ICICI Pru LI FY23Q1 Result Summary
Revenue
- VNB: 471Cr UP 32% [VNB - Value of New Business]
- VNBm: 31% ← 28%(FY22)
- APE: 152KCr UPY 25% [UPY - UP YoY] [Annualised Premium Equivalent]
- New Business Sum Assured: 2.2LCr UPY 25% / MS: 15.8% ← 14.7% / #1 ML
[MS - Market Share / ML - Market Leader]
Expenses & Profit
- Expenses: 123KCr UPY 18.6%
- Expense ratio (excl comm): 17.9% ← 14.7%
- Commission ratio: 5.9% ← 5.2%
- NP: 156Cr ← -186Cr(loss)
- Savings Cost Ratio (Cost/TWRP) 16.9% ← 11.9%
- Overall Cost Ratio (Cost/TWRP) 23.8% ← 19.9%
[TWRP - Total Weighted Received Premium]
Business stickiness
- Persistency Ratio: 13M: 86% 61M: 56%
Risk Profile
- Solvency ratio: 204% / Reg Req: 150%
Assets
- Total Sum Assured: 24LCr
- Net Worth: 9LCr
- AUM 2.3LCr ← 2.2LCr UPY 3%
- NPA: nil
- EV: 0.3LCr / RoEV: 11% [EV-Embedded Value]
Misc
- Long runway:
- Sum Assured/GDP: India: 23% / comparable countries: 125%-330%
- 4P Strategy:
- Premium growth
- Protection focus
- Persistency improvement
- Productivity enhancement
- Plan(Aspiration)
- VNB 2X in 4Y (FY23 ← FY19)
