The ICICI group’s insurance ‘twins’, ICICI Lombard and ICICI Prudential Life (ICICI Pru), came out with results that disappointed the market. However, analysts' opinion on the two companies is more nuanced, with most maintaining a fairly positive stance.
ICICI Pru has underperformed its life insurance peers for a while, but this is mainly attributed to poor returns from the bank channels, and there are some signs that it is improving. ICICI Lombard, meanwhile, reported lower than expected PAT (profit after tax), mainly due to lower investment income.
The nine-month FY23 (2022-23 financial year) performance of ICICI Pru reported a strong Value of New Business (VNB) with a VNB margin of 32 per cent, and management guidance is that VNB will double in FY23. Absolute VNB growth is 23.2 per cent year-on-year (YoY) for the nine-month FY23 period — at Rs 1,710 crore — with VNB margin up 4 per cent YoY and APE
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