ICICI Prudential Life - VNB Growth Remains A Key Metric; Growth Trends To Recover Gradually: Motilal Oswal

Motilal Oswal Report

We organised an interactive session with the top management of ICICI Prudential Life Insurance Company Ltd. to discuss the various regulations being introduced by the regulator, the industry, and its growth and margin outlook. Key insights from the discussion are highlighted below:

• Growth for ICICI Prudential Life has remained modest over the past few months, led by sluggish growth in unit linked insurance plan, impacted by increased market volatility and weak trends in the rotection business, primarily retail protection. The festive season in Oct-22 impacted volumes. However, the same is likely to see an uptick going forward.

• ICICI Prudential Life is focused on growing its sum assured as it feels it is a more important metric for the profit pool rather than just annual premium equivalent growth. It is not targeting any product mix, and the focus remains on growing revenue. Overall, the management expects premium growth to be in line or slightly higher than peers, barring select names.

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