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ICICI Prudential Life posts 33 percent YoY growth in FY2022

ICICI Prudential Life posts 33 percent YoY growth in 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. 

 A measure of profitability, the VNB margin 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.During FY2022, annuity and protection new business premiums grew by 29% and 35% year-on-year respectively. 

Given that both these segments are significantly under penetrated, they offer tremendous opportunity for growth.

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance, said, “Despite the disruptions caused by the third wave of COVID-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations.In March, we posted the best ever monthly sales by the Company in any year since inception. This helped grow our VNB by 33% year-on-year to ` 21.63 billion for FY2022 with a robust VNB margin of 28.0%.