The company had reported a net profit of Rs 63.78 crore in Q4 FY21.

Net premium income declined by 4.4% to Rs 11,358.91 crore in Q4 FY22 from Rs 11,879.28 crore in Q4 FY21.

The life insurer reported 21.5% fall in net profit to Rs 754.13 crore despite a 3.9% rise in net premium income to Rs 36,321.27 crore in FY22 over FY21.

The life insurer's claims and benefit payouts increased by 29.7% to Rs 29,359 crore in FY22 from Rs 22,641 crore in FY21 primarily on account of increase in surrenders and withdrawals and death claims. The company had COVID-19 claims (net of reinsurance) of Rs 1,017 crore.

"During FY2022, annuity and protection new business premiums grew by 29% and 35% year-on-year respectively. Given that both these segments are significantly under penetrated, they offer tremendous opportunity for growth,” the life insurer said in a statement.

ICICI Prudential Life said that its value of new business (VNB) grew 33% YoY in FY22. The VNB margin expanded to 28% and the absolute VNB stood at Rs 2,163 crore in FY22.

The company's 13th month persistency ratio improved to 85.7% in FY22 from 84.8% in FY21. The solvency ratio for 2021-22 stood at 204.5%, as against the regulatory requirement of 150%.

Assets under Management stood at Rs 2,40,492 crore as at 31 March 2022, up 12% YoY.

NS Kannan, managing director and CEO, ICICI Prudential Life Insurance said, “Despite the disruptions caused by the third wave of Covid-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations. In March, we posted the best ever monthly sales by the company in any year since inception.”

The company's board has recommended a final dividend of Rs 0.55 per equity share of face value of Rs 10 each, to the members of the company which shall be subject to their approval at the ensuing annual general meeting. The final dividend shall be paid to the eligible members within 30 days from the declaration at the ensuing annual general meeting of the company.

ICICI Prudential Life Insurance is promoted by ICICI Bank and Prudential Corporation Holdings. It is amongst the top private sector life insurance companies in India on a Retail Weighted Received Premium (RWRP) basis.