ICIC Prudential Life Insurance Co. reported a new business premium of 14.1% at Rs 1,511 crore on a year-on-year basis for June with gross underwriting, according to a performance review attached to an exchange filing on the BSE.
The new business sum was 13.6%, at around Rs 85,348 crore on a YoY basis for June.
The company reported growth of ~17% in proprietary channels as well as in annuity and retail protection segments in fiscal 2024.
It also reported "robust double-digit retail weighted received premium growth" in the fourth quarter of fiscal 2024. RWRP was at 6.15 for June 2024 and 15.58 for the first quarter of fiscal 2025.
The YoY growth for RWRP was 27.6% for June and 46.8% for the first quarter of fiscal 2025.
The annualised premium equivalent was 7.32 for June 2024 and 19.63 for the first quarter of fiscal 2025.
The YoY growth for APE was 16.9% for June and 34.4% for the first quarter of fiscal 2025.
The company attributed its success to the "4P Strategy," which consists of protection, persistency, productivity and premium growth, all of which contribute to the growth in value of new business.
The '4P Strategy' was driven by a '4D Framework', which consisted of data analytics (using data to make risk-based decisions and understanding customer demographics), diversified propositions (offering suitable customer propositions through appropriate distribution), digitalisation (leveraging digital tools to strengthen distribution capabilities), and depth in partnership, it said.
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