In Q4 FY24, ICICI Prudential Life Insurance Ltd. reported 9.6% YoY growth in annual premium equivalent to Rs 36.16 billion. The protection and ex-unit linked insurance plan individual savings segments declined YoY by 4.6% and 19.9%, respectively. ULIPs grew 77% YoY. Value of new business declined 26% YoY to Rs 7.8 billion (19% miss), due to a sharp correction in margins to 21.5% (down 140 bp QoQ) versus our estimate of 26%. In FY24, APE stood at Rs 90.5 billion (4.7% YoY) and VNB at Rs 22.3…
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ICICI Prudential Life Q4 Results Review
