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ICICI Prudential Life Insurance Company announced FY24 results:
- Profit After Tax (PAT) for FY24 grew by 5.1% to Rs 8.52 billion.
- Value of New Business (VNB) for FY24 was Rs 22.27 billion, with a VNB margin of 24.6%.
- Annualised Premium Equivalent (APE) increased by 4.7% YoY to Rs 90.46 billion in FY24.
- Retail New Business Sum Assured (NBSA) surged by 38.3% YoY to Rs 2.4 trillion in FY24.
- Total in-force sum assured rose by 15.6% YoY to Rs 34.1 trillion as of March 31, 2024, indicating customer confidence in the Company's claims settlement ability.
- 13th month persistency ratio improved by 240 basis points to 89.0% in FY24, while the 49th month persistency ratio rose by 430 basis points to 68.5%.
- Overall cost ratio (Cost/Total Weighted Received Premium - TWRP) was 24.0% in FY24, with the cost ratio for the savings line of business at 15.8%.
- Solvency ratio stood at 191.8% as of March 31, 2024, exceeding the regulatory requirement of 150%.
- Assets Under Management (AUM) grew by 17.1% YoY to Rs 2.9 trillion as of March 31, 2024.
- Embedded Value (EV) increased by 18.8% YoY to Rs 423.37 billion as of March 31, 2024, with Return on Embedded Value (RoEV) at 14.1% for FY24.
- Value of inforce business rose by 14.5% YoY to Rs 307.56 billion as of March 31, 2024.
- The Board approved a final dividend of Rs 0.60 per equity share for FY24.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We have been strengthening our well-diversified distribution network, designing innovative products and processes and leveraging data analytics and other technology solutions to simplify the business. These are aimed at enriching the customer and distributor experience.
We believe simplification is the key to expanding the market and is in line with our objective to become the most customer and distributor friendly life insurer. We are the first life insurer in the country to offer an annuity product that provides customers the option to receive a 100% refund of premiums paid. In addition, we offer a long-term savings product which provides customers the flexibility to make partial withdrawals enabling them to meet liquidity requirements without disrupting the savings goal. Notably, we are also the first life insurer to pay out commissions on the same day to our distributors. Innovative products and processes underscore the Company’s strategy of providing the right product to the right customer at the right price and through the right channel.
Our focus on the distribution front has been to build capacity and enhance efficiency. In Q4FY24, the retail weighted received premium grew by 11.5%, outperforming the overall industry and private life insurers. The contribution of the agency and direct business channels to the retail APE stood at 51% for FY24."
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