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Net premium income increased 17.1% to Rs 14,788.46 crore in Q4 FY24 as compared with Rs 12,629.11 crore in Q4 FY23. The first year gross premium income for the insurer grew 11.91% YoY to Rs 2,946.40 crore, while single premium income increased 20.67% to Rs 3,775.57 crore.
Net commission stood at Rs 1,565.91 crore during the quarter, steeply higher from Rs 753.51 crore posted in Q4 FY23.
Value of new business (VNB) slipped 26.4% to Rs 776 crore in Q4 FY24 from Rs 1,055 crore in Q4 FY23.
Total annual premium equivalent (APE) rose 9.5% to Rs 3,615 crore in Q4 FY24 as compared with Rs 3,300 crore in Q4 FY23. Retail APE grew by 12.0% year-on-year from Rs 2,859 crore in Q4-FY2023 to Rs 3,201 crore in Q4-FY2024. The company has delivered retail weighted received premium (RWRP) growth of 11.5% in Q4-FY2024, outperforming both the overall industry and private life insurers.
On financial year 2024 basis, the company's net profit increased 5.15% to Rs 852.39 crore on 78.9% jump in total income to Rs 90,307.29 crore in FY24 over FY23.
Net premium earned (gross premium less reinsurance premium) increased by 8.3% to Rs 41,760 crore as compared with Rs 38,560 crore in FY2023.
The assets under management of the company grew jumped 17.1% year-on-year to Rs 2,94,140 crore at 31 March 2024 as compared with Rs 2,51,191 crore at 31 March 2023 to the company had a debt-equity mix of 53:47 at 31 March 2024 and 95.9% of the fixed income investments were in sovereign or AAA rated instruments.
The solvency ratio was 191.8% at March 31, 2024 against the regulatory requirement of 150%. The Embedded Value (EV) grew by 18.8% year-on-year to Rs 42,337 crore at 31 March 2024
Claims and benefit payouts (net of reinsurance) increased by 29.0% from Rs 31,0040 crore in FY2023 to Rs 40,006 crore in FY2024, primarily on account of higher surrenders/ withdrawals in the unit-linked portfolio. The claims and benefits under the unit-linked portfolio are directly offset by changes in the valuation of policyholder liabilities.
Meanwhile, the company?s board declared a dividend of Rs 0.60 per share for FY2024.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, Our focus on the distribution front has been to build capacity and enhance efficiency. In Q4-FY2024, the retail weighted received premium grew by 11.5%, outperforming the overall industry and private life insurers. The contribution of the agency and direct business channels to the retail APE stood at 51% for FY2024.
Our industry leading claim settlement ratio of 99.2% in FY2024, with an average turnaround time of 1.3 days for non-investigated claims reflects our commitment to fulfilling the promise made to our customers and their families.
Going forward we will continue to leverage technology to simplify products and processes and augment customer experience. We believe this will enable us to stay firmly rooted to the sustainable growth path. This is aligned with our objective of balancing growth, risk & prudence and profitability.
ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.
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