ICICI Prudential posts 31.6 per cent Growth in Q1

ICICI Prudential Life Insurance has posted a strong financial performance for Q1-FY2023 registering a 31.6% growth in its Value of New Business (VNB), a measure of profitability of the Company. The VNB of the Company stood at ` 4.71 billion and Annualised Premium Equivalent (APE) registered a strong growth of 24.7% year-on-year.

The Company’s New Business Sum Assured grew by 24.9% year-on-year to ` 2.21 trillion in Q1-FY2023. Significantly, the Company has achieved overall market leadership with the market share increasing from 14.7% in Q1-FY2022 to 15.8% in Q1-FY2023.

Persistency ratios have improved across all cohorts. The 13th month ratio, which is representative of the quality of business, stood at 85.5% for Q1-FY2023. Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The VNB for the quarter was ` 4.71 billion, a strong year-on-year growth of 31.6%. 

This was driven by a robust 24.7% growth in APE. Guided by the elements of our 4P strategy of Premium growth, Protection focus, Persistency improvement and Productivity enhancement, we believe we are on track to achieve our aspiration of doubling the FY2019 VNB in this fiscal.