ICICI Prudential Life posts Rs 156 cr profit in FY23

The pandemic-related claims and provisions were on the decline, according to ICICI Prudential Life’s report released on Saturday, which showed a net profit of Rs 156 crore for the April–June quarter of this fiscal year. 
 
In the same quarter last year, the company had reported a net loss of Rs 186 crore. 
 
The amount of assets under management increased by 3.1% to Rs 2,30,072 crore. 
 
According to a company statement, the persistency ratios, which are a gauge of customer satisfaction and the calibre of a firm’s operations, have increased across all cohorts, with the crucial 13th month ratio standing at 85.5%.

The overall figures demonstrate that the company’s 4P strategy—premium growth, protection focus, persistency improvement, and productivity enhancement—is working as expected, and the company is on track to meet the goal set in FY19 to double the value of new business (VNB) in this fiscal year, according to NS Kannan, managing director and chief executive of ICICI Prudential Life.

ICICI Prudential Life

Kannan added that the company’s initiatives to reach out to underserved customer segments and the expansion of its distribution network have allowed it to maintain its position as the market leader on new business sum assured, which increased by nearly 25%, and gave the company a market leadership with 15.8% share in the first quarter of this fiscal.

He claimed that the declining trend in pandemic-related claims and provisions was the main driver of profitability, and he believes that the epidemic is nearing its end in the country. 
 
He praised the regulator’s growth goal, the Insurance Regulatory and Development Authority of India (IRDAI), which calls for increasing insurance penetration by doubling sales and claiming it will bring about the industry’s long-term expansion.