{"id":134823,"date":"2022-10-18T04:28:28","date_gmt":"2022-10-18T08:28:28","guid":{"rendered":"https:\/\/44.250.171.167\/?p=134823"},"modified":"2022-10-18T04:28:29","modified_gmt":"2022-10-18T08:28:29","slug":"icici-prudential-life-insurance-company-ltd-q2-fy23-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q2-fy23-earnings-conference-call-insights\/","title":{"rendered":"ICICI Prudential Life Insurance Company Ltd Q2 FY23 Earnings Conference Call Insights"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"ICICIPRULI Stock | ICICI Prudential Life Insurance Company Ltd Q2 FY23 Earnings Concall\" width=\"500\" height=\"375\" src=\"https:\/\/www.youtube.com\/embed\/Valps13JSgQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><strong>Key highlights from ICICI Prudential Life Insurance Company Ltd (<a href=\"https:\/\/44.250.171.167\/symbol\/ICICIPRULI\/\">ICICIPRULI<\/a>) Q2 FY23 Earnings Concall<\/strong><\/p>\n<p><strong>Management Update:<\/strong><\/p>\n<ul>\n<li>ICICIPRULI said that during the half year, it added 15,000 new agents, 3 new banks and 44 non-bank partnerships.<\/li>\n<\/ul>\n<p><strong>Q&amp;A Highlights:<\/strong><\/p>\n<ul>\n<li>[00:22:52] Swarnabha Mukherjee from B&amp;K Securities asked about the ROP product as the run rate remains same across quarters. Satyan Jambunathan CFO replied that it has been consistent at 15-20% over the past three quarters since launch. However, the company is quite happy with the way the business is progressing and added that the focus is more on growing the entire pie.<\/li>\n<\/ul>\n<ul>\n<li>[00:25:26] Swarnabha Mukherjee from BNK Securities enquired about pure term side, if any growth is expected in FY23. N. S. Kannan MD replied that on retail protection, on a YonY basis, it\u2019s challenging. Also YonY declines are coming down. And on a sequential basis it has been stable. On demand side, it continues to be stable and growth is expected to come back in 2H23.<\/li>\n<\/ul>\n<ul>\n<li>[00:33:59] Avinash Singh from Emkay Global asked about the strain on the annuity portfolio. N. S. Kannan MD said that the strain is a function of mix between single pay and regular pay and also a function of the tenure of the deferral period for annuity.<\/li>\n<\/ul>\n<ul>\n<li>[00:35:51] Avinash Singh of Emkay Global enquired about the MTM movement on [FRA] and its impact on solvency and network in 1H23. N. S. Kannan MD clarified that MTM had no impact on solvency as in aggregate the equity plus the FRA portfolio MTM is net positive.<\/li>\n<\/ul>\n<ul>\n<li>[00:37:34] \u00a0Avinash Singh of Emkay Global asked about the reason for revaluation reserve in property coming down. N. S. Kannan MD answered that it\u2019s just a usual revaluation. It\u2019s got done once a year, and there won\u2019t be any change in this period.<\/li>\n<\/ul>\n<ul>\n<li>[00:38:49] Shreya Shivani from CLSA asked about how many bank partners the company is looking to add. N. S. Kannan MD replied that the three new partners got added in 1Q23. In 2Q23, no partner was added and added that since these are small it doesn\u2019t matter to the company.<\/li>\n<\/ul>\n<ul>\n<li>[00:39:09] Shreya Shivani with CLSA also asked about any APE guidance for FY23. N. S. Kannan MD answered that the company is still holding on to the expectation of 23% VNB growth. ICICIPRULI feels that even if the APE growth is faster or slower than 1H23, it has a good shot at getting to the objective.<\/li>\n<\/ul>\n<ul>\n<li>[00:45:20] Sanketh Godha from Spark Capital asked about the MTM impact on the embedded value in 1H23 number. N. S. Kannan MD replied it has not been disclosed and added that it will be disclosed in the full year results.<\/li>\n<\/ul>\n<ul>\n<li>[00:50:02] Dipanjan Ghosh from Citi asked about the counter share on the non ICICI Bank channels. N. S. Kannan MD said that on the other bank partnerships, what the company is seeing is it\u2019s more than proportionately contributing to the growth of their business. \u00a0The objective is to expand the pie for them.<\/li>\n<\/ul>\n<ul>\n<li>[00:55:16] Neeraj Toshniwal with UBS asked about the group protection pricing recalibration, if it\u2019s totally accounted for. N. S. Kannan MD replied that at renewal the company is seeing a pre-pandemic level pricing. Therefore, every scheme that gets renewed, the company expects that for the next\u00a0 months, it will be at a lower pricing pre-pandemic.<\/li>\n<\/ul>\n<ul>\n<li>[00:56:57] Neeraj Toshniwal with UBS asked about the thoughts on aggregate margin profiling. N. S. Kannan MD answered that there is an overall savings portfolio margin that will be driven by a combination of linked mix, par mix, and non-par mix. The company is not seeing downside risk to margin, but expects stability.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q2 FY23 Earnings Concall Management Update: ICICIPRULI said that during the half year, it added 15,000 new agents, 3 new banks and 44 non-bank partnerships. Q&amp;A Highlights: [00:22:52] Swarnabha Mukherjee from B&amp;K Securities asked about the ROP product as the run rate remains same across [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":125416,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"ICICI Prudential Life Insurance Company Ltd Q2 FY23 Earnings Conference Call Insights #ICICIPRULI #Q2 #FY23 #Earnings #Stocks","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,1],"tags":[1792,8233],"class_list":["post-134823","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-financial-services","tag-insurance-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":131248,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":134823,"position":0},"title":"ICICI Prudential Life Insurance Company Ltd Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"July 19, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vl8z4hW63_M Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q1 FY23 Earnings Concall Q&A Highlights: Sanketh Godha from Spark Capital asked about the reason for individual protection declining almost 40% in current year. 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Kannan MD replied that the company had challenges in retail protection and supply\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":128483,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q4-fy22-earnings-conference-call-summary\/","url_meta":{"origin":134823,"position":1},"title":"ICICI Prudential Life Insurance Company Ltd Q4 FY22 Earnings Conference Call Summary","author":"Praveen","date":"April 18, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Fq2frLCHmSI Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q4 FY22 Earnings Concall \u00a0Q&A Highlights: Arav Sangai from VT Capital asked about the increase in sensitivity on interest rates. 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