At around 12.59 am, ICICI Prudential was performing at Rs405.75 per piece down 1.62% on Sensex. The stock has touched an intraday high and low of Rs422 per piece and Rs404 per piece respectively.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We had a strong VNB performance for the quarter with the margin improving from 21.1% for Q2-FY2020 to 27.4% for Q2-FY2021. This was supported by a market-leading protection performance, with the protection mix for H1-FY2021 at 19.5% compared to 14.8% for H1-FY2020."
Total income in the quarter stood at Rs16,835.36cr as against Rs8,209.08cr a year ago same period.
Kannan added, "With the economy gradually opening up post lockdown, we are starting to see positive trends emerge. On the back of risk-averse behaviour of customers, we saw a considerable interest for traditional long-term savings products which grew by 45% year-on-year for the quarter. Annuity products too registered a robust growth of 73% year-on-year for the quarter. The unit-linked business has shown a strong sequential improvement with Q2- FY2021 nearly doubling over Q1-FY2021."
ICICI Prudential in its audit report said, new business premium recovered in Q2-FY2021 with a 1.1% growth year-on-year. Based
on its customer-centric philosophy and innovative products, the Company held its position as the market leader amongst all private sector life insurers for new business sum assured with a market share of 12.5% during H1-FY2021, up from 11.8% for FY2020.
In the latest quarter, the company's new business Annualised Premium Equivalent (APE) for Q2-FY2021 was Rs1,465cr, a 78% growth over the APE for Q1-FY2021. Also, the Value of New Business (VNB) for the quarter stood at Rs401cr with an expansion in VNB margin to 27.4%, from 21.1% in the corresponding period last year.
Further, the solvency ratio stood at 205% on September 30, 2020, well above the regulatory requirement of 150%. Assets under Management stood at Rs1,81,492cr at September 30, 2020, a growth of 18.6% over March 31, 2020.