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 expanded to 28% and absolute VNB stood at Rs 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. New Business Sum Assured of the Company grew to Rs 7,731.46 billion for FY2022 making ICICI Prudential Life Insurance the leader in the private sector. 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 Rs 2,404.92 billion at March 31, 2022. The solvency ratio for FY2022 stood at 204.5%, well above the regulatory requirement of 150%.