ICICI Prudential posts 27.8% VBN growth for 2023

Its profitability reached R27.5b.

ICICI Prudential Life Insurance ended their fiscal year with a Value of New Business (VNB) growth of 27.8% to R27.6b. 

The VNB – an indicator of profitability – had a margin growth of 32% year-on-year (YoY) for the fiscal year ending March 2023.

The substantial growth in VNB over the four-year span has been propelled by the efficacious execution of the 4P strategy, which encompasses augmenting Premium and Protection business growth, enhancing Persistency, and boosting Productivity while maintaining a customer-centric approach. 

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Moreover, the integration of Environmental, Social, and Governance (ESG) factors into business management has also played a pivotal role in driving VNB growth.

The company’s annualised premium equivalent (APE) – a measure of new business – expanded 11.7% YoY to R86.4b. Protection APE also jumped 14.5% YoY to R15.0b. Whilst the new business total assured went up by 34.7% to R10.4t.

Asset under management, which signified customer trust, topped R2,511.91b. Further, the solvency ratio was recorded at 208.9%, way above the minimum regulatory requirement of 150%.