The absolute value of new business (VNB) declined 3 per cent Y-o-Y to ₹1,450 crore. For H1FY25, VNB grew 3 per cent Y-o-Y to ₹2,420 crore. VNB margins came in at 26.9 per cent as compared to 28.5 per cent in Q2FY24 and flat versus 26.8 per cent in Q1FY25.
The management expects VNB growth to remain between 12-15 per cent in FY25 with margins to range between 26-27 per cent in FY25 on the back of new product launches in the protection segment and minimal impact of surrender charges.
In Q2FY25, net profit grew 39 per cent Y-o-Y to ₹530 crore and for H1FY25, it grew 38 per cent Y-o-Y to ₹1,050 crore. The ULIP share in total APE increased to 65 per cent in Q2FY25.
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