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ICICI Prudential Life declares results for the half year ended September 30, 2019

Posted On: 2019-10-23 11:20:41


Performance Highlights

- Value of New Business (VNB) grew by 20.2% from Rs. 5.90 billion in H1-FY2019 to Rs. 7.09 billion in H1-FY2020

- Protection Annualised Premium Equivalent (APE) grew by 86.8% from Rs. 2.66 billion in H1-FY2019 to Rs. 4.97 billion in H1-FY2020 and is 14.8% of APE in H1-FY2020

- New Business premium grew by 20.5% from Rs. 42.77 billion in H1-FY2019 to Rs. 51.52 billion in H1-FY2020

- Embedded Value (EV) grew by 17.8% from Rs. 192.48 billion in H1-FY2019 to Rs. 226.80 billion in H1-FY2020

- Annuity business doubled from Rs. 2.34 billion in H1-FY2019 to Rs. 4.67 billion in H1-FY2020

- 13th month persistency1 stood at 85.5%

- Interim dividend of Rs. 0.80 per share

Mr. N S Kannan, MD & CEO of ICICI Prudential Life said "We have been able to grow our Value of New Business (VNB) by 20.2% year on year to Rs. 7.09 billion in the first half of FY2020. Protection is an underserved segment and with our innovative product offerings backed by technology, we have been able to deliver 87% year on year growth in the protection business in the first half of this financial year. Protection business now contributes to 14.8% of our APE. I am also happy to report that our annuity business has doubled in the same period."

Mr. Kannan further added, "We have been strengthening our multi-channel distribution network backed by technology to widen our customer base and tap under-insured segments of the population. This approach has been supplemented by a robust risk management strategy thereby ensuring the quality and sustainability of our business. Our Embedded Value also grew about 18% over the year to Rs. 226.80 billion."

Value of New Business (VNB)

The VNB increased by 20.2% from Rs. 5.90 billion in H1-FY2019 to Rs. 7.09 billion in H1-FY2020.

The key strategic elements that contribute to the growth in VNB are as under:

Premium

New business premium witnessed a growth of 20.5% from Rs. 42.77 billion in H1-FY2019 to Rs. 51.52 billion in H1-FY2020. Annuity business doubled from Rs. 2.34 billion in H1-FY2019 to Rs. 4.67 billion of new business received premium in H1-FY2020.

Protection

Protection APE registered a robust growth of 86.8% from Rs. 2.66 billion in H1-FY2019 to Rs. 4.97 billion in H1-FY2020. The protection mix improved from 7.9% of APE for H1-FY2019 to 14.8% for H1-FY2020.

Persistency1

The 13th month persistency stood at 85.5% for H1-FY2020 and 49th month persistency stood at 64.9% for H1-FY2020. Retail renewal premium grew by 5.4% from Rs. 86.59 billion in H1-FY2019 to Rs. 91.26 billion in H1-FY2020. The Assets under Management (AUM) grew from Rs. 1,461.29 billion at September 30, 2018 to Rs. 1,655.12 billion at September 30, 2019.

Productivity

The Cost/TWRP for savings business was 11.0% for H1-FY2020 as compared to 12.7% in H1-FY2019.

Embedded Value (EV)

Embedded Value registered a growth of 17.8% from Rs. 192.48 billion at September 30, 2018 to Rs. 226.80 billion at September 30, 2019. The Value of Inforce (VIF) also recorded a robust growth of 18.6% and grew from Rs. 126.03 billion at September 30, 2018 to Rs. 149.49 billion at September 30, 2019.

Dividend

The Board has approved an interim dividend of Rs. 0.80 per equity share for H1-FY2020.

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.479.95 as compared to the previous close of Rs. 476.55. The total number of shares traded during the day was 112473 in over 2992 trades.

The stock hit an intraday high of Rs. 488.35 and intraday low of 474. The net turnover during the day was Rs. 54042600.

1 As per IRDA circular dated January 23, 2014; excluding group and including single premium policies; for policies issued during September to August period of relevant year measured as on September 30, 2019


Source: Equity Bulls

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