ICICI Prudential Life Insurance Company carries on the business of providing life insurance, pensions and health insurance products to individuals and groups. Riders providing additional benefits are offered under some of these products. The business is conducted in participating, non-participating and unit-linked lines of businesses. These products are distributed through individual agents, corporate agents, banks, brokers, the Company’s proprietary sales force and the Company website.
The company’s 4P framework (Protection, Persistency, Productivity Improvement, and Profitability) has resulted in Value of New Business (VNB) growth of 27.8% and VNB margin expansion from 28% to 32% in FY2023. The company has successfully doubled the FY2019 VNB with a four-year CAGR of 20.1% and industry-leading margins of 32%.
The stock on Tuesday has advanced by nearly 1.3% and the volume for the day so far has surpassed the 17.8-lakh mark which is in the follow-up of a huge spurt seen in the volume in the prior trading session as on Monday the total trade volume was nearly 36.5 lakh shares.
From a technical standpoint, the stock has retraced the 38.2% retracement level of the prior downtrend. On Monday, the stock logged a consolidation with a higher high and a bullish candle. Also, it has managed to close above the key moving averages like 20, 50 and 100-DMA. The stock is trading above the moving average ribbon. It is over 5% above the 20DMA and 7% above the 50DMA. It closed above the Anchored VWAP resistance.
The KST is about to give a bullish signal. The MACD and the RSI have given a fresh buy signal. The RSI entered into the bullish zone. The stock is also above the Ichimoku cloud. In short, the stock closed above the prior swing high and registered a bullish breakout. Key support for the stock is placed at Rs 448 and on the other hand, the stock has resistance placed at Rs 476 which is in the form of 200-DMA.