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ICICI Prudential Life Insurance Co.’s business strategy to underwrite group protection is likely to maintain protection (22% of the total annual premium equivalent mix in Q1 FY22) as the key driver of its value of new business.
While risk of higher Covid-19 claims and unsustainability of group term profitability remains near-term risk, business momentum is on an uptick.
We have increased our VNB multiple for ICICI Prudential from 20 times to 25 times in view of the recent business momentum encompassing individual APE growth (48% YoY in Q1 FY22), new agent hires (total 191,000, with recruitment of 4,518 in Q1 FY22), and new distribution partnerships (total 700 including 23 banks – 24 added in Q1 FY22) along with sustained target of reaching VNB of Rs 26.5 billion by FY23.
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