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Motilal Oswal Report
ICICI Prudential Life Insurance Company Ltd. posted ~35% YoY growth in new business annual premium equivalent, led by healthy trends in the annuity segment (~67% YoY), while unit linked insurance plan growth bounced back strongly (~44% YoY).
Protection growth was aided by credit life/group term, while retail protection growth stood weak.
On the distribution side, growth was supported across all channels (barring ICICI Bank Ltd.).
ICICI Prudential continued to improve its distribution mix by adding new partners and agents.
Value of new business grew ~28% YoY to Rs 5.2 billion (~7% miss). VNB margin moderated by 130 basis point YoY to 26%, affected by slower growth in protection sales.
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