,436 1,436 1,437
Reserves 1,553 2,532 2,954 3,831 3,640 4,971 5,138 5,435 5,524 10,666 7,309
Borrowings 0 0 0 0 1,029 0 0 0 0 1,200 1,200
68,642 71,260 77,090 95,952 98,664 118,335 135,245 156,215 149,071 203,918 231,825
Total Liabilities 71,623 75,220 81,474 101,215 104,765 124,741 141,819 163,086 156,031 217,220 241,772
176 165 197 209 212 207 404 463 932 911 457
CWIP 4 7 5 6 7 7 18 13 20 22 0
Investments 70,398 73,716 80,101 99,491 103,024 121,581 138,537 159,003 150,776 211,727 234,656
1,045 1,332 1,171 1,509 1,522 2,946 2,859 3,607 4,303 4,560 6,659
Total Assets 71,623 75,220 81,474 101,215 104,765 124,741 141,819 163,086 156,031 217,220 241,772

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
2,829 -2,641 -2,382 523 3,634 4,130 5,690 11,377 8,596 7,314
-813 1,564 6,012 -1,822 27 -696 -5,389 -7,559 -10,797 -5,084
-362 -514 -1,091 -966 -1,442 -994 -1,188 -843 -405 1,205
Net Cash Flow 1,654 -1,591 2,539 -2,264 2,219 2,439 -887 2,975 -2,606 3,434

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
78.69 74.98 74.98 74.98 74.98 74.98 73.48 73.48 73.48 73.48 73.45 73.42
8.56 10.08 11.48 12.12 13.30 13.34 15.06 15.78 16.28 16.51 17.17 17.17
4.61 6.54 6.33 6.71 5.52 5.54 5.23 4.63 4.71 4.29 4.11 4.14
8.13 8.40 7.21 6.19 6.20 6.14 6.23 6.11 5.53 5.72 5.27 5.27

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