ICICI Prudential Life Insurance - Q4 FY2018 Earnings

VNB growth of 93.1%  Embedded Value rises to Rs. 187.88 billion April 24, 2018 ICICI Prudential Life Insurance announces a strong full year financial performance. The profitability of new business written, as measured in the Value of New Business (VNB), increased 93.1% to 12.86 billion in FY2018 from 6.66 billion in FY2017. The Annualized Premium Equivalent (APE) of new business written during the year increased 17.6%. Protection APE grew by 71.5% to 4.46 billion in FY2018 from 2.60 billion in FY2017. Embedded Value (EV*) rose by 16.1% to ` 187.88 billion as on March 31, 2018 from 161.84 billion as on March 31, 2017. The quality of business as measured by 13th month persistency improved to 86.9%. Performance for the period ended March 31, 2018 Commenting on the performance Mr. Sandeep Batra, Executive Director ICICI Prudential Life, said “The Company registered a robust and well-rounded performance on all parameters. We are a retail focused company and our endeavour has been to simplify the life insurance buying process through customer centric products backed by superior customer service and technology. This philosophy has ensured good quality of sale as seen in the high 13th month persistency and other value drivers. We are excited about the opportunities coming from formalization of the economy and consequently financialisation of savings. We will continue in our efforts to serve the protection and savings needs of individuals in the country.” Profitability ·         Value of New Business (VNB) increased by 93.1% to ` 12.86 billion for FY2018 as compared to ` 6.66 billion for FY2017 New business growth ·         The Annualized Premium Equivalent (APE) of the Company increased by 17.6% year on year. Ø  Savings business grew by 15.4% Ø  Protection business grew by 71.5% in the fiscal. Quality of business and efficiency ·         13th month persistency improved to 86.9% for 11m-FY2018 from 84.7% for FY2017 ·         49th month persistency improved to 62.3% for 11m-FY2018 from 58.3% for FY2017

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