ICICI Prudential Life Insurance, India's largest private life insurer in terms of new business sum assured, has declared an annual bonus of Rs. 968.8 crore for FY2022 to all eligible participating policyholders. This is the 16th consecutive year of bonus payment and also the highest ever by the Company till date, exceeding the FY2021 bonus by 12%.
All participating policies in-force as of March 31, 2022 are eligible to receive this annual bonus, which will be added to the policyholders' benefits. Almost a million participating policyholders will benefit from this, taking them closer to achieving their long-term financial goals.
The range of innovative participating products offered by ICICI Prudential Life Insurance provide customers both comfort of capital guarantee and growth in the form of declared bonuses. It also provides financial security to the family by way of a life cover.
Strong fund management capabilities coupled with robust risk management practices have enabled the Company to consistently reward participating policyholders with a higher bonus than what was shown in the benefit illustration at the time of purchase. This showcases the efficacy of participating products in enabling customers to achieve their financial goals.
Mr. N S Kannan, Managing Director & CEO, ICICI Prudential Life Insurance, said, "We are delighted to announce the annual bonus of ` 968.8 crore for FY2022, the highest ever declared by the Company since inception. Besides, it is 12% higher as compared to FY2021. Customers entrust us with their life's savings to achieve their long-term financial goals and we believe this bonus will enable our participating policyholders to move a step closer to their financial goals.
The COVID-19 pandemic was characterised by business disruptions and volatility but our long-term fund management philosophy and stringent investment and risk management policies have ensured zero non-performing assets since inception and across market cycles. The annual bonus declaration is a testament to the Company's ability to successfully weather challenges and deliver on the promises made to our participating policyholders. Our vision of building an enduring institution that serves the protection and long-term saving needs of customers with sensitivity continues to guide us. With a strong emphasis on customer-centricity and innovation, we remain well-positioned to face the future with confidence and assist families in achieving their financial goals."
Shares of ICICI Prudential Life Insurance Company Limited was last trading in BSE at Rs. 501.30 as compared to the previous close of Rs. 508.35. The total number of shares traded during the day was 27174 in over 2448 trades.
The stock hit an intraday high of Rs. 511.35 and intraday low of 497.10. The net turnover during the day was Rs. 13698011.00.