The life insurer’s Worth of New Enterprise (VoNB) for the quarter grew 26 % YoY to Rs 591 crore. The Board has authorized a remaining dividend of Rs 2 per fairness share for FY21.
April 19, 2021 / 07:59 PM IST
ICICI Prudential Life Insurance coverage posted a 65 % year-on-year (YoY) drop in its March quarter (This fall) internet revenue at Rs 62.51 crore on account of new enterprise pressure.
The Worth of New Enterprise (VoNB) for the quarter grew 26 % YoY to Rs 591 crore. VoNB for FY21 stood at Rs 1,621 crore with a margin of 25.1 % in comparison with 21.7 % in FY20.
VoNB is the current worth of anticipated future earnings from new insurance policies written throughout a specified interval and it displays the extra worth to shareholders anticipated to be generated via the exercise of writing new insurance policies throughout a specified interval.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance coverage mentioned, “Regardless of the disruptions attributable to COVID-19, we have been in a position to display resilience in our operations. On this quarter, APE grew by 27 % year-on-year with the month of March posting the most effective ever month-to-month gross sales for the Firm in any yr since inception.”
New enterprise Annualised Premium Equal (APE) grew 27 % year-on-year in Q4FY21 to Rs 2,509 crore.
APE is the sum of annualised first yr premiums on common premium insurance policies, and 10 % of single premiums, written by the Firm throughout any interval from new retail and group prospects.
The Embedded Worth grew by 26 % and stood at Rs 29,106 crore as on March 31, 2021. The Return on Embedded Worth was 15.2 % for FY21. The Board has authorized a remaining dividend of Rs 2 per fairness share for FY21.