ICICI Prudential Life Insurance reported a 189.5 per cent surge in its net profit for the fourth quarter of the fiscal 2021-22 at Rs. 184.67 crore compared to Rs. 63.78 crore a year ago.
For the quarter ended March 31, 2022, its net premium income fell 4.4 per cent to Rs. 11,358.91 crore as against Rs. 11,879.28 crore in the corresponding quarter in the previous fiscal.
However, for the full fiscal 2021-22, the private sector life insurer recorded a 21.4 per cent dip in its net profit to Rs. 754.13 crore from Rs. 960.15 crore in 2020-21.
In a statement, the insurer said its value of new business (VNB) grew 33 percent year on year in 2021-22. The GNI margin expanded to 28 percent and absolute GNI stood at 16 2,163 crore.
The company’s 13th month persistence ratio improved to 85.7 percent in 2021-22 from 84.8 percent in 2020-21.
The solvency ratio for 2021-22 stood at 204.5 percent, as against the regulatory requirement of 150 percent.
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 insurer’s claims and benefit payouts increased by 29.7 percent to Rs. 29,359 crore in 2021-22 from Rs. 22,641 crore in 2020-21 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.
