India's ICICI Prudential reports narrower new business margin for FY 2024 [Reuters]
ICICI Bank Limited (IBN)
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Source: Reuters
, opens new tab reported a lower new business margin on Tuesday, hurt by persistent decline in demand for high-value policies and as customer preference shifted towards low-margin products. Value for new business (VNB), the expected profit from new policies, fell 19.5% to 22.27 billion rupees ($267 million) for the year ended March 31, dragging the VNB margin to 24.6% from 32% a year earlier. Life insurers have seen a rising share of low-margin unit-linked insurance plans (ULIPs) amid a strong domestic equity market. The NSE Nifty 50 Index (.NSEI) New Tab , opens new tab rose 2.7% in the January-March period, logging its fourth straight quarterly gain and scaling record highs. Continued weak demand for high-value policies post-tax implementation changes is also weighing heavily on their VNB margins, analysts said. The decline in VNB margin is primarily on account of the shift in the underlying product mix towards unit-linked business, the company said New Tab , opens ne
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- Indian shares log third straight month of gains on strong quarterly results [Reuters]Reuters
- Indian shares set to open higher in line with global peers [Reuters]Reuters
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- India's ICICI Bank exposed thousands of credit cards to ‘wrong' users [TechCrunch]TechCrunch
IBN
Sec Filings
- 5/3/24 - Form 6-K
- 4/30/24 - Form 6-K
- 4/30/24 - Form 6-K
- IBN's page on the SEC website