# ICICI Life Insurance Shares Drop 34% in 2026, Religare Sees 42% Upside

> Religare Broking sees 42% upside for ICICI Life Insurance shares after Q2 results despite 34% slump in 2026.
- Title: ICICI Life Insurance Shares Drop 34% in 2026, Religare Sees…
- Summary: Religare Broking sees 42% upside for ICICI Life Insurance shares after Q2 results despite 34% slump in 2026. Religare Broking maintains a 42.6% upside target…
- Keywords: icici life insurance, religare broking, q2 results, share price, target price, premium equivalent, embedded value, insurance regulatory authority of india, money, business, ICICI, Life
- Source: mint — https://livemint.com/market/stock-market-news/icici-life-insurance-shares-despite-34-slump-in-2026-religare-sees-42-upside-post-q2-results-heres-why-11792055000414.html
- Author: Dhanya Nagasundaram
- Published: 2026-10-15T11:32:58+00:00
- Read time: 1 min
- Topics: icici life insurance, religare broking, q2 results, share price, target price, premium equivalent, embedded value, insurance regulatory authority of india, money, business
## Religare Reiterates Buy Rating
Religare Broking reiterated its 'Buy' rating on ICICI Life Insurance with a target price of ₹ 650, implying 42.6% upside from ₹ 456.
## 34% Slump in 2026
ICICI Life Insurance shares declined 34% so far in 2026 despite strong Q2 results.
## Leadership Continuity
Siddharth Mishra's appointment as Managing Director and CEO ensures strategic continuity with focus on customer-centricity and micro-markets.
## Distribution Strategy
Religare highlights distribution strategy and operating efficiency as key growth drivers for ICICI Life Insurance.
## IRDAI Consultation Paper
Religare views IRDAI's distribution economics consultation paper as constructive for aligning distributor and policyholder interests.
## Near-Term Softness
Religare anticipates near-term softness in market-linked savings products and retail protection growth normalization.
## Q2 Results Growth
ICICI Life Insurance reported 25% YoY PAT increase to ₹ 374.22 crore for Q2FY27 with higher premium income.
## Protection Products Surge
Retail protection APE rose 36.5% to ₹ 232 crore in Q2, with market share by sum assured at 11.5%.
## Annuity Growth
Annuity APE rose 64.7% YoY to ₹ 191 crore in Q2, with 50% growth in H1FY27.
## Q2 Results Outlook
Religare expects ICICI Life Insurance's APE, VNB and embedded value to grow at 15.3%, 19.2% and 11.9% CAGR between FY26 and FY28.
## Key takeaway

Religare Broking maintains a 42.6% upside target for ICICI Life Insurance shares following Q2 results amid 34% annual decline.