J P M O R G A N Asia Pacific Equity Research 15 July 2026 ICICI Prudential Life First Take 1Q27: Protection growth drives VNB beat Our First Take: IPRU Life's 1Q27 value of new business (VNB) grew by 24.9% Y/Y to Rs.5.7bn (8.9% higher than JPMe, +7.1% vs Consensus) as VNB margin grew 220bp YoY to 26.7%, helped by a richer tilt towards protection (+45.7% YoY, +590bp YoY to 27.9% of mix). Margins were also supported by higher sum-assured ULIPs, stronger rider attachment, and better product-level margins with ...