ICICI Prudential Life gains 2% as Morgan Stanley sees 33% upside

The global brokerage house expects muted premium compounded annual growth rate of 6 percent over FY18-21.

ICICI Prudential Life Insurance Company shares gained 1.8 percent in morning on Tuesday after global brokerage house Morgan Stanley maintained overweight rating on the stock with a price target at Rs 425, implying a 33 percent potential upside.

The life insurance company reported premium growth of 3 percent for December.

The global brokerage house expects muted premium compounded annual growth rate of 6 percent over FY18-21, but a higher VNB (value of new business) CAGR of 20 percent.

Meanwhile, the company is scheduled to announce its earnings for the quarter ended December 2018 on January 22, 2019.

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