ICICI Pru Life down 10% as VNB margin misses estimates; analysts cut target

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ICICI Pru Life down 10% as VNB margin misses estimates; analysts cut target - Business Standard

Quick Summary:

Why are ICICI Prudential shares falling: ICICI Prudential share tumbled 9.9 per cent to hit an intraday low of Rs 572.35 per share on the BSE as against a 0.

Total assets under management (AUM) grew 8 per cent Y-o-Y to Rs 3.1 trillion, while the solvency ratio stood at 211.8 per cent. "To bake in the Q3 developments, we tweak our APE estimates slightly, while cutting our VNB Margin by 90-110bps.

Excluding group savings, margins would have been flat sequentially, it said. Overall, ICICI Pru Life’s APE increased by 27.8 per cent Y-o-Y to Rs 2,438 crore.