Building a robust business model for long-term growth

14 Dec 2023
5 Min read 
  • Mr. Anup Bagchi, CEO of ICICI Prudential Life Insurance, discussed the growth outlook of the company with investors.
  •  The Indian insurance industry has strong growth opportunities due to under-penetration and increased focus on insurance in financial planning.
  •  The company expects strong growth across products, with life insurance slightly less popular than NPS/mutual funds but more popular than fixed deposits.
  •  The company is focusing on implementing stronger processes and policies, benchmarking products with competition, and enhancing communication with customers.
  •  The company aims to grow its agency and direct channels at a faster pace to reduce dependence on ICICI Bank.
  •  The regulatory environment is encouraging for growth, with measures implemented by the insurance regulator and the implementation of risk-based solvency and IFRS.
  •  The company has diversified its product mix and distribution mix, with ULIPs and protection products gaining traction.
  •  The company expects healthy growth in Value of New Business (VNB) and a 16% CAGR in VNB over FY23-25.
  •  The company has a strong balance sheet and profitability ratios, with a solvency ratio well above the regulatory requirement.
  •  The company is trading at a P/EV ratio of 1.6x.
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