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Motilal Oswal Report
ICICI Prudential Life Insurance Company Ltd. reported a strong growth in new business annual premium equivalent (up 26% YoY; 6% miss) in Q4 FY23, led by strong traction in the traditional savings and annuity business even as the unit linked insurance plan business declined. APE rose 12% YoY to Rs 86.4 billion in FY23.
Value of new business grew 36% YoY to Rs 10.6 billion (14% miss), while VNB margin declined 190 bps QoQ to 32.0% in Q4 FY23. For FY23, VNB rose 28% YoY to Rs 27.7 billion, fueled by VNB margin expansion of 400 bps to 32.0%.
We estimate ICICI Life to deliver a 17% compound annual growth rate in VNB over FY23-25. This will be driven by a combination of premium growth and slight improvement in margins, leading to operating return on embedded value of ~18% over FY23-25E.
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