NS Kannan, MD & CEO, ICICI Prudential Life Insurance said that VNB expansion will be core to our strategy going forward.
"They are focused on expanding the value of new business (VNB). The focus has been on the protection business within the overall business, which has higher VNB margin," he said.
He said the VNB was up 34 percent to Rs 244 crore YoY and there was no change in assumptions in putting out this number.
He said the year on year renewal income grew by 29 percent in the quarter. It has been robust growth. The overall premium income expanded by 13 percent YoY despite decline in APE.
Going forward he said, “The industry is capable of growing on the savings side at least at nominal GDP growth rate because India is under penetrated market.” Protection as percentage of GDP is even more under penetrated.
So, there is possibility of protection premiums for the industry growing at faster rate, he said.
“The company which has got an entire product suite like ours and has got well distributed channel mix, we think we are ideally positioned to take advantage of this kind of growth opportunity, which the industry will offer growing forward,” he said.