ICICI Prudential Life Insurance has delivered another strong financial performance leading to a 33% year-on-year growth in the Value of New Business (VNB) for FY2022. The VNB margin expanded to 28% and absolute VNB stood at Rs 21.63 billion.
This was led by robust growth of 25% in new business sum assured and 20% in Annualised Premium Equivalent for the same period. During FY2022, Annuity and protection new business premiums grew by 29% and 35% year-on-year respectively. New Business Sum Assured of the Company grew to Rs 7,731.46 billion for FY2022 making ICICI Prudential Life Insurance the leader in the private sector. The Company’s 13th-month persistency ratio improved to 85.7% for FY2022, up from 84.8% for FY2021, indicative of the quality of business being underwritten. Assets under Management stood at Rs 2,404.92 billion at March 31, 2022. The solvency ratio for FY2022 stood at 204.5%, well above the regulatory requirement of 150%.
