Highlights:

The company has posted strong 19% growth in the Gross Written Premium to Rs 41250 crore in 9MFY22, driven 36% surge growth in First Year Premium (FYP) and 11% growth in Renewal Premium (RP) in 9MFY22.

The Company has achieved private market leadership in Individual Rated Premium of Rs 9070 crore with 24.8% private market share in 9MFY22.

The company has recorded strong growth in Individual New Business Premium by 43% to Rs 11610 crore in 9MFY22.

New Business Premium (NBP) has grew by 30% to Rs 18790 crore in 9MFY22 driven by strong growth in regular premium business by 36%.

Protection New Business Premium has increased by 26% to Rs 2040 crore in 9MFY22 due to 27% y-o-y growth in individual protection business to Rs 620 crore and 26% y-o-y growth in group protection business to Rs 1420 crore in 9MFY22.

The Value of New Business (VoNB) increased by 54% to Rs 2230 crore in 9MFY22. VoNB margin increased by 260 bps from 19.3% in 9MFY21 to 21.9% in 9MFY22. The margin expansion has been driven by high share of high margin products.

The company expects opex to increase with the size of the business, but the opex ratio would remain stable. The productivity per agent is Rs 2.67 lakh.

The ticket size has increased 24%. The company has also exhibited 16% increase in number of policies issued in Q3FY22.

The company has the lowest miss selling ratios in the industry.

The company has exhibited an improvement in the persistency across cohorts.

The non-par is witnessing good demand, while guaranteed products and ULIPs continue to see strong growth as the pandemic moderates.

In the non-par segment, the company recently re-priced some products, while there is no reduction in the market share despite an increase in prices and a reduction by competitors.

APE increased 36% to Rs 10170 crore in 9MFY22, of which individual APE was Rs 9140 crore. Protection APE constituted 10% of overall APE at end 9MFY22 compared with 11% in H1FY22.

The solvency ratio was 209% as compared to the regulatory requirements of 150%.

AUM increased 23% to Rs 2.6 lakh crore from Rs 2.1 lakh crore a year ago, with debt-equity mix of 71:29. Over 96% of the debt investments are in AAA and Sovereign instruments.

The surrender ratio was 4.52% for 9MFY22, compared to 3.12% for 9MFY21.

The number of Covid claims was 26,708 for 9MFY22. Covid-19 claims net of reinsurance were Rs 1530 crore for 9MFY22. The company has kept additional reserve of Rs 270 crore towards COVID-19 pandemic as at end December 2021. Mortality experience is in line with the assumptions. Current reserves are sufficient for future expected death claims

The annuity business at Rs 2640 crore constitutes 14% of the new business premium, of which Rs 1200 crore is individual annuity and Rs 1440 crore is group.

Total group protection was Rs 1420 crore, of which credit life new business grew 31% to Rs 1140 crore and group term insurance was Rs 280 crore.

Sum assured has increased 22% in 9MFY22 against 3% for private insurers.

The company aims to grow higher than the market and continue to gain market share.

The company would continue focus on growing its protection business and it would remain a key growth driver.

The higher persistency ratios is likely to boost renewal premium growth in Q4FY22

All distribution channels are showing strong growth and supporting the overall business momentum.