ICICI Prudential Life Insurance’s March‑quarter performance drew mixed reactions from brokerages, with strong profitability and margin expansion offsetting concerns around muted topline growth and persistency trends. While analysts broadly highlighted improvements in value‑of‑new‑business (VNB) margins driven by a higher protection mix, opinions diverged on the earnings outlook amid macro uncertainty and softer annualised premium equivalent (APE) growth. Most brokerages maintained positive to neutral stances, citing attractive valuations, margin of safety, and medium‑term profitability levers despite near‑term growth challenges.
Nuvama on ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Q4 results
Net premium income jumped 17 per cent YoY to Rs 19,180 crore. One-time premiums increased 46 per cent, while renewal premiums rose nearly 6 per cent. Annualised premium equivalent (APE) sales rose 9.4 per cent to Rs 3,830 crore. Notably, value of new business (VNB) increased more than 21 per cent to Rs 965 crore, supported by an improved product mix.
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