ICICI Prudential Life Insurance: Q4 FY25 mein kya hua?
ICICI Prudential Life Insurance ka VNB margin, Q4 FY25 se pehle hi thoda dabav mein tha, mainly product mix mein shift (higher share of ULIPs) ki wajah se. Lekin, non-linked business ki revival aur higher-margin ULIP products mein momentum ne Q4 FY25 mein margin expansion mein madad ki hai.
Motilal Oswal Report ki highlights
Motilal Oswal ki report ke hisab se, ICICI Prudential Life Insurance Company Ltd. ka new business annual premium equivalent (APE) Q4 FY25 mein 3% YoY decline ke saath Rs 35 billion raha (jo estimate ke karib tha). Poore FY25 mein, APE 15% YoY growth ke saath Rs 104.1 billion tak pahunch gaya. Value of new business margin is quarter mein 22.7% raha, jabki estimate 21.9% ka tha (Q4 FY24 mein yeh 21.5% tha). Absolute VNB 2% YoY growth ke saath Rs 8 billion raha (estimate ke anusaar). FY25 ke liye, VNB Rs 23.7 billion (+6%) raha aur margin 22.8% raha, jabki FY24 mein yeh 24.6% tha.
Q4 FY25 mein, ICICI Prudential ne shareholder PAT mein 122% YoY jump ke saath Rs 3.9 billion ki kamai ki (32% beat). FY25 mein, PAT 39% YoY growth ke saath Rs 11.9 billion tak pahunch gaya.
Management ka future plan kya hai?
Management ka lakshya APE growth se zyada VNB growth achieve karna hai. Iske liye woh protection segment margin ko group term products ki repricing karke improve karna chahte hain aur, higher margins in ULIPs ko rider attachments aur higher sum insured ke through sustain karna chahte hain. Halanki koi specific APE growth guidance nahi hai, lekin unka aim FY26 mein estimated industry growth 15% se zyada growth karna hai.
Motilal Oswal ka kya kehna hai?
Motilal Oswal ne FY26 ke liye apne APE growth estimate ko 18% se ghata kar 14% kar diya hai, jabki FY27E growth 16% par barkarar hai. VNB margins ke liye, woh better ULIP aur protection margins ki wajah se FY26/FY27 mein lagbhag 70bp/50bp expansion, yani 23.5%/24% tak ki umeed kar rahe hain. Unhone Rs 680 ke target price (1.6x FY27E EV par based) ke saath ‘Buy’ rating barkarar rakhi hai.
