For the full year 2021-22, the company’s net profit fell from £960m to £754m
For the full year 2021-22, the company’s net profit fell from £960m to £754m
ICICI Prudential Life Insurance on Saturday reported a more than double increase in its net profit to ₹185 crore for the January-March quarter on robust new business growth.
The company had posted profit after tax of £64 billion for the 2021 financial year from January to March, ICICI Prudential Life Insurance said in a regulatory filing.
For the full year 2021-22, the company’s net profit fell to £754m from £960m for the year ending March 2021, it said.
The Value of New Business (VNB) for FY2022 was ₹2,163 billion, a growth of 33.4% over FY2021. This was supported by robust growth of 25% in new business sums insured and 20% in annualized premium equivalent for quoted the same period, the company said.
DNB is used to measure the profitability of new business written in a period. It is the present value of all future profits for shareholders at the time the new business contract is signed. It is also known as New Business Profit (NBP).
The company has a well-diversified product mix, with linked savings accounting for 48%, traditional savings for 31%, hedging for 17% and the remainder for 4% accounted for by group savings products, it said.
The board has approved a final dividend of £0.55 per share for fiscal 2022, the insurer said.
Despite the concerns and challenges raised by the inception of the Omicron variant, the company’s robust technology backbone has enabled continuity of operations, whether on-boarding new customers or delivering a superior service.
NS Kannan, MD and CEO of ICICI Prudential Life Insurance said, “Despite the disruptions caused by the third wave of COVID-19 impacting productivity in January and February, we have demonstrated resilience across our operations. In March, we released the company’s best monthly sales in a year since its inception. This has helped grow our DSOs by 33% year-on-year to ₹2,163 crore for FY2022 with a robust DSO margin of 28%.”
Additionally, the insurer said the strong performance was equally supported by over 100 valuable partnerships formed during the year. The agency channel added nearly 25,000 agents during the year.
“This enabled us to support our strategy of deepening and expanding sales.”
