ICICI Prudential Life Insurance has posted a strong financial performance for Q1-FY2023. The VNB for Q1-FY2023 grew by 31.6% year-on-year to 4.71 billion. The VNB margin for Q1-FY2023 stood at 31.0%, up from 28.0% for FY2022. Annualised Premium Equivalent grew by 24.7% year-on-year to 15.20 billion in Q1-FY2023. Annuity APE registered a strong growth of 69.0% year-on-year to 0.98 billion in Q1-FY2023. Protection APE grew by 22.2% year-on-year to 3.30 billion in Q1-FY2023.
New Business Sum Assured grew by 24.9% year-on-year to 2.21 trillion in Q1-FY2023. The Company’s market share, based on Total New Business Sum Assured, increased from 13.4% in FY2022 to 15.8% in Q1-FY2023, resulting in overall market leadership. Persistency ratios have improved across all cohorts. The cost ratio for the savings line of business stood at 16.9% in Q1-FY2023. The solvency ratio was 203.6% against the regulatory requirement of 150%.
Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, “The path-breaking reforms introduced by the Regulator to increase penetration will usher in a sustainable growth for the industry going forward.”
