The company also saw its value of new business (VNB) grow by 8% year-on-year during the quarter. The total annualized premium equivalent (APE) surged by 34.4% to Rs. 1,963 crore, up from Rs. 1,461 crore in the corresponding quarter of the previous year. This growth was driven by a 135% increase in the annuity business, albeit on a lower base, and a 35.9% increase in savings.
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The insurer saw improvements in its persistency ratios, with the 13-month persistency rising to 89.7% from 86.4% and the 49-month persistency increasing to 70% from 66.5%. However, the value of new business margin declined to 24% from 30% due to change in product mix.
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“The topline growth was supported by a 15.1% increase in the Number of Policies (NOP) sold during the same period,” said Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance. “Our VNB grew by 7.8% year-on-year to Rs 472 crore, reflecting the growing profitability of our business.”
The product mix during the quarter consisted of linked -51.4%, non-linked 16.8%, protection 18.1%, annuity 10.9%, and group funds 2.8%.
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Retail APE also showed growth, increasing by 42.2% year-on-year from Rs. 1,172 crore in Q1 FY2024 to Rs. 1,666 crore in Q1 FY2025.
The company’s solvency ratio was at 187.9% as of June 30, 2024.
Shares of the company rose 0.71% to Rs 637.6 on BSE when benchmark index fell 0.06%.
