ICICI Prudential Life - Renewed Product Mix Makes Growth Resilient; Valuation Supportive: Nirmal Bang
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Nirmal Bang Report
ICICI Prudential Life Insurance Co.'s renewed product strategy gives the company a more stable and a high-margin product mix.
From 80% plus concentration in FY19, the share of linked savings has come down to 44%.
A more prudent product mix, coupled with new distribution tie-ups should aid 19% annual premium equivalent compound annual growth rate over FY21-24E.
Retail protection, where growth rate has been impacted, will be a key growth enabler for ICICI Prudential as underwriting constraints ease and term penetration deepens.
Notwithstanding the transient challenges posed by Covid-19, the retail term opportunity remains large.
Higher rider attachment rates should enhance protection profitability.
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