ICICI Prudential Life Insurance has had an excellent start to the year as reflected in the Company's Q1-FY2022 results. The Value of New Business (VNB), which is a measure of the profitability of the Company, grew by 78% year-on-year to Rs. 3.58 billion for Q1-FY2022. The VNB margin expanded from 24.4% for Q1-FY2021 to 29.4% for Q1-FY2022. The Company's new business premium grew by 71% to Rs. 25.59 billion for Q1-FY2022 over the same period last year, reflecting the strong growth momentum in the business.
Despite the disruptions of the second wave of Covid-19, new business sum assured grew by 89% year-on-year to Rs. 1.77 trillion in Q1-FY2022. Significantly, the Company gained an overall market leadership position in terms of new business sum assured, with a market share of 14.7% in Q1-FY2022, up from 12.5% for FY2021.
The Company continued to maintain a well-diversified product mix with strong growth across product segments including the annuity business which grew by 159% year-onyear in Q1-FY2022. The contribution from linked savings products stood at 44%, traditional savings products at 29% and protection products at 22% for Q1-FY2022. The balance came from group savings products.
The Company's 13th month persistency ratio improved to 87.6% in Q1-FY2022, up from 84.1% for the same period last year, indicative of the quality of business being underwritten. Assets under Management stood at Rs. 2,231.71 billion at June 30, 2021, a growth of 31% over June 30, 2020. During the quarter we crossed Rs. 1 trillion in Equity Assets under Management.
The growth in VNB has been driven by a resilient business model, innovative product offerings and diversified distribution and product mix.
Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, "During these difficult times, we remain sensitive to lost lives, health and livelihood issues and continue to prioritise employee, customer and distributor safety. Life insurance has a larger societal role to play in enabling families to have financial security. In this context, our focus during this pandemic has been to help the families of our customers in their hour of need, by settling genuine claims expeditiously.
Despite the challenges posed by the second wave of the pandemic, we have been able to demonstrate both resilience and growth in this quarter. Through our innovative and comprehensive suite of products, distribution strength, robust technology, superior customer service and strong risk management architecture, our new business premium grew by 71% year-on-year to Rs. 25.59 billion in Q1-FY2022. Further, we are delighted to have achieved the distinction of becoming the overall market leader in terms of new business sum assured, which grew 89% year-on-year to Rs. 1.77 trillion.
Our VNB grew by 78% year-on-year to Rs. 3.58 billion in Q1-FY2022, reflecting the growing profitability of our business. The VNB margin too increased from 24.4% for Q1-FY2021 to 29.4% for Q1-FY2022. With this strong growth momentum along with our well-diversified product and distribution mix, we believe we are well positioned to achieve our stated objective of doubling our FY2019 VNB by FY2023."
Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.603 as compared to the previous close of Rs. 626.1. The total number of shares traded during the day was 69969 in over 2678 trades.
The stock hit an intraday high of Rs. 624.05 and intraday low of 602. The net turnover during the day was Rs. 42716517.