MUMBAI:
ICICI Prudential Life Insurance has registered a 32.7% growth in its Profit after Tax (PAT) to 2.07 billion for Ǫ1-FY2024, exhibiting strong performance for the quarter. The Value of New Business (VNB), which represents the present value of future profits, stood at4.38 billion with a VNB margin of 30.0% for Ǫ1-FY2024.
A comprehensive suite of products coupled with a need-based selling approach has resulted in the New Business Sum Assured, an indicator of the life cover opted for by customers, growing by 8.8% to 2,403.04 billion for Ǫ1-FY2024. During the same period the retail protection Annualised Premium Equivalent (APE) registered a strong year-on- year growth of 61.8% to 1.10 billion. A well-diversified distribution network is enabling the Company to reach out to a wider cross-section of customers to drive growth. The total APE for the Company stood at `14.61 billion with minimal concentration risk from any single distributor.
Similarly, data analytics & digitalisation is enabling the Company to get better customer insights. This has yielded desired results and persistency has improved across all cohorts. The 13th month persistency ratio for Ǫ1-FY2024 improved to 86.4%.
The Company’s robust risk management framework has enabled it to have a record of zero Non-Performing Assets since inception. Also, the Assets Under Management (AUM) grew by 15.8% year-on-year to ` 2,664.20 billion at June 30, 2023. This is a testimony to customers placing their trust in the Company to enable them to achieve their long-term financial goals.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “Our very purpose of existence is to provide financial security to our customers and their families. We believe we are trustees of the life savings entrusted to us by our customers to achieve their protection, retirement, health and long-term savings goals.
