ICICI Prudential Life Insurance Company announced Q1FY24 results: The Value of New Business (VNB), which represents the present value of future profits, stood at Rs 4.38 billion with a VNB margin of 30.0% for Q1FY24. ICICI Prudential Life Insurance has registered a 32.7% growth in its Profit after Tax (PAT) to Rs 2.07 billion for Q1FY24 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 Rs 2,403.04 billion for Q1FY24. Retail Protection APE grew by 61.8% to Rs 1.10 billion The total APE for the Company stood at Rs 14.61 billion with minimal concentration risk from any single distributor 13th month Persistency ratio 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. Assets Under Management (AUM) grew by 15.8% YoY to Rs 2,664.20 billion at June 30, 2023 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. In Q1FY24, the VNB stood at Rs 4.38 billion, with a margin of 30%, while PAT grew 33% year-on-year to Rs 2.07 billion. With customer-centricity at the core, we will continue to focus on growing the absolute VNB, through the 4P strategy comprising Premium growth, Protection focus, Persistency improvement and Productivity enhancement. Through Q1FY24, we have observed an improving trend in business, with double-digit growth in APE for the month of June 2023. Our efforts towards expanding the protection business are visible in the 62% year-on-year growth in the retail protection segment and this has led to the overall protection business contributing nearly a quarter of the total APE. Further, our well-diversified distribution network has ensured we have minimal concentration risk from any single distributor. Our persistency across cohorts has further improved, reflecting our need-based selling approach, with the 13th-month persistency at 86.4%. To improve our performance across the 4P strategic elements, we have institutionalised a 4D framework comprising Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, with a focus on developing a quality business in a risk-calibrated manner. This framework will ensure products are aligned with customer needs, are designed to meet those needs effectively, are developed with the highest quality standards, and are delivered through the most appropriate channels. Also, this framework will help us provide simplified and hassle-free processes to our customers across the product life cycle.” Result PDF