LIC's annualized premium equivalent (APE), a key metric of growth for insurance companies, rose 12% year-on-year (y-o-y) in the March quarter. In comparison, some private peers have done better on this parameter. For instance, ICICI Prudential Life Insurance Co. saw 26.5% APE growth.
In the March quarter, LIC's group business APE growth was subdued, which the management expects to improve going ahead. However, LIC did well on the margin front last quarter as its product mix was skewed towards high-margin categories, giving a fillip to its value of the new business (VNB) margin.
This led to calculated VNB margin rising by about 470 basis points sequentially to 19.4%. This margin improvement is comforting, sustainability of which needs closer tracking.
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