From mint · Dhanya Nagasundaram · · 1m 40s
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.
In brief
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 for ICICI Life Insurance shares following Q2 results amid 34% annual decline. Originally reported by mint.
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.
The one thing
Religare Broking maintains a 42.6% upside target for ICICI Life Insurance shares following Q2 results amid 34% annual decline.
