ICICI Prudential Life Insurance reported a more than twofold increase in net profit for the January-March quarter to Rs 185 crore on Saturday, owing to strong growth in new business.
In an administrative filing, ICICI Prudential Life Insurance stated that the business has posted a benefit after assessment of Rs 64 crore for January-March FY2021.
The organization’s net profit for the fiscal year 2021-22 fell to Rs 754 crore from Rs 960 crore for the fiscal year ended in March 2021, it added.
The value of new business (VNB) for FY2022 was Rs 2,163 crore, a 33.4 percent increase over FY2021.
This was driven by a 25 percent increase in new business aggregate guaranteed and a 20 percent increase in Annualized Premium Equivalent during the same time period, according to the organization.
VNB is used to calculate the value of new business written in a certain time period. At the time of drafting the new company contract, it is accessible for all future advantages to investors. It has also referred to another business advantage (NBP).
According to the company, it has an all-around widened item mix, with linked investment funds accounting for 48%, customary investment funds accounting for 31%, insurance accounting for 17%, and the balance of 4% represented by bunch investment funds things.
According to the safety net provider, the board has approved a final profit of Rs 0.55 per value share for FY2022.
The organization’s thirteenth-month persistency proportion increased to 85.7 percent for FY2022, up from 84.8 percent for FY2021, demonstrating the nature of business being assured.
Regardless of the issues and challenges raised by the launch of the Omicron variant, the organization’s strong innovation spine has enabled coherence in duties, whether onboarding new customers or conveying general support.
“Despite the disruptions caused by the third rush of COVID-19, which hindered efficiency in January and February, we had the choice to show strength in our activities,” stated N S Kannan, MD and CEO of ICICI Prudential Life Insurance. In March, we published the organization’s greatest month-to-month offers from any year since its inception. This increased our VNB by 33% year on year to Rs 2,163 crore for FY2022, with a healthy VNB margin of 28%.”
Furthermore, the safety net provider stated that the strong performance was fueled in equal measure by more than 100 significant firms formed during the year. It added around 25,000 specialists in the organization channel as the year advanced.
