ICICI PruLife looking to expand its protection biz

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26 Aug, 2025 12:21

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Moneycontrol Bureau

ICICI Prudential Life Insurance is betting big on the protection business growth in the near future. Sandeep Batra, Executive Director, ICICI Prudential Life, said that their annualised premium equivalent (APE) in the protection space has seen a growth of 122 percent in the April to December period of this financial year, on a year-on-year basis.

APE refers to 100 percent of regular premiums and 10 percent of single premiums collected for any particular period. The protection APE stood at Rs 174 crore for the nine-month period ended December 31, 2016.  The overall APE for the insurer saw a growth of 28 percent and stood at Rs 4458 crore.

“We are looking to expand our protection business and we are slowly seeing this segment grow in terms of premium collection,” said Batra.

The insurer’s asset under management at the end of December 2016 (April to December) stood at Rs 1,13,611 crore compared to Rs 1,01,731 crore on a year-on-year basis. The value of new business (VNB) margin stood at 9.4 percent.

With respect to the overall product mix, savings constituted 96.1 percent while protection accounted for 3.9 percent. In the savings portfolio, unit-linked insurance plans (Ulips) constituted 83.1 percent while participating products accounted for 10.2 percent. Non-participating and group products (excluding group protection) accounted for 1.4 percent each.

The market share of the insurer rose to 24.5 percent at the end of December compared to 23.5 percent a year ago. In its results presentation, ICICI PruLife said that they are the leader in the private sector life insurance space on a retail weighted received premium (RWRP) basis.

The retail segment accounted for a higher share of the new business sum assured in comparison to the group segment. Bancassurance continues to the largest channel on APE basis at 57.7 percent. This is followed by agency and direct channel.

The insurer’s solvency ratio stood at 294 percent at the end of December 2016 as against the regulatory requirement of 150 percent.