Swiggy Reports ₹625.5 Cr Net Loss in Q2 Despite Revenue Growth
ICICI Prudential Life Insurance Company reports strong Q2 results with overall APE growth of 34.9% YoY basis.
Last Updated: 25th October 2021 - 03:23 pm
ICICI Prudential Life Insurance Company (IPLI) reported strong growth of 43.5% YoY basis in 2QFY22 and 45.4% YoY basis in 1HFY22 in linked savings APE, sales of which were affected in last year due to covid-19. While Non-linked savings (excl. annuity) grew by 22.6% YoY basis (Rs. 4.6bn) in Q2FY22 and by 42% YoY basis in 1HFY22. The overall APE grew by 34.9% YoY basis (Rs. 19.8bn) in Q2FY22 and by 39.7% YoY basis in 1HFY22.
In 1HFY22, the company has successfully added 53 new partnerships. Non-ICICI Bank banca partners have delivered strong growth, reporting a 11-12% of the total banca share of 39%.
The overall retail protection grew by 21% YoY basis (Rs. 2.8bn) for 2QFY22 and by 23.3% YoY in 1HFY22. The growth was seen due to monetizing of its client pitching and engagements and ensuring that the covers are examined and correctly priced for the risk in the group term. Along with this, the upselling of critical illness covers now assures an enhanced sum. All these measures have effectively worked for the time being, however, moving forward there may be risks to this performance due to supply-side constraints and underwriting challenges which includes customers being reluctant to undertake physical medical examinations. Even with the challenges and risk, the management seems fairly positive towards medium to long term growth while the near-term outlook may be muted.
As for the increasing reinsurance rates, the management is in discussions to come out with a final decision which may be a mix of hiked prices and tight underwriting norms. However, the company is confident that the heightened prices would be effectively passed onto the customers without actually causing a drastic impact. The company does not forestall any material changes in near-term due to reinsurance rate hike as retail protection growth is unlikely to pick up.
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