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India's ICICI Life posts key quarterly margin below estimates, shares slide
BENGALURU: India’s ICICI Life Insurance reported new business margins below expectations on Tuesday, sending shares sliding 3%, while second-quarter profit jumped 25% year-on-year. Its value of new business (VNB), which measures the expected profit from new policies sold, rose 24.7% on-quarter to 7.12 billion rupees. However, its VNB margin fell to 25.4% from 26.7% in the previous quarter, according to a Reuters calculation, with the shift towards higher-margin insurance products to help offset pressure from the loss of tax benefits not occurring as expected. Instead, the company’s share of hi...
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