UOB Kay Hian: PRU Acquisition of Indian Insurer Expected to Dilute EPS
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UOB Kay Hian reports that PRU's acquisition of a controlling stake in India's Bharti Life will dilute its EPS, as it reduces its stake in ICICI Prudential Life to below 10%. The deal allows PRU to manage product design in India, but Bharti Life's current losses may negatively impact new business profits. The acquisition price reflects a P/EV multiple of 1.5-1.8x, consistent with industry averages. UOB maintains a Buy rating on PRU with a target price of HKD142.
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