ICICI Prudential Life Insurance posts strong growth in performance and profitability in first quarter
· Starts new financial year as industry market leader with a share of 14.7% in new business sum assured
· Equity Assets under Management cross ` 1 trillion, signifying customer trust
ICICI Prudential Life Insurance has registered a strong growth in new business and profitability in Q1-FY2022 on the back of innovative products, strong distribution network, robust technology architecture and superior customer service. Significantly, the Company has also become the overall market leader in terms of new business sum assured with a share of 14.7% during this quarter.
The Company posted a strong growth of 78% in its Value of New Business (VNB) to ` 358 crore, which is the appropriate measure of profitability of a life insurance company. The Company’s new business received premium too grew by 71% to ` 2,559 crore as compared to the same period last year, which highlights the strong growth in business.
Mr. Amit Palta, Chief Distribution Officer, ICICI Prudential Life Insurance, said, “These are extremely challenging times and our focus during this period has been to stand by our customers in their hour of need. In this context, true to our purpose, we have been settling genuine claims with utmost sensitivity and speed. Overall, for the last 20 years we have been at the forefront of living up to the customer’s trust and providing financial security to customers and their families.
In Q1-FY2022, our VNB grew by 78% and new business premium grew by 71% pointing to both profitability and performance. Significantly, we have also become the overall market leader in terms of new business sum assured with a share of 14.7%. Equity Assets under Management too grew by 31% and now stand at over ` 1 lakh crore. This all-round growth signifies to us the trust reposed in us by our customers. We strongly believe we have earned the trust of our customers through our ability to settle claims expeditiously.
In the first quarter, we settled higher Covid-19 related claims due to the surge during the second wave. We have also set aside an additional sum of around ` 500 crore to settle future Covid-19 related claims. At an overall level we have settled claims totalling ` 2,278 crore. Our solvency ratio of 194%, which is well above the regulatory requirement of 150%, showcases our ability to honour the claims received from customers.