ICICI Prudential Life Insurance announces strong financial results for FY2022

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 is a measure of profitability expanded to 28% and absolute VNB stood at ` 21.63 billion. This was led by a robust growth of 25% in new business sum assured and 20% in Annualised Premium Equivalent for the same period.

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 ` 2,404.92 billion at March 31, 2022. 

This is an outcome of the trust reposed in the Company by customers, growth in new business, strong persistency and robust fund management. The solvency ratio for FY2022 stood at 204.5%, well above the regulatory requirement of 150%.

Despite concerns and challenges posed by the onset of the Omicron, the company’s robust technology backbone has enabled continuity in operations, be it onboarding new customers or delivering superior service said Mr. 

N S Kannan, MD & CEO, ICICI Prudential Life Insurance. This helped grow our VNB by 33% year-on-year to ` 21.63 billion for FY2022 with a robust VNB margin of 28.0%, he added.