ICICI Life Q3 Review - FY24 To Be Mainly About Topline Growth, With Some Margin Expansion: Yes Securities

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Yes Securities Report.There is a long way to go in terms of enhancing the activity and capacity of non-ICICI Bank Ltd. partners. Further, ICICI Prudential Life Insurance Company Ltd. is also working on whom to pitch for in terms of new partnerships. There has also been an investment in the agency network, which takes one-two years to have impact. In FY24, topline will be the main driver for value of new business growth with VNB margin being stable to higher. ICICI Life can grow VNB in line with VNB for the sector, which implies 15-20% compounded growth for VNB. Total protection annual premium equivalent has grown 22.7% YoY in nine months-FY23 with its share reaching 19.7% in total APE. It is true that sequential momentum in retail protection has come from return of premium but there has been a sequential pick up in retail protection even without ROP. There are no supply side issues or demand side weakness and it is just that the distribution network is still getting used to changes to under-writing norms, which is a big shift in terms of how protection is being sold..Click on the attachment to read the full report:.ICICI Life Q3 Results Review - Robust Margin Drives VNB Growth: Motilal Oswal.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Life Q3 Review - FY24 To Be Mainly About Topline Growth, With Some Margin Expansion: Yes Securities

Calculated VNB margin increased by 285bps QoQ to 33.9% driven by various factors.

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