- Premium growth (APE) in Q1-FY2024: ₹14.61 billion.
- Protection growth (APE) in Q1-FY2024: ₹3.44 billion.
- Persistency (13th month) improved to 86.4% in Q1-FY2024.
- Persistency (49th month) reached 64.7% in Q1-FY2024.
- Productivity improved with Cost/TWRP (Savings) at 18.8% in Q1-FY2024.
- Distribution mix: Well-diversified with agency, direct, bancassurance, partnership, and group channels.
- Product mix: Diversified with a focus on protection, linked, non-linked, and annuity products.
- Strong growth momentum in retail protection with a 62% YoY growth in Q1-FY2024.
- Resilient balance sheet with a solvency ratio of 203.4% at June 30, 2023.
- High-quality assets with zero non-performing assets (NPA).
- VNB growth levers update: Strong performance in premium growth, protection growth, persistency, and productivity.
- Financial metrics: Profit after tax of ₹2.07 billion and AUM of ₹2,664.20 billion at June 30, 2023.
- ICICI Prudential Life Insurance emphasizes sustainability through three pillars: Environmental, Social, and Governance (ESG).
- ESG framework focuses on environmental responsibility, social impact, and transparent governance.
- Responsible investing integrated into the corporate investment policy with engagement with investee companies and ESG disclosures.
- Governance structure ensures board diversity, risk management, and compliance with policies like data privacy and business ethics.
- Access to finance initiatives, CSR activities, and environmental protection efforts are prominent.
- Innovation and technology-driven approach with digital solutions for customers and employees.
- Advanced data science and analytics empower customer-centric decision-making, personalized offers, and strategic planning.
- Analytics-driven agent activation, campaign strategies, leads generation, and more for enhanced business performance.
- India has a favorable demography with a large and growing population base, high share of the working population, and rising affluence, which is driving GDP growth.
- India's population in the age group 25-59 years is expected to grow steadily.
- India's GDP per capita has been steadily increasing, indicating rising income levels.
- Japan, Brazil, Russia, the USA, South Korea, Indonesia, India, and China are notable countries in terms of population and GDP.
- India's population is growing, while some other countries like Japan are experiencing a decline.
- India's gross financial savings as a percentage of household savings have been increasing.
- There is an opportunity for insurance in India due to the financialization of savings.
- India has a low penetration of protection coverage compared to other countries.
- The protection gap in India is significant, indicating the potential for growth in the insurance sector.
- The sum assured as a percentage of GDP is expected to increase in India.
- The addressable population for insurance is expected to grow significantly.
- The life insurance industry in India has seen healthy growth in recent years.
- Private sector players have a significant share of the insurance market in India.
- Bancassurance is the largest distribution channel for private insurance companies.
- ICICI Pru PFM is focusing on synergy and has seen substantial growth in assets under management.
- Interest rate risk management is crucial for insurance companies, particularly for guaranteed return savings products.
- The protection business is growing, with a focus on reviewing pricing in the current interest rate environment.
- Persistency rates in the insurance industry are strong.
- The value of new business (VNB) and embedded value (EV) contribute significantly to the company's profit.
- The EV composition shows a well-diversified pool of profit.
- The company has seen an increase in EV and return on embedded value (ROEV).
- Sensitivity analysis indicates the impact of various factors on VNB and EV.
- Interest rates are expected to remain relatively stable in the near future.