Maintaining premium growth, sustained margins key for ICICI Prudential Life

The agency growth was driven by the addition of more than 12,000 agents, plus the launch of new products

In Q1FY25, ICICI Prudential Life Insurance (IPRU) reported 34.4 per cent Y-o-Y growth in Annualised Premium Equivalent (APE) to Rs 1,960 crore with APE in ULIPs up 78 per cent Y-o-Y, while protection and ex-ULIP individual savings segments reported moderate APE growth of 3.2 per cent and 10 per cent Y-o-Y, respectively. The Value of New Business (VNB) grew 8 per cent Y-o-Y to Rs 470 crore. The VNB margins declined to 24 per cent, down 600 basis points Y-o-Y. The decline in VNB margins was on account of a shift in the mix toward ULIPs and