New Delhi, Oct. 15 -- Shares of ICICI Life Insurance Ltd have declined 34% so far in 2026, but Religare Broking sees significant recovery potential following the insurer's September-quarter results. The brokerage has reiterated its 'Buy' rating with a target price of Rs.650, implying a 42.6% upside from the closing price of Rs.456 on 14 October.

In its assessment, Religare highlighted the company's leadership transition, distribution strategy and operating efficiency as key factors supporting its growth outlook. The appointment of Siddharth Mishra as Managing Director and CEO, alongside the company's rebranding as ICICI Life Insurance Ltd, is expected to ensure strategic continuity, with a continued focus on customer-centricity, deeper p...