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ICICI Prudential Life Insurance Company Ltd. posted ~48% YoY growth in total annual premium equivalent, led by healthy (66%/~164%) trends in the non-linked savings/annuity business, while linked APE growth bounced back strongly (49%).
Growth in the protection segment was mainly aided by credit life/group term, while Individual protection saw a decline.
Absolute value of new business growth was robust (~78% YoY, 15% beat), with VNB margin improving sharply to 29.4% (500 basis point YoY) versus 25.1% in FY21.
It reported a shareholders’ loss of ~Rs 1.9 billion on account of higher Covid-19 related provisions and claims settlement.
ICICI Prudential settled total gross Covid-19 claims of ~Rs 11.2 billion over Q1 FY22 (3.2 times increase over FY21).
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