ICICI Prudential Life Insurance reported a 189.5% increase in net profit for the fourth quarter of fiscal 2021-22 to ₹184.67 crore from ₹63.78 crore a year ago.
For the quarter ended March 31, 2022, its net premium income fell by 4.4% to ₹11,358.91 crore from ₹11,879.28 crore in the corresponding quarter of the prior fiscal year.
However, for the full fiscal year 2021-22, the private sector life insurer saw a 21.4% decline in net profit to ₹754.13 crore from ₹960.15 crore in 2020- 21.
VNB grows by 33%
In a statement on Saturday, the insurer said its value of new business (VNB) increased 33% year on year in 2021-22. The VNB margin increased to 28% and the absolute VNB stood at ₹2,163 crore.
The persistence rate at the company’s 13th month increased from 84.8% in 2020-2021 to 85.7% in 2021-2022.
The solvency ratio for 2021-22 stands at 204.5%, against a regulatory requirement of 150%.
NS Kannan, Managing Director and CEO of ICICI Prudential Life Insurance, said: “Despite the disruption 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 recorded the best monthly sales in the history of the company since its inception. »
The insurer’s claims and benefit payments increased by 29.7% to ₹29,359 crore in 2021-22 from ₹22,641 crore in 2020-21, mainly due to increased redemptions and withdrawals and death claims. The company had Covid-19 claims (net of reinsurance) of ₹1,017 crore.
April 16, 2022