14-Oct-2026 07:45:45

JEFFERIES ON ICICI PRU LIFE ; BUY | TP ₹670 | EARLIER TP ₹685

• VNB margin came in below expectations, but risks appear largely priced in. • Margins were lower due to a higher mix of group funds. • APE growth was led by the group business. • Bancassurance and agency channels grew slowly despite a favourable base. • FY27–29E VNB estimates cut by 2% due to a lower retail protection mix.

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