ICICI Prudential posts 31.6 percent growth in Q1

ICICI Prudential Life Insurance has posted 31.6% growthin Value of New Business (VNB), a measure of profitability of the Company during Q1-FY2023. 

The VNB of the Company stood at ` 4.71 billion with a VNB margin of 31.0%. 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.

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The VNB for the quarter was driven by a robust 24.7% growth. 

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 double the FY2019 VNB in this fiscal”.