On a standalone basis, ICICI Prudential Life Insurance Company's net profit increased by 37.07% to Rs 355 crore on a 46.57% fall in total income to Rs 21,064 crore in H1 FY23 over H1 FY22. The increase in net profit was due to lower COVID-19 claims and provisions, said the company.

The company's Value of New Business (VNB), a measure of the profitability of a life insurance company, grew 25.1% year on year (YoY) to Rs 1,092 crore for H1 FY23. The New Business Premium (NBP), which highlights business expansion, increased 13.9% to Rs 7,359 crore for H1 FY23 as compared with the same period last year. The Embedded Value (EV) stood at Rs 32,648 crore at 30 September 2022, registering a growth of 8.1% YoY over 30 September 2021.

The New Business Sum Assured was at Rs 4,800.05 billion for H1 FY23, a growth of 42.3% as compared to Rs 3,374.16 billion for H1 FY22, resulting in private market leadership with a market share of 15.7%.

The Annuity business segment registered a robust growth of 68.8% from Rs 138 crore in H1 FY22 to Rs 233 crore in H1 FY23. . ICICI Prudential Life Insurance Company has a well-diversified product mix with linked savings at 40.8%, traditional savings at 28.3%, protection at 20.2%, annuity at 6.6% and the balance of 4.1% accounted for by group savings products.

The insurance firm's 13th month persistency ratio improved to 85.9% in H1 FY23, rising from 85.1% for the same period last year, indicative of the quality of business being underwritten. The company's solvency ratio stood at 200.7% on 30 September 2022, well above the regulatory requirement of 150%.

The Assets Under Management (AuM) stood at Rs 2,442.79 billion at 30 September 2022, a growth of 3% over 30 September 2021. Equity constituted 47% of this AUM. 97.5% of the fixed income investments were in sovereign or AAA rated instruments. Meanwhile, the company's net worth stood at Rs 9,630 crore as on 30 September 2022.

N S Kannan, the managing director (MD) and chief executive officer (CEO) of ICICI Prudential Life Insurance Company said, “We achieved a robust year on year growth of 25.1% in the Value of New Business (VNB), ending H1 FY23 at Rs 10.92 billion, emphasising our ability to navigate rapidly-evolving situations successfully. This was driven by growth in APE as well as margin expansion to industry leading levels of 31%. On the back of this strong VNB growth and with a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY19 VNB by the end of this fiscal year.”

Kannan further added, “Our two focus areas of annuity and protection, which represent underserved needs of the country, have also done well in the period. The annuity segment has delivered an impressive performance of 69% year-on-year growth in H1-FY2023 and the protection segment contributed to 20% of APE in the period. With a solvency ratio of over 200%, which is well above the regulatory requirement, we are well positioned to capitalise on this opportunity.”

He lastly added, “The strong performance has also enabled us to maintain our position as the private sector market leader on New Business Sum Assured basis, which grew by 42.3% yearon-year, with a market share of 15.7%.”

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.