ICICI Prudential Life Insurance coverage on Saturday posted over two-fold leap in its web revenue to Rs 185 crore for the January-March quarter on account of sturdy development in new enterprise.
The corporate had posted a revenue after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance coverage stated in a regulatory submitting.
For the total yr 2021-22, the corporate’s web revenue declined to Rs 754 crore from Rs 960 crore for the yr resulted in March 2021, it stated.
Worth of latest enterprise (VNB) for FY2022 was Rs 2,163 crore, a development of 33.4 per cent over FY2021.
This was led by a strong development of 25 per cent in new enterprise sum assured and 20 per cent in Annualised Premium Equal for a similar interval, the corporate stated.
VNB is used to measure profitability of the brand new enterprise written in a interval. It’s current worth of all future earnings to shareholders on the time of writing of the brand new enterprise contract. It’s also referred to a brand new enterprise revenue (NBP).
The corporate has a well-diversified product combine with linked financial savings at 48 per cent, conventional financial savings at 31 per cent, safety at 17 per cent and the steadiness of 4 per cent accounted for by group financial savings merchandise, it stated.
The board has authorised a closing dividend of Rs 0.55 per fairness share for FY2022, stated the insurer.
The corporate’s thirteenth month persistency ratio improved to 85.7 per cent for FY2022, up from 84.8 per cent for FY2021, indicative of the standard of enterprise being underwritten, it added.
Regardless of issues and challenges posed by the onset of the Omicron variant, firm’s strong expertise spine has enabled continuity in operations, be it onboarding new prospects or delivering superior service.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance coverage stated, “Regardless of the disruptions brought on by the third wave of Covid-19, which impacted productiveness in January and February, we had been in a position to show resilience in our operations. In March, we posted one of the best ever month-to-month gross sales by the corporate in any yr since inception. This helped develop our VNB by 33 per cent year-on-year to Rs 2,163 crore for FY2022 with a strong VNB mrgin of 28 per cent.” Additional, the insurer stated that the sturdy efficiency was pushed in equal measure by over 100 useful partnerships cast throughout the yr. Within the company channel, it added nearly 25,000 brokers by means of the yr.
“This enabled us to assist our technique of deepening and widening distribution.”