ICICI Life Q3 Results Review- New Business Margins Sees Further Expansion; Nearing Its Targeted VNB: KRChoksey
The value of new business for Q3 grew, while it was flat sequentially at Rs 6,180 million, led by strong expansion in VNB margins.
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KRChoksey Research Report
In Q3 FY23, ICICI Prudential Life Insurance Company Ltd.'s gross written premium grew 4.7% YoY, while declining by 1.2% QoQ at Rs 97,805 million.
The value of new business for Q3 FY23 grew by 20.0% YoY, while it was flat sequentially at Rs 6,180 million, led by strong expansion in VNB margins.
The VNB margin for Q3 FY23 stood at 33.9%, up from 26.7% for Q3 FY22. This was on account of a shift in the underlying product mix.
The solvency ratio as of December 31, 2022, was 212% against the regulatory requirement of 150%.
The total assets under management of ICICI Life were Rs 2,519 billion as of December 31, 2022, a growth of 6.0% over Rs 2,376 billion as of December 31, 2021.
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