Leading private sector life insurer ICICI Prudential has announced a 15 per cent higher bonus payout in FY2019-20, totalling Rs 788 crore. This is the 14th consecutive year of bonus payout by the insurer to its policyholders, and the current payout will benefit 9 lakh customers, the company said in a statement on Thursday.
A bonus from an insurer is the share of profit generated by the company's participating policyholders' funds. All participating policies inforce as of March 2020 are eligible for bonus, which will be added to their guaranteed maturity or death benefit and help get one step closer to achieving the financial goals of policyholders.
N S Kannan, the managing director & chief executive of ICICI Prudential Life said the Rs 788 crore declared for 2019-20 is higher by 15 per cent over FY2019-20 is higher by 15 per cent over FY2018-19, will take them a step closer to achieving their financial goals. For FY2019-20, the company, the first private life insurer to cross the Rs 1-trillion assets-mark, had a claims settlement ratio of 97.8 per cent, took around 1.59 days to settle genuine claims and 99 per cent of claims were settled electronically.
As of March 2020, the company had an AUM of Rs 1,52,968 crore and a total sum assured of around Rs 14.80 lakh crore. ICICI Prudential counter was trading down 0.23 per cent at Rs 395.40 on BSE against the index Sensex gaining over 1.9 per cent at 1440 hrs.