Summary: ICICI Prudential fell 1.4% after reporting Q2 results slightly below expectations due to lower VNB margins and slower retail protection growth. However, renewal premium growth remained steady at 12% YoY. Investment Implications: Margins may stay under pressure as product mix shifts toward ULIPs, but operating leverage and technology-driven cost controls could offset impact over FY26. Actionable Insight: Maintain hold with potential re-rating only if VNB margin recovers above 29% next quarter. Watch for management commentary on new product launches.

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