ICICI Prudential Life Insurance Q4 FY21 Result Review- Business Momentum Upwards: ICICI Securities
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ICICI Securities Report
The big strategic achievement from FY21 for ICICI Prudential Life Insurance Company Ltd. is the establishment of an ex-ICICI Bank product as well as distribution capability.
Key effects of this strategy include:
- Growth in non-linked savings portfolio by healthy 56% year-on-year in FY21,
- the introduction of guaranteed savings as well as deferred annuity products and
- spurt in new distribution channels with ~600 partnerships including 23 banks and > 185,000 advisors.
As such, despite ICICI Bank’s contribution declining to 31% of the overall APE which in turn declined 13% year-on-year, the total FY21 value of new business was flat at Rs 16 billion.
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