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ICICI Prudential Life Insurance Company announced Q1FY25 results:
- Assets under Management (AUM) crosses Rs 3 trillion mark
- Robust 46.8% RWRP growth in Q1FY25, outperforming the overall industry and private life insurers for 3rd consecutive quarter
- Strong APE growth of 34.4%, Number of policies grew by 15.1%
- Annuity business registered a strong growth of 135.2%
- VNB grew by 7.8%, PAT grew by 8.7%
- 13th month persistency at 89.7%
- Retail New Business Sum Assured (NBSA) grew by 21.4% year-on-year to Rs 591.33 billion
- Total in-force sum assured grew by 15.5% to Rs 35.1 trillion
Commenting on the results, Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “I am happy to share that we have delivered strong RWRP growth of 46.8% year-on-year in Q1FY25, outperforming both the overall industry and private life insurers for the third consecutive quarter in a row. The topline growth was supported by an increase of 15.1% in the Number of Policies (NOP) sold during the same period. Our VNB grew by 7.8% year-on-year to Rs 4.72 billion in the same period, reflecting the growing profitability of our business.
We welcome the Regulator’s efforts to increase insurance penetration by improving the customer’s value proposition for non-linked products. Even before the revised surrender value norms came into force, we had launched ICICI Pru GPP Flexi with Benefit Enhancer, industry’s first annuity product which provides customers the option to receive 100% moneyback of premiums paid any time. We believe that such customer centric changes will boost the industry’s long-term growth.
We continue to work on process innovation and simplification, which has enabled us to deliver best-in-class customer experience and improve our operational efficiency. Notably, 85% of our policies have been issued using digital KYC and 48% of our policies were issued on the same day for savings line of business in Q1FY25. Our 13th month persistency is at 89.7%, indicating the trust and satisfaction of our customers.
Our focus is on building customer trust by enhanced coverage and superior claim settlements. Our AUM is over Rs 3 trillion, and we cover ~100 million lives for Rs 35.1 trillion total in-force sum assured as on June 30, 2024. Claim settlement is the moment of truth for any insurer and we have industry leading claim settlement ratio of 99.2% for FY2024, with an average turnaround time of 1.3 days for non-investigated claims.
We will continue to work on our strengths i.e., product leadership, extensive distribution network and business excellence while keeping customer centricity at the core of everything we do. With this strong business fundamentals, our endeavour is to deliver sustainable VNB growth with our efforts pivoted towards balancing business growth, profitability with risk and prudence."
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