{"id":155004,"date":"2023-10-18T05:59:11","date_gmt":"2023-10-18T09:59:11","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155004"},"modified":"2023-10-18T05:59:13","modified_gmt":"2023-10-18T09:59:13","slug":"icici-prudential-life-insurance-company-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"ICICI Prudential Life Insurance Company Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Business Performance And Strategy<\/strong>\n<ul>\n<li>ICICIPRULI&#8217;s Value of New Business (VNB) for 1H24 was INR10.15 billion with 28.8% margin.<\/li>\n<li>Focus on absolute VNB growth through 4P strategy &#8211; premium growth, protection growth, persistency improvement, productivity enhancement.<\/li>\n<li>Annualized Premium Equivalent (APE) grew 12.9% for retail business excluding ICICI Bank in 2Q24.<\/li>\n<li>Growing agency channel by adding 18,000+ agents in H1 and investing in capacity.<\/li>\n<li>Retail protection APE grew 73.7% YoY in 1H24 to INR2.38 billion<\/li>\n<\/ul>\n<\/li>\n<li><strong>Financial Performance<\/strong>\n<ul>\n<li>PAT grew 27% YoY from INR3.55 billion in 1H23 to INR4.51 billion in 1H24.<\/li>\n<li>Adjusted net worth grew 21.8% YoY to INR95.66 billion.<\/li>\n<li>Assets under management stood at INR2.7 trillion, solvency ratio at 199.4%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Distribution Channel Highlights<\/strong>\n<ul>\n<li>Agency channel grew 4.2% YoY in Q2 2024 after investments.<\/li>\n<li>Partnership distribution increased 25.1% YoY in Q2 2024.<\/li>\n<li>Direct channel delivered 19.3% YoY growth in Q2 2024.<\/li>\n<li>Bancassurance grew share amid constrained market for greater than INR5 lakh tickets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Product Mix Trends<\/strong>\n<ul>\n<li>Shift from non-par products to par and unit-linked for greater than INR 5 lakh tickets.<\/li>\n<li>New GIFT Pro product gaining traction and is 40% of non-par sales.<\/li>\n<li>Launched innovative products like GIFT Pro, iShield, Protect N Gain, and a new fund.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Group Term Insurance Dynamics<\/strong>\n<ul>\n<li>Renewals at lower pricing due to favorable COVID experience.<\/li>\n<li>APE drop despite closing more deals as average deal size fell 40-50%.<\/li>\n<li>Seeking to defend current business with sound underwriting.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Trends Across Key Channels<\/strong>\n<ul>\n<li>ICICI Bank seeing growth in protection business but de-growth in overall APE.<\/li>\n<li>Agency and new partnership enablement are key focus areas for capacity building.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Commissions And Opex<\/strong>\n<ul>\n<li>Seeing commission rates increase across industry.<\/li>\n<li>Opex increased due to higher employee costs, capacity creation investments, advertising and sales costs.<\/li>\n<li>Managing costs across lines to keep overall expenses stable. Cost increases need to be compensated through opex management.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Product Mix Affecting Margins<\/strong>\n<ul>\n<li>Shift in margins largely due to change in product mix. No major change in segment level margins.<\/li>\n<li>Focus on building absolute VNB while managing margins through product mix and cost controls.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth in ULIPs and Agency Channel Development<\/strong>\n<ul>\n<li>ULIP sales were strong in 2Q and its sales could drive product mix and impact margins in FY24.<\/li>\n<li>ICICI Bank is prioritizing protection and annuity sales with the insurer, leading to 45% growth in protection policies through the bank.<\/li>\n<li>ICICI Securities is also now focused on protection and annuity.<\/li>\n<li>Agency channel is at an inflection point as the company builds capacity to better train and retain agents.<\/li>\n<li>This should improve agent productivity and accelerate growth.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Guidance and Outlook<\/strong>\n<ul>\n<li>Focus is on granular analytics to grow diverse distribution channels in a sustainable manner.<\/li>\n<li>Absence of any single large partner gives confidence to continue building a diversified portfolio.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q2 FY24 Earnings Concall Business Performance And Strategy ICICIPRULI&#8217;s Value of New Business (VNB) for 1H24 was INR10.15 billion with 28.8% margin. Focus on absolute VNB growth through 4P strategy &#8211; premium growth, protection growth, persistency improvement, productivity enhancement. Annualized Premium Equivalent (APE) grew 12.9% [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","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":[10169,1792,8233],"class_list":["post-155004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-finance-stocks","tag-earnings","tag-financial-services","tag-insurance-services"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":171482,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-q2-fy26-earnings-results\/","url_meta":{"origin":155004,"position":0},"title":"ICICI Prudential Life Q2 FY26 Earnings Results","author":"Divyansh_Kasana","date":"October 14, 2025","format":false,"excerpt":"Company Overview ICICI Prudential Life Insurance is a prominent Indian insurer, offering a full suite of life, health, and pension products across participating, non-participating, and unit-linked categories. The company distributes products through an extensive agent, bancassurance, broker, and digital network, serving individuals and groups nationwide. Q2 FY26 Earnings Results For\u2026","rel":"","context":"In &quot;AlphaGraphs&quot;","block_context":{"text":"AlphaGraphs","link":"https:\/\/alphastreet.com\/india\/category\/infographics\/"},"img":{"alt_text":"ICICIPRULI Q2 FY26 Earnings Results","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2025\/10\/ICIC.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":131248,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155004,"position":1},"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. N. S. 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":155004,"position":2},"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. Satyan Jambunathan CFO said the increase in sensitivity on interest rates is a consequence of the increase in the\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":128561,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-q4-fy-22-research-tear-sheet\/","url_meta":{"origin":155004,"position":3},"title":"ICICI Prudential Life Insurance Q4 FY 22 Research Tear Sheet","author":"sreerupa","date":"April 21, 2022","format":false,"excerpt":"ICICI Prudential Life Insurance Company Limited is an Indian Life Insurance Company. It is located in Mumbai, India. It was founded in 2000. The company was incorporated in joint ventures with ICICI Bank. ICICI Prudential Life is\u00a0mainly engaged in two business life Insurance & Asset Management. Key Financial Highlights Rs\u2026","rel":"","context":"In &quot;Research Summary&quot;","block_context":{"text":"Research Summary","link":"https:\/\/alphastreet.com\/india\/category\/research-summary\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":134823,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":155004,"position":4},"title":"ICICI Prudential Life Insurance Company Ltd Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"October 18, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Valps13JSgQ 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&A Highlights: [00:22:52] Swarnabha Mukherjee from B&K Securities asked about the ROP product as\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":128507,"url":"https:\/\/alphastreet.com\/india\/icici-prudential-life-insurance-company-ltd-icicipruli-q4-fy22-earnings-concall-transcript\/","url_meta":{"origin":155004,"position":5},"title":"ICICI Prudential Life Insurance Company Ltd (ICICIPRULI) Q4 FY22 Earnings Concall Transcript","author":"Sahil","date":"April 16, 2022","format":false,"excerpt":"ICICI Prudential Life Insurance Company Ltd\u00a0 (NSE:ICICIPRULI) Q4 FY22 Earnings Concall dated Apr. 16, 2022 Corporate Participants: N. S. Kannan -- Managing Director and Chief Executive Officer Amit Palta -- Chief Distribution Officer Satyan Jambunathan -- Chief Financial Officer Judhajit Das -- Chief Human Resources Analysts: Arav Sangai -- VT\u2026","rel":"","context":"In &quot;Earnings Call Transcripts&quot;","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"stock earnings conference call transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/02\/EarningsTranscript.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/1767"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=155004"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/155004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/154818"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=155004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=155004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=155004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}