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ICICI Prudential Life Insurance Company Ltd. posted a 24.7% YoY growth in new business annual premium equivalent, led by an all-round growth of 25%/22% in savings/protection. Within savings, annuity/non-linked/unit linked insurance plans grew 69%/41%/15% YoY.
Value of new business grew 31.6% YoY to Rs 4.7 billion (in line). This was primarily driven by a 128 bps QoQ improvement in VNB margin to 31% in Q1 FY23.
ICICI Prudential Life remains on track to achieve its stated objective of doubling FY19 VNB by FY23. With adequate growth and margin levers available, we estimate the company to meet its guidance, which entails ~23% VNB growth in FY23.
We expect ICICI Prudential Life to deliver 24% compound annual growth rate in VNB over FY22-24, largely led by healthy premium growth and steady margin, thereby enabling operating return on enterprise value at 17% in FY24.
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