VNB margin hit due to adverse product mix

Company

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.