Below are Quote on ICICI Pru Life Insurance Q1FY22 results by Mr. Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd
ICICI Prudential Life Insurance Life Insurance reported a 18.9% YoY growth in net premium income to Rs. 6,602 crore with renewal premium flat at Rs. 4,138 crore. New business premium registered a growth of 71% YoY to Rs. 2,559 crore within which annuity new business premium registered a very strong growth of 159% YoY to Rs. 559 crore. Annualized premium equivalent (APE) for the quarter was up by 48% YoY to Rs. 1,219 crore while value of new business increased by 78% YoY to Rs. 358 crore. New business margin witnessed a strong improvement of 530bps YoY to 20.1%. During the quarter total income earned by the company was down by 13.3% YoY to Rs. 16,236 crore due to a decline in investment income by 26.9% YoY to Rs. 9,609 crore. During the quarter there was a sharp increase in Claims and benefit payouts by 118.3% to Rs. 5,668 crore primarily on account of increase in surrender/withdrawals and death claims which was partially offset by decrease of 35.9% in Change in actuarial liability to Rs. 9,569 crore. Total outgo for the quarter stood at Rs. 16,452 crore as compared to inflows of Rs. 16,236 crore which resulted in the company posting a loss of Rs. 216 crore for the quarter. Despite the company posting a loss during the quarter the new business numbers were encouraging. We remain positive on ICICI Pru life given continued strong growth momentum in APE and NBV along with improvement in product mix.
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