Expansion in value of new business to be driven more by volumes: ICICI Pru Life MD

Expansion in value of new business (VNB) for ICICI Prudential Life Insurance is now likely to be driven more by volumes rather than margins, according to MD and CEO NS Kannan.

“Our target will continue to be expansion in VNB as a key metric, but probably in the medium term, it will be driven more by growth rather than margins; a bit opposite to what we did in the last four years where there was more margin-driven growth,” Kannan said.

“Now you could see margins stabilising or even going up a little bit, but volumes being the primary contributor of VNB”, he said adding that over the last few years, bulk of the VNB growth had come through margin expansion and product mix change.