ICICI Pru Life profit up 33%, but value of new business falls
The company’s value of new business (VNB) fell 7% year on year in Q1FY24, reaching ₹438 crore, while the VNB margin, which is similar to profit margin for any other business, contracted by 100 basis points to 30% from 31%. The 13th month persistency ratio improved from 85.5% to 86.4% in the first quarter.
