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Motilal Oswal Report
ICICI Prudential Life Insurance Company Ltd.'s Annual Report reaffirms the company's focus on steadily diversifying its product mix, especially, the non-par savings and protection segment.
The addition of new-age partners and a wider presence across traditional channels will boost its business growth. The share of banca channel (excluding ICICI Bank Ltd.) has increased to 14% in FY22 from 5% in FY18. These initiatives will provide the company with diversification benefits and drive an optimal business mix, thereby supporting margins.
ICICI Prudential Life reiterated its guidance to double FY19 value of new business by FY23 led by its 4P strategy.
ICICI Prudential Life has reported 34% YoY growth in individual weighted received premium in FY23 year-to-date and we estimate ~21% compound annual growth rate in new business annual premium equivalent and 23% CAGR in VNB over FY22-24E.
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