Profit after tax has decreased from Rs5.91 billion in H1FY21 to Rs2.59 billion in H1FY22. Net premium earned (gross premium less reinsurance premium) increased by 12.5% from Rs141.23 billion in H1FY21 to Rs158.88 billion in H1FY22.
The company showed robust growth in the Value of New Business (VNB) and New Business Premium for the half-year ended September 2021. The Company’s Value of New Business (VNB), a measure of the profitability of a life insurance company, grew by 45% year-on-year to Rs8.73 billion for H1FY22.
The New Business Premium, which highlights business expansion, grew by 45% to ` 64.61 billion for H1FY22 vis-à-vis the same period last year. New Business Sum Assured grew 35% year-on-year to ` 3.37 trillion in H1FY22, enabling the Company to maintain its leadership amongst private sector life insurers with a market share of 13.2%.
The Annuity business segment witnessed strong growth of 95% year-on-year in H1FY22 to Rs13.47 billion. The Company has a well-diversified product mix with linked savings at 48%, traditional savings at 30%, protection at 17% and the balance of 5% accounted for by group savings products.
The Company’s 13th month persistency ratio improved to 85.1% in H1-FY2022, up from 82.1% for the same period last year, indicative of the quality of business being underwritten.
The Company’s solvency ratio stood at 199.9% on September 30, 2021, well above the regulatory requirement of 150%. The Embedded Value stood at ` 302.03 billion at September 30, 2021, a growth of 17.5% over September 30, 2020. The Assets Under Management stood at Rs2,370.87 billion at September 30, 2021, a growth of 31% over September 30, 2020.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “The improvement in the pandemic situation with each passing month, increased consumer awareness on the need for life insurance and our suite of customer-centric products have enabled us to grow new business by 62% sequentially this quarter. Significantly, we posted our best ever September on monthly sales for any year since inception, aided by our well-diversified product and distribution channel mix. Our New Business Sum Assured grew by 35% year-on-year to Rs3.37 trillion in H1FY22 and we continued to be the private sector leader with an overall market share of 13.2%.
At around 9.20 am, ICICI Prudential Life Insurance Company Ltd was trading at Rs650.45 per piece down by Rs9.7 or 1.47% from its previous closing of Rs660.15 per piece on the BSE.