The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore.
Share price of ICICI Prudential Life Insurance Company gained 4 percent in the early trade on July 25 after its quarterly results.
The company's Q1FY20 net profit rose 1.2 percent to Rs 284.9 crore against Rs 281.6 crore in the same quarter last year.
The value of new business margin increased to 21 percent from 17 percent, while value of new business jumped 27 percent to Rs 309 crore versus Rs 244 crore, YoY.
The company's net premium income was up 14.2 percent at Rs 6,208.1 crore against Rs 5,437.8 crore.
Morgan Stanley has maintained overweight rating on the stock with a target price at Rs 450 per share.
The research house expects premium growth to recover through the year with help from favourable base and expect VNB growth to be sustained in 20-25 percent range over the next three years.
It sees strong growth in protection.
At 0928 hours, ICICI Prudential Life Insurance Company was quoting at Rs 391.50, up Rs 9.25, or 2.42 percent on the BSE.
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