Mumbai: ICICI Prudential Life Insurance has delivered another strong financial performance leading to a 33% year-on-year growth in the Value of New Business (VNB) for FY2022. The VNB margin, a measure of profitability, expanded to 28% and absolute VNB stood at ` 21.63 billion. This was led by a robust growth of 25% in new business sum assured and 20% in Annualised Premium Equivalent for the same period.
During FY2022, Annuity and protection new business premiums grew by 29% and 35% year-on-year respectively. Given that both these segments are significantly under penetrated, they offer tremendous opportunity for growth.
New Business Sum Assured of the Company grew to ` 7,731.46 billion for FY2022 making ICICI Prudential Life Insurance the leader in the private sector. A combination of factors such as innovative products coupled with deep and wide distribution network have helped the Company to maintain its position as the market leader in New Business Sum Assured.
The Company’s 13th month persistency ratio improved to 85.7% for FY2022, up from 84.8% for FY2021, indicative of the quality of business being underwritten. Assets under Management stood at ` 2,404.92 billion at March 31, 2022. This is an outcome of the trust reposed in the Company by customers, growth in new business, strong persistency and robust fund management. The solvency ratio for FY2022 stood at 204.5%, well above the regulatory requirement of 150%.
Despite concerns and challenges posed by the onset of the Omicron variant, the Company’s robust technology backbone has enabled continuity in operations, be it onboarding new customers or delivering superior service.
Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “Despite the disruptions caused by the third wave of COVID-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations. In March, we posted the best ever monthly sales by the Company in any year since inception. This helped grow our VNB by 33% year-on-year to ` 21.63 billion for FY2022 with a robust VNB
