Company Overview
• ICICI Prudential started as a JV between the ICICI Bank and Prudential
Corporation.
• ICICI Prudential has an AUM of INR 2,14,000 Cr
• ICICI Prudential has a market share of 4.88% and in terms of the private players it has a market share of 13.44%
• ICICI Prudential Pension Funds Management Company Limited, distributes products under the National Pension System. The AUM has increased by 58% YoY to INR 10,441 Cr in December 2021. It has a market share of 15.6% in the private sector
Performance
• APE (Annualized Premium Equivalent) was at INR 7,733 Cr in FY22, with a growth of 19.7% YoY
• VNB for FY22 was at INR 2,163 Cr a significant growth of 33.4% YoY and the company has an objective of doubling its FY19 VNB by FY23, which requires a compounded annual growth rate of 28% over the current and the next financial year
• VNB Margins increased from 25.1% in FY21 to 28% in FY22
• Solvency ratio was at 2.02x as of December 2021, compared to 1.94x in FY20. This was driven by borrowing a loan of INR 1200 Cr
• The 13th-month Persistency ratio increased to 85.7% in FY22 from 84.8% in FY21
• Bancassurance distribution channel has been reducing consistently YoY and brought down to 38.9%. Where ICICI only contributes about 24.9% of total Bancassurance
• In Q3FY22, almost half of the new business premium has been contributed by the protection and annuity segments
• They continue to invest in distribution expansion, which resulted in cost increase but the cost to AUM has been stable at 2.1% for 9MFY22
• ICICI Prudential aspire to double the FY19 VNB by FY23
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