ICICI Prudential Life Insurance Company Ltd. clocked muted annual premium equivalent growth (+5% YoY) and a 20% YoY VNB de-growth. The steep collapse in VNBM to 24.6% (-738 basis points YoY) was driven by inferior unit economics from ICICI Life’s recalibration of its product design during Q3 FY24, and a ULIP-dominated mix. ICICI Prudential’s investments in channel diversification helped offset de-growth in the proprietary banca channel (-4% YoY). We believe that ICICI Prudential’s…
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ICICI Prudential Life Q4 Review
