ICICI Prudential Life Insurance Company Announced Q1FY23 Result :
- VNB grew by 32% in Q1FY23
- VNB Margin expands to 31% (up 300 bps over FY22)
- APE grew by 25% YoY in Q1FY23
- New Business Sum Assured grew by 25% YoY in Q1FY23
- Market leadership on New Business Sum Assured with market share of 15.8%
- ICICI Prudential Life Insurance has posted a strong financial performance for Q1FY23 registering a 31.6% growth in its Value of New Business (VNB), a measure of profitability of the Company. The VNB of the Company stood at Rs 4.71 billion with a VNB margin of 31%.
- Annualised Premium Equivalent (APE) registered a strong growth of 24.7% year-on-year.
- The Company’s New Business Sum Assured grew by 24.9% year-on-year to Rs 2.21 trillion in Q1FY23. Significantly, the Company has achieved overall market leadership with the market share increasing from 14.7% in Q1FY22 to 15.8% in Q1FY23
Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The VNB for the quarter was Rs 4.71 billion, a strong year-on-year growth of 31.6%. This was driven by a robust 24.7% growth in APE. Guided by the elements of our 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 FY2019 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% year-on-year 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 in 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 a sustainable growth for the industry going forward.”