)
The ICICI group’s insurance ‘twins’, ICICI Lombard and ICICI Prudential Life (ICICI Pru), came out with results that disappointed the market. However, analysts' opinion on the two companies is more nuanced, with most maintaining a fairly positive stance.
ICICI Pru has underperformed its life insurance peers for a while, but this is mainly attributed to poor returns from the bank channels, and there are some signs that it is improving. ICICI Lombard, meanwhile, reported lower than expected PAT (profit after tax), mainly due to lower investment income.
The nine-month FY23 (2022-23 financial year) performance of ICICI Pru reported a strong Value
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