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Yes Securities Report
VNB margin has improved in a reasonably healthy manner on YoY basis, driven by product mix change:
Life Insurance Corporation of India's value of new business margin for Q2 FY25 amounts to 17.9% compared with 15.3% in Q2 FY24, up 257 bps YoY. On half-year basis, VNB margin has improved 160 bps YoY, with product mix change enhancing H1 margin by 430 bps whereas economic assumption change offsetting the same by 290 bps.
The share of Individual Non-Par business has risen by 11.8% points on YoY basis to 19.2% in Q2. This has come with some sacrifice in margin with H1 margin for Non-Par business declining 6.2% points to 43.8%.
However, mix change proved to be the over-arching factor influencing margin. Importantly, due to various measures undertaken, the company expects the VNB margin will not get impacted due to the change in surrender value norms.
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