ICICI Prudential Life Insurance Q4 FY 22 Research Tear Sheet

ICICI Prudential Life Insurance Company Limited is an Indian Life Insurance Company. It is located in Mumbai, India. It was founded in 2000. The company was incorporated in joint ventures with ICICI Bank. ICICI Prudential Life is mainly engaged in two business life Insurance & Asset Management.

Key Financial Highlights

Rs in lakhs	31-03-2022	31-03-2021
Net Premium	11,35,891	11,87,928
Net Commission	55,643	55,757
Total Surplus	1,90,125	1,17,743
Profit/Loss before Tax	22,109	11,367
Profit/Loss after Tax	18,437	6,378

Value of New Business increased by 33% y-o-y to ` 21.63 billion in FY2022.

The VNB margin grew by 28% to 21.63 billion.

New business sum assured improved 25% y-o-y in FY2022.

Annuity and protection new business premiums grew by 29% and 35% respectively.

Annualised Premium Equivalent improved by 20% Y-O-Y to to ` 77.33 billion.

Profit after Tax stood at s ` 1.85 billion for Q4-FY2022 with a growth of 189.5%.

Outlook for FY 2023

The company expects revival of retail protection business, expansion of annuity business.

Anticipates growth in Value of New Business and Annualised Premium Equivalent.

Business Highlights

The gross claims due to COVID-19 are INR21.07 billion for FY 2022 and for net reinsurance the claim amount was INR10.17 billion.

ICICI prudential launched Guaranteed Income for Tomorrow called GIFT, it is a guaranteed income product on the non-par savings platform.

The company has introduced the GPP Flexi plan, it is a regular-pay variant. 

iProtect Smart has been recognized as the most innovative term plans in the industry.

The supply-side constraints has impacted the pure-term retail protection business. 

The company has added about 25,000 new agents in FY ’22.

Management Updates

The final dividend declared for FY 2022 is 0.55 per equity share.

The solvency ratio stood at 204.5%, which is beyond the required ratio 150%.

The Embedded Value increased by 9% to 316.25 billion.

ICICI Prudential has settled around 260,000 claims in the FY 2022.

The market share has increased by 12.5%.

The AUM managed by PFM grew by 54% to INR116 billion in Q4 FY 2022.

The company added about 25,000 new agents in FY ’22.