Page 6 - Icici Prudential Life Insurance

ICICI Pru on course to hit new business value of Rs 2,560 crore in FY23

Private insurer ICICI Prudential Life has said it is on course to meet its target of doubling the value of new business to Rs 2,560 crore this fiscal from FY19 levels. The optimism of the management to meet the target it had set for itself in the beginning of FY19, when the Value of its New Business (VNB) stood at Rs 1,328 crore, stems from the much more than anticipated VNB growth clocked in the first quarter at Rs 471 crore, which was 31.7 per cent higher than the year-ago period when it was only Rs 358 crore. VNB is a key profitability metric in the life insurance industry as life insurance is a long-term business unlike general insurance which is a year-long commitment. So, VNB means the future profit of a life policy written now. Higher the VNB margin the better will be the profitability of a company. This is calculated by dividing the VNB by annualised premium equivalent or regular premium plus 10 per cent of the single premium. Having already grown so much in the first quarte

Protection segment to be 22-25% of our product mix: ICICI Pru CEO

This is because this segment is expected to have high demand, given the under-penetration and the pandemic-induced awareness among consumers

Sensex zooms 760 pts, Nifty tops 16,250; IT index up 3%, HDFC Bank dips 1%

CLOSING BELL: The frontline indices climbed on the back of gains in Infosys, ICICI Bank, Kotak Bank, TCS, Axis Bank, L&T, SBI, and Reliance Industries

Q1 impact: Mindtree eyeing 23% upside; HDFC Bank faces hurdle, charts show

Shares of Mindtree seem fairly placed and can rally up to 23 per cent, while ACC, HDFC Bank and ICICI Prudential Life need to conquer key levels for a fresh rally to emerge.

Stocks to Watch Today: HDFC Bank, ICICI Pru, Jindal Steel, Spandana, LTTS

Stocks to Watch Today: Alok Textiles, Ganesh Corporation, Hiedelbergcement, Bank of Maharashtra and Nelco to announce Q1 results on Monday.

ICICI Pru Life sees profit of Rs 156 cr in Q1 on lower claims, provisions

New business premium of the insurer grew 24.4 per cent to Rs 3,184 crore in the same period

ICICI Pru Life Q1FY23 results: Tracking firm's performance in last 4 qtrs

The jump in net profit was reported on account of robust growth in new business

ICICI Pru Life declares highest ever annual bonus of Rs 969 cr for FY22

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release. All participating policies in force as of March 31, 2022, are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals, the company said. The insurer said the range of innovative participating products offered by it gives its customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover. The annual bonus of Rs 968.8 crore for FY2022 is the highest ever declared by the company since inception, N S Kannan, Managing Director & CEO, ICICI ...

Life insurers' new business premiums zooms 84% in April, thanks to LIC

In April, the industry earned NBP to the tune of Rs 17,939 crore, compared with Rs 9,739 crore in the year-ago period

Trading strategies for SBI Life, ICICI Pru, HDFC Life ahead of LIC IPO

Except for Max Financial Services other insurance related shares seem to be on a weak ground, indicate technical charts.

ICICI Prudential Life Insurance eyes 22% growth in VNB this fiscal

It had nearly trebled the net income in the March quarter on the back of robust margin growth from new sales

Stocks to Watch: Infosys, HDFC Bank, Tata Steel, ICICI Life, HUL, RIL, M&M

The Infosys ADR has declined over 9 per cent in the last two trading session in the US market, while our market was shut for trade, post Q4 results.

ICICI Pru Life net profit jumps over 2 fold to Rs 185 cr in March quarter

ICICI Prudential Life Insurance on Saturday posted over two-fold jump in its net profit to Rs 185 crore for the January-March quarter on account of robust growth in new business. The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing. For the full year 2021-22, the company's net profit declined to Rs 754 crore from Rs 960 crore for the year ended in March 2021, it said. Value of new business (VNB) for FY2022 was Rs 2,163 crore, a growth of 33.4 per cent over FY2021. This was led by a robust growth of 25 per cent in new business sum assured and 20 per cent in Annualised Premium Equivalent for the same period, the company said. VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders at the time of writing of the new business contract. It is also referred to a new business profit (NBP). The company has a well-diversif

ICICI Prudential, HDFC Life Insurance opt for higher retention on books

An increase in retention limit means the insurer increases the degree of risk it retains on its balance sheet

ICICI Prudential Life Q3 net profit rises marginally to Rs 311 cr

The insurer paid Rs 421 crore in commissions to its agents, up from Rs 386 crore a year ago, as it sold 20% more policies than in the year-ago period

ICICI Prudential signs United Nations Principles of Responsible Investing

The insurer says this demonstrates its commitment towards Environment, Social and Governance issues

BS BFSI Insight Summit: Onus on life insurers to transform biz, say experts

The life insurance industry saw massive disruptions in the initial period of the pandemic

ICICI Pru Life posts 47% jump in net profit to Rs 445 cr for Sept quarter

ICICI Prudential Life Insurance Co Ltd on Tuesday reported nearly 47 per cent jump in its net profit to Rs 445 crore for the second quarter ended September 30

ICICI Pru in discussion for onboarding Account Aggregator system: Official

ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) is in discussion for onboarding the Account Aggregator system, a financial data sharing platform to be regulated by the Reserve Bank. Earlier this month, the government unveiled the Account Aggregator (AA) network to allow sharing of financial data of individuals, which can be used by various financial services providers such as banks, insurers, fintech companies. "We really look forward to that. We have been in discussion for onboarding on that platform. What the system can really do is that it will digitise the whole journey (of data collection)...today if I have to ask a customer, I will have to ask for his bank statement, income tax statement among others. "It is a big enabler and there are some discussions. We will have to see operationally where exactly we are," Deepak Kinger, Chief - Risk and Compliance, ICICI Prudential Life Insurance Company (ICICI Pru Life), told PTI. When a customer buys an insurance policy, th

Osho Krishan of Anand Rathi is bullish on these two insurance players

SBI LIFE has been consolidating in a narrow range near its lifetime high zone from the past few trading weeks, indicating the formation of a strong base before another round of rally