ICICI Prudential Life Insurance Company Ltd

₹ 546 -1.36%
23 Sep - 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 78,480 Cr.
  • Current Price 546
  • High / Low 693 / 430
  • Stock P/E 71.3
  • Book Value 63.0
  • Dividend Yield 0.10 %
  • ROCE 7.26 %
  • ROE 6.30 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 17.1%

Cons

  • Stock is trading at 8.67 times its book value
  • The company has delivered a poor sales growth of 10.5% over past five years.
  • Company has a low return on equity of 9.10% for last 3 years.
  • Earnings include an other income of Rs.1,699 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
8,344 8,144 12,876 -8,338 18,746 16,691 28,463 19,282 16,211 23,161 9,930 13,003 -1,611
8,260 8,083 12,811 -7,749 18,853 16,641 28,412 19,726 17,341 22,960 9,628 13,701 -1,483
Operating Profit 83 60 65 -589 -106 50 51 -444 -1,130 201 302 -698 -128
OPM % 1% 1% 1% -1% 0% 0% -2% -7% 1% 3% -5%
233 272 257 817 439 314 299 616 914 301 58 1,013 328
Interest 0 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 0
Profit before tax 316 332 322 228 333 364 350 172 -215 502 359 315 201
Tax % 10% 9% 6% 22% 14% 17% 13% 64% 14% 11% 13% 41% 22%
Net Profit 285 302 302 179 287 302 304 63 -185 446 312 187 157
EPS in Rs 1.98 2.10 2.10 1.24 2.00 2.11 2.12 0.44 -1.29 3.10 2.17 1.30 1.09
Raw PDF

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 Mar 2022 TTM
14,021 20,025 21,888 34,453 20,849 37,816 38,832 41,463 21,061 84,079 62,305 44,483
13,118 19,280 20,384 32,798 19,008 36,010 37,062 40,922 21,558 85,679 63,563 44,805
Operating Profit 904 745 1,504 1,655 1,842 1,806 1,771 541 -497 -1,600 -1,258 -322
OPM % 6% 4% 7% 5% 9% 5% 5% 1% -2% -2% -2% -1%
627 900 129 43 0 130 132 813 1,756 2,879 2,285 1,699
Interest 16 14 15 17 0 15 20 23 0 0 0 0
Depreciation 56 41 47 40 0 58 44 57 61 60 67 0
Profit before tax 1,459 1,591 1,572 1,642 1,842 1,863 1,839 1,274 1,198 1,219 961 1,377
Tax % 5% 5% 1% 0% 10% 10% 12% 11% 11% 22% 21%
Net Profit 1,386 1,515 1,561 1,640 1,650 1,682 1,619 1,139 1,067 956 759 1,101
EPS in Rs 9.70 10.61 10.92 11.46 11.52 11.72 11.28 7.93 7.43 6.66 5.28 7.66
Dividend Payout % 30% 32% 70% 51% 73% 63% 59% 40% 11% 30% 10%
Compounded Sales Growth
10 Years: 16%
5 Years: 11%
3 Years: 15%
TTM: -45%
Compounded Profit Growth
10 Years: -6%
5 Years: -15%
3 Years: -7%
TTM: 128%
Stock Price CAGR
10 Years: %
5 Years: 7%
3 Years: 6%
1 Year: -19%
Return on Equity
10 Years: 20%
5 Years: 12%
3 Years: 9%
Last Year: 6%

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 Mar 2022 Jun 2022
1,429 1,429 1,429 1,432 1,432 1,435 1,436 1,436 1,436 1,436 1,437 1,437
Reserves 1,553 2,532 2,954 3,831 3,640 4,971 5,138 5,435 5,524 10,666 10,548 7,611
0 0 0 0 1,029 0 0 0 0 1,200 1,200 1,200
68,642 71,260 77,090 95,952 98,664 118,335 135,245 156,215 149,071 203,918 231,252 223,519
Total Liabilities 71,623 75,220 81,474 101,215 104,765 124,741 141,819 163,086 156,031 217,220 244,437 233,768
176 165 197 209 212 207 404 463 932 436 433 510
CWIP 4 7 5 6 7 7 18 13 20 22 54 0
Investments 70,398 73,716 80,101 99,491 103,024 121,581 138,537 159,003 150,776 212,202 238,101 227,734
1,045 1,332 1,171 1,509 1,522 2,946 2,859 3,607 4,303 4,560 5,848 5,523
Total Assets 71,623 75,220 81,474 101,215 104,765 124,741 141,819 163,086 156,031 217,220 244,437 233,768

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 Mar 2022
2,829 -2,641 -2,382 523 3,634 4,130 5,690 11,377 8,596 7,314 1,831
-813 1,564 6,012 -1,822 27 -696 -5,389 -7,559 -10,797 -5,084 -816
-362 -514 -1,091 -966 -1,442 -994 -1,188 -843 -405 1,205 -319
Net Cash Flow 1,654 -1,591 2,539 -2,264 2,219 2,439 -887 2,975 -2,606 3,434 696

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 Mar 2022
Debtor Days 0 0 0 0 3 0 0 0 0 0 0
Inventory Days
Days Payable
Cash Conversion Cycle 0 0 0 0 3 0 0 0 0 0 0
Working Capital Days -29 -19 -17 -10 -16 -2 -9 -9 -5 -2 -6
ROCE % 46% 38% 34% 32% 30% 29% 16% 14% 12% 7%

Shareholding Pattern

Numbers in percentages

6 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
74.98 74.98 74.98 73.48 73.48 73.48 73.48 73.45 73.42 73.41 73.41 73.40
12.12 13.30 13.34 15.06 15.78 16.28 16.51 17.17 17.17 16.92 16.35 16.13
6.71 5.52 5.54 5.23 4.63 4.71 4.29 4.11 4.14 4.26 4.74 5.09
6.19 6.20 6.14 6.23 6.11 5.53 5.72 5.27 5.27 5.40 5.50 5.38

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