• ICICI Prulife: Management aims to double VNB in 3-4 years
• Among the key highlights of the Q3 performance, ICICI Pru's VNB growth remained strong at 33% while VNB margin stood stable at ~21%.
• Margin improvement could be largely attributed to the higher share of protection business while the company managed to reduce the share of ULIPs in savings APE from ~79% in 3QFY19 to ~68%.
• Renewal premium growth was muted due to weak persistency. 13th/25th month persistency declined by ~100bp/230bp YoY.
• Going forward, IPRU has maintained its stated guidance of doubling VNB in 3-4 years and VNB margin is expected to recover to ~23% by FY22 led by an improved protection mix.
• For further growth, IPRU has also partnered with 13-14 banks with ICICI Bank and Standard Chartered Bank as its biggest distributors. It has also added nearly 18,500 agents to focus on selling protection and non-linked products. A partnership has been signed with Paytm as well for distribution of products.
Disclaimer: The above report is compiled from information available on public platforms. inChat team advises users to check with certified experts before taking any investment decisions.
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