Motilal Oswal has issued a buy recommendation for ICICI Prudential Life Insurance Company, setting a target price of Rs 890. Currently, the stock is trading at Rs 755.7. Established in 2000, ICICI Prudential Life Insurance Company Ltd. is a large-cap firm in the financial services sector, with a market capitalization of Rs 109,094.46 crore.
Financial Performance
For the quarter ending June 30, 2024, ICICI Prudential reported a consolidated total income of Rs 25,632.88 crore. This marks an increase of 11.33% from the previous quarter’s total income of Rs 23,025.12 crore and a 7.34% rise compared to the same quarter last year, which had a total income of Rs 23,879.55 crore. The company also reported a net profit after tax of Rs 224.34 crore for the latest quarter.
Shareholding Structure
As of June 30, 2024, promoters held a 73.18% stake in the company. Foreign Institutional Investors (FIIs) owned 13.23%, while Domestic Institutions (DIs) held 8.81%.
This positive outlook from Motilal Oswal reflects confidence in ICICI Prudential’s growth potential, especially in the context of its strong financial performance and substantial market presence.
