ICICI Prudential Life Insurance Ltd – Q1 FY 2022-23
ICICI Prudential Life Insurance Limited – a company promoted by ICICI Bank Ltd and Prudential Corporation Holdings Ltd has posted its Q1 FY 2022-23 numbers today.
The Company has posted a strong financial performance for the Q1 ended 30 June 2022, registering a 31.6% growth in its Value of New Business (VNB). The VNB of the Company stood at 4.71 billion with a VNB margin of 31%.
Annualised Premium Equivalent (APE) grew by 24.7% Y-O-Y to 15.20 billion in Q1 ended 30 June 2022. Within this, annuity APE showed a massive growth of 69% Y-O-Y to 0.98 billion in Q1 FY 2022-23.
The Company’s New Business Sum Assured grew by 24.9% Y-O-Y basis to 2.21 trillion in Q1 FY 2023.
Significantly, ICICI Prudential Life has achieved overall market leadership with the market share increasing from 14.7% in Q1 FY 2022 to 15.8% in Q1 FY 2023.
Persistency ratios have improved across all units. The 13th-month ratio (quality of business) stood at 85.5% for Q1 FY2023. While the Assets under Management (AUM) stood at 2,300.72 billion on June 30, 2022.
The solvency ratio of the company stood was 203.6% against the regulatory requirement of 150%.
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Words from MD & CEO:
The VNB for the quarter was 4.71 billion, strong Y-O-Y growth of 31.6%. This was primarily driven by a robust 24.7% growth in Annualised Premium Equivalent.
Guided by the elements of ICICI Prudential Life’s 4P strategy of Premium growth, Protection focus, Persistency improvement, and Productivity enhancement, we believe we are on track to achieve our aspiration of doubling the FY 2019 VNB in this fiscal.
Significantly, our efforts to reach out to the underserved customer segments and expansion in the distribution footprint have enabled us to maintain our position as market leader on New Business Sum Assured, which grew by 25% Y-O-Y basis in Q1 FY2023, taking the Company’s market share to 15.8% in Q1 FY2023. With a solvency ratio of 203.6%, which is well above the regulatory requirement, we are well positioned to capitalise on this opportunity.
With a moderating trend in COVID-19-related claims, we expect the country to be at the tail end of the pandemic. The pandemic was a trying time for all and it also nudged us closer to our very purpose of existence – providing financial security to our customers and their families. I can proudly say that we rose to the occasion and stood by our customers in their hour of need.
The path-breaking reforms introduced by the Regulator to increase penetration will usher in sustainable growth for the industry going forward.
Daily Chart –
The share price of ICICI Prudential Life Insurance Limited ended at INR 517.10 up by 0.73% today and is trading 28.60% below when compared to its 52-week high of INR 724.30 on the NSE.
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