ICICI Prudential Life Insurance to focus on growing absolute VNB amid slump in FY24

Key points

• In its Q4FY24 results, the company's VNB fell 19.45 percent to Rs 2,227 crore for FY24 Dhiren Salian, CFO of the company said the decline in VNB is due to shift in “product mix, competitive pricing pressures and increases in expenses”.
• ICI15 ICI15 NSE/BSE Select NSE LIVE BSE LIVE Day High Day Low Volume (NSE) More × ICICI Prudential Life Insurance said it will focus on growing its absolute Value of New Business (VNB) moving forward.
• In the Q4FY24 results announced on April 23, the company said VNB, which is the expected profitability from new policies sold, fell 19.45 percent to Rs 2,227 crore for FY24 from Rs 2,765 crore in FY23. VNB margin also fell to 24.6 percent in FY24 from 32 percent in the previous year.
• Dhiren Salian, Chief Financial Officer of the company, said in the post-earnings conference call that the decline in VNB is due to...