Private life insurer ICICI Prudential Life Insurance has announced an annual bonus of Rs 968.8 crore for policyholders for FY2022. This is the sixteenth consecutive annual bonus and also the highest ever till date. The annual bonus for policyholders for FY2022 exceeds the FY2021 bonus by 12 per cent.
Participating policies as of March 31 this year are eligible to receive the annual bonus, which will be added to policyholders’ benefits. As per an official communiqué, this helps about a million policyholders with their long-term financial goals.
ICICI Prudential Life Insurance CEO and MD NS Kannan said, “We are delighted to announce the annual bonus of Rs 968.8 crore for FY2022, the highest ever declared by the company since inception. Besides, it is 12 per cent higher as compared to FY2021.”
He added, “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.”
On March 31 this year, the company had assets under management worth Rs 2,40,492 crore and total sum assured of Rs 23.50 lakh crore.
Shares of ICICI Prudential Life Insurance were down 1.74 per cent to 499.50 apiece on the BSE whereas the shares were trading 1.60 per cent at 499.20 apiece on the NSE at the time of writing this story.
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