ICICI Prudential Life Insurance (IPRU) reported Rs27.7bn VNB in FY23, achieving the target set by the company in FY19. While this has been achieved largely through improvement in margins (90% driven by change in margin and 10% on account of growth in APE), it was also post covid challenges and decrease in parent bank channel mix from 51% in FY19 to 14% in FY23.