January 19, 2018
Performance for the nine months ended December 31, 2017
VNB grows by 82.2%
APE increases by 25.1%
Highlights
· Value of New Business (VNB*) increased by 82.2% to Rs7.67 billion in 9M-FY2018 from Rs 4.21 billion in 9M-FY2017
· New Business Annualised Premium Equivalent (APE*) increased by 25.1% to Rs 55.79 billion in 9M-FY2018 from Rs 44.58 billion in 9M-FY2017
· Market share stood at 13.1% on Retail Weighted Received Premium (RWRP*) basis for 9M-FY2018
· 13th month persistency* stood at 86.7%
|
Rs billion
|
FY2017
|
9M- FY2017
|
9M- FY2018
|
Growth YoY
|
|
Annualized Premium Equivalent (APE) *
|
66.25
|
44.58
|
55.79
|
25.1%
|
|
· Savings
|
63.64
|
42.84
|
53.49
|
24.9%
|
|
· Protection
|
2.60
|
1.74
|
2.30
|
32.2%
|
|
Value of New Business (VNB)1
|
6.66
|
4.21
|
7.67
|
82.2%
|
|
Retail Weighted Received Premium
(RWRP) *
|
64.08
|
42.77
|
54.01
|
26.3%
|
|
Market share based on RWRP*
|
12.0%
|
13.0%
|
13.1%
|
-
|
|
13th month persistency*
|
85.7%
|
83.5%
|
86.7% 2
|
-
|
|
49th month persistency*
|
59.3%
|
60.2%
|
61.8% 2
|
-
|
|
Cost Ratio (Cost/TWRP)*
|
15.1%
|
15.9%
|
14.0%
|
-
|
|
Assets under management (AUM)*
|
1,229.19
|
1,136.11
|
1,383.04
|
21.7%
|
|
· Out of the above, Retail AUM*
|
1,083.16
|
1,000.37
|
1,229.34
|
22.9%
|
1. VNB and VNB margin based on actual cost for full year and management forecast of cost for 9M
2. For policies issued during December to November period of relevant year measured as on December 31, 2017
* Refer the section on definitions, abbreviations and explanatory notes (in the PDF attached)
The Board of Directors of ICICI Prudential Life Insurance Company Limited approved its audited financial results for the quarter ended December 31, 2017, following its meeting on Friday, January 19, 2018 in Mumbai. The disclosure of financial results submitted to exchanges is annexed to this release.
Profitability
· Value of New Business (VNB) increased by 82.2% to Rs 7.67 billion in 9M-FY2018 from Rs 4.21 billion in 9M-FY2017.
New business growth and market share
· 25.1% year-on-year growth in Annual Premium Equivalent (APE);
· Savings APE grew by 24.9% on a y-o-y basis
· Protection APE registered a growth of 32.2% on a y-o-y basis
· For 9M-FY2018, the market share stood at 13.1% on a RWRP basis.
Quality of business
· 13th month persistency improved to 86.7% for 8M-FY2018 from 83.5% for 9M- FY2017.
· 49th month persistency improved to 61.8% for 8M-FY2018 from 60.2% for 9M- FY2017.