I-Pru Life: New product mix to help meet investors' profitability hopes

At 25.6 per cent VNB margin, Q3 has been rewarding despite lower growth

Nearly two years ago the biggest grouse investors had about ICICI Prudential Life Insurance (I-Pru Life) was that its new business growth wasn't as profitable as peers. After all, with the value of new business (VNB) margin at less than 18 per cent, nearly 100–150 basis points (bps) lower than SBI Life Insurance and far lower compared to HDFC Life, which was upwards of 23 per cent, the concern was justified. Since then, significant efforts have been made to alter the mix of product offering and make its business more profitable rather than growth-oriented and in December quarter (Q3) one