Motilal Oswal: ICICI Prudential Life’s VNB Margins Improve Sharply; Expanding Banca Distribution To Aid Growth
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Motilal Oswal Report
ICICI Prudential Life Insurance Company Ltd. posted a sharp improvement in value of new business margins at 27.4% (the highest among the listed insurers).
This was aided by the growing mix of the non-linked savings business and improvement in protection margins – as the entire re-insurance hike was passed on to the customer.
Annual premium equivalent declined 23% YoY, mainly led by a 45% YoY plunge in unit linked insurance plan (reported strong trends on a sequential basis).
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