VNB margin hit due to adverse product mix

19 Jan 2024
5 Min read 
  • ICICI Prudential Life Insurance reported a 4.7% YoY growth in APE in 3QFY24.
  •  VNB margin declined due to adverse product mix and increased competition in non-par savings.
  •  Guides for a double-digit growth in 4QFY24 and mid-teen growth in APE for FY25.
  •  Cut APE/VNB margin for FY24E and FY25E.
  •  Premium growth and expansion of VNB margin will be key drivers for stock re-rating.
  •  Reiterate BUY rating with a TP of INR580.
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