ICICI Prudential Life Q2 Review - Premium Growth Boosted By Linked Saving, But VNB Margins Weakened: KRChoksey
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KRChoksey Research Report
ICICI Prudential Life Insurance Company Ltd.'s gross written premium grew 9.2% YoY in Q2 FY22 owing to a healthy growth momentum.
Annual premium equivalent for Q2 FY22 stood at Rs 1,977 crore, an increase of 35% YoY.
For H1 FY22, the annual premium equivalent grew ~40% YoY at Rs 3,196 crore with new business premium growth of 45% YoY.
Value of new business for Q2 FY22 stood at Rs 515 crore, a growth of 28.8% YoY with margins at 26.0%.
ICICI Prudential Life's VNB for H1 FY22 grew by 45.0% YoY to Rs 873 crore. The VNB margin for H1 FY22 stood at 27.3%, up by 100 basis points YoY.
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