ICICI Prudential Life Insurance Q1 Results FY2023, PAT at Rs.155.69 crores

On 16th July 2022, ICICI Prudential Life Insurance announced its quarterly results for the first quarter of FY2023

Q1FY23 Key Highlights:

- 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 Rs. 471 Crores with a VNB margin of 31.0%.

- Annualised Premium Equivalent (APE) registered a strong growth of 24.7% YoY.

- The Company’s New Business Sum Assured grew by 24.9% year-on-year to Rs. 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.

- The assets under management of the Company stood at Rs. 2,30072 Crores at June 30, 2022, which makes it one of the largest fund managers in India.

- The Company’s net worth was Rs. 9053 Crores at June 30, 2022. The solvency ratio was 203.6% against the regulatory requirement of 150%.

- Net premium earned (gross premium less reinsurance premium) increased by 4.3% from Rs. 6602 Crores in Q1-FY2022 to Rs. 6884 Crores in Q1-FY2023.

- The Company’s profit after tax was Rs. 155.69 Crores for Q1-FY2023, as compared to a loss of Rs. 186 Crores for Q1-FY2022 primarily due to significantly lower claims and provisions due to COVID19.

Commenting on the results, Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The VNB for the quarter was Rs. 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. Significantly, our efforts to reach out to the underserved customer segments and expansion in the distribution footprint have enabled us to maintain our position as market leader on New Business Sum Assured, which grew by 25% year-on-year in Q1-FY2023, taking the Company’s market share to 15.8% in Q1-FY2023. With a solvency ratio of 203.6%, which is well above the regulatory requirement, we are well positioned to capitalise on this opportunity. With a moderating trend in COVID-19 related claims, we expect the country to be in the tail end of the pandemic. The pandemic was a trying time for all and it also nudged us closer to our very purpose of existence - providing financial security to our customers and their families. I can proudly say that we rose to the occasion and stood by our customers in their hour of need. The path-breaking reforms introduced by the Regulator to increase penetration will usher in a sustainable growth for the industry going forward.”