ICICI Prudential Life’s new biz premium up 23% in Q4

ICICI Prudential Life has recently reported a 23% development in its new enterprise premium, a key metric for insurance coverage firms, as it had report coverage gross sales in March and forecast a powerful development this fiscal as the financial system limps again to normalcy amid intermittent disturbances on account of COVID-19-related restrictions.

Its guaranteed-income and pension product launches, new financial institution assurance companions reminiscent of IndusInd and together with new 20,000 brokers helped enhance gross sales and produce down the reliance on Unit Linked Insurance Products. The firm has tripled its provisions for COVID-19-related claims to Rs. 300 crore.

The firm recently stated that at Rs. 5,133 crore, its new enterprise premium grew 23% year-on-year in the fourth quarter of FY2021 with bancassurance contributing 42% of it. Its share of ULIPs was at 47%, down from greater than 80% a couple of years in the past.

N.S. Kannan, CEO, ICICI Prudential Life Insurance, said, “Along with opportunity, the base effect should boost growth this year. The lockdowns won’t be as harsh as last year. We don’t expect a derailment of the economy. It would not be as bad as last year while businesses have learnt the hard way on how to navigate in these troubled times.”

The insurer settled COVID-19-related claims aggregating Rs. 459 crore in the final fiscal and web of reinsurance it paid out Rs. 264 crore.