ICICI Pru Life has ramped-up its Banca partnerships through tie-ups with IIB, RBL Bank, AU SFB, IDFC First Bank & NSDL Payments Bank. It now has tie-ups with over 20+ Banks.
Indian insurers better placed to manage hedges on guarantee risks: Management reiterated that its guaranteed return book was hedged for interest rate and cashflow risks.
MSS has big growth ambitions although value creation will depend on inorganic opportunities and investment needs where visibility is low. We retain Hold.
While the company has been able to offset some part of revenue pressure due to strong growth in hygiene portfolio, the impact has been higher on margins.