VNB grows by 82.2% APE increases by 25.1%
The Board of Directors of ICICI Prudential Life Insurance Company Limited approved its audited financial results for the quarter ended December 31, 2017, following its meeting on Friday, January 19, 2018 in Mumbai. The disclosure of financial results submitted to exchanges is annexed to this release.
• Value of New Business (VNB) increased by 82.2% to Rs 7.67 billion in 9M-FY2018 from Rs 4.21 billion in 9M-FY2017.
New business growth and market share
- 25.1% year-on-year growth in Annual Premium Equivalent (APE);
- Savings APE grew by 24.9% on a y-o-y basis
- Protection APE registered a growth of 32.2% on a y-o-y basis
- For 9M-FY2018, the market share stood at 13.1% on a RWRP basis.
Quality of business
- 13th month persistency improved to 86.7% for 8M-FY2018 from 83.5% for 9M- FY2017.
- 49th month persistency improved to 61.8% for 8M-FY2018 from 60.2% for 9M- FY2017.