Mumbai, Maharashtra India (PressExposure) May 02, 2011 -- ICICI Prudential Life Insurance (ICICI Prudential Life) today announced that it has recorded profits for the second consecutive year with an annual profit after tax, registering a growth of 213% to touch Rs.808 crores for the financial year ended March 31, 2011.
The key drivers of delivering this profitability have been continued focus on expenses and persistency. The results are consistent with the company's focus to grow business in a profitable manner and delivery superior value to its customers.
ICICI Prudential Life garnered a Total Premium of Rs. 17,881 crores for the fiscal year ended March 31, 2011 as against Rs 16,529 crores in FY2010. The new business premium recorded a growth of 24% to Rs. 7862 crores in FY 2011. The new business APE (Annualized Premium Equivalent) for the year stood at Rs 3975 crores.
ICICI Prudential Life's Assets Under Management have increased by over 19% to Rs. 68,150 crores as on March 31, 2011 as compared to Rs 57,319 crores as on March 31, 2010. This includes an equity corpus of Rs. 43,325 crores.
Commenting on company's performance, Mr. Sandeep Bakhshi, MD & CEO said "The journey over the last decade has been one of learning and adapting. All along we have had an unrelenting focus on providing the highest quality of service to our customers while continuing to set the benchmarks in the industry."
"This fiscal year has been particularly interesting. We have delivered strong results despite the structural changes witnessed in the industry on account of the new regulatory norms. Our objective was to focus on creating value for customers through enhanced service efficiency and by providing hassle-free claim settlement assistance to customers. Effective cost and persistency management as well as commitment to growing profitably has enabled us to report profits for the second consecutive year. Effective use of technology was a key catalyst in ensuring profitable growth and helped us deliver a better product proposition to customers. Going forward, we will continue to focus on increasing efficiencies in the system and look at avenues to deliver profitable growth."
"Given the low penetration of insurance in India, there is a need for us to reach out and provide access to financial solutions to customers. As the industry moves into its next decade, we are confident of reaffirming our standing as the insurer of choice and provide superior financial solutions to customers."