Icici Prudential Life Insurance Co. Ltd. · NSE:ICICIPRULI
Icici Prudential Life Insurance — Investor Presentation (August 2020)
87 slides from Icici Prudential Life Insurance's investor presentation, Aug 7, 2020
Slide 1: Cover letter to stock exchanges
August 7, 2020 General Manager Vice President Listing Department Listing Department BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Tower, ‘Exchange Plaza’, Dalal Street, Bandra-Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sir/Madam, Subject: Investor pre
Slide 2: Performance update
Performance update August 7, 2020
Slide 3: July 2020 update
July 2020 update
Slide 4: Premium growth
Premium growth ` billion FY2020 Q1-FY2021 July 2020 4M-FY2021 New business premium 123.48 14.99 8.49 23.48 YoY growth 20.4% (32.6%) (10.1%) (25.9%) APE1 73.81 8.23 4.41 12.64 YoY growth (5.4%) (44.0%) (31.7%) (40.2%) RWRP2 66.43 6.56 3.81 10.36 YoY growth (6.4%) (49.4%) (36.5%) (45.3%) 1. Annualized
Slide 5: Risk management
Risk management Resilient Balance Sheet Insurance risks • Linked & Par (82% of liabilities) largely • Mortality: pass on the market performance to • Experience continues to be better customers than assumptions • Non par guaranteed return book: 0.4% • 69 claims from COVID-19 so far of liabilities; mi
Slide 6: Agenda
Agenda • Company strategy and performance • Opportunity • Industry overview
Slide 7: Key strategic elements
Key strategic elements Protection Customer Aspiration to centricity Premium double the VNB Growth Persistency continues to be Growth FY2019 VNB in at the core 3 - 4 years Productivity 6
Slide 8: Strategic elements (1/4)
Strategic elements (1/4) • Deepen penetration in under-served customer segments • Enhance current distribution Premium • Create new distribution growth • Augment capability in Health and Protection • Increase focus on Pension and Annuity ` billion FY2020 Q1-FY2021 APE1 73.81 8.23 YoY growth (5.4%) (
Slide 9: Strategic elements (2/4)
Strategic elements (2/4) Protection Continue to grow both retail and group lines of business focus ` billion FY2020 Q1-FY2021 Protection APE 11.16 2.14 YoY growth 54.6% 0.0% Protection mix 15.1% 26.0% 8
Slide 10: Strategic elements (3/4)
Strategic elements (3/4) Persistency Improve persistency across all cohorts Persistency1 11M-FY2020 2M-FY2021 13th month 83.2% 81.8% 49th month 64.6% 63.9% 1. Retail excluding SP computed as per IRDAI circular dated January 23, 2014 9
Slide 11: Strategic elements (4/4)
Strategic elements (4/4) Continue to leverage technology for process re- Productivity engineering and to drive productivity ` billion Q1-FY2020 FY2020 Q1-FY2021 Cost/TWRP1 17.0% 15.9% 14.8% Cost/TWRP 11.3% 10.4% 8.8% (savings LOB) 1. Total cost including commission/(Total premium- 90% of single prem
Slide 12: Value of New Business
Value of New Business ` billion Q1-FY2020 FY2020 Q1-FY2021 Value of New 3.09 16.05 2.01 Business (VNB)1 VNB margin 21.0% 21.7% 24.4% 1. For full year, based on actual cost; Q1: based on management forecast of full year cost 11
Slide 13: Way forward
Way forward
Slide 14: Voice of our stakeholders
Voice of our stakeholders I want to have a life cover but Will my life insurance policy How do I know fund value of How do I file a life insurance am wary of meeting cover me against my ULIP plan & pay renewal claim? someone face to face coronavirus? premium of my policy? Customers Will my business
Slide 15: The new normal: Physical handshake to virtual handshake
The new normal: Physical handshake to virtual handshake Our collaboration platform 14
Slide 16: Collaboration with customers for presales & onboarding
Collaboration with customers for presales & onboarding Share screen for UPI/BBPS, Credit card, • Suitability analysis Debit card, Netbanking, • Quote generation eWallet options • Completing the available onboarding journey Share documents and chat with customer. Customer, financial Customers can als
Slide 17: Collaboration with customers for servicing requirements
Collaboration with customers for servicing requirements Pay renewal premium Switch funds Tax certificate Policy/unit statement Set auto debit mandate Service assistant WhatsApp for chatbot LiGo for requesting policy service resolution related statements • An easy access to a variety of self-service
Slide 18: Stakeholders' concerns addressed
Stakeholders’ concerns addressed I want to have a life cover but Will my life insurance policy How do I know fund value of How do I file a life insurance am wary of meeting cover me against my ULIP plan & pay renewal claim? someone face to face coronavirus? premium of my policy? Live video chat Prod
Slide 19: Protection opportunity
Protection opportunity Sum Assured as a % of GDP1,2 Addressable population# coverage3 (%) 273% 252% 251% 10% 142% 131% 113% 19% Singapore Japan USA Malaysia South Thailand India* Korea * For retail protection sum assured (company estimates) # Based on Income Tax Department data for individuals (annu
Slide 20: Opportunity: Sum assured as a % of GDP
Opportunity: Sum assured as a % of GDP Sum Assured (SA) as a % of GDP: Assuming SA growth @ 20% CAGR Sum Assured as a % of GDP1,2 75% 273% 252% 251% 45% India: FY2035 30% 19% 145% 142% 131% FY2020 FY2025 FY2030 FY2035 113% Sum Assured (SA) as a % of GDP: 75% Assuming SA growth @ 25% CAGR 145% 19% 70
Slide 21: Opportunity: Addressable population coverage (%)
Opportunity: Addressable population coverage (%) With 15% CAGR in new policy count from FY2020 to FY2035 With 20% CAGR in new policy count from FY2020 to FY2035 250.8 250.8 170.7 170.7 106.0 106.0 57.5 57.5 115.7 69.9 46.1 34.1 6 15.8 6 17.8 FY2020 FY2025 FY2030 FY2035 FY2020 FY2025 FY2030 FY2035 In
Slide 22: Key strategic elements
Key strategic elements Protection Customer Aspiration to centricity Premium double the VNB Growth Persistency continues to be Growth FY2019 VNB in at the core 3 - 4 years Productivity 21
Slide 23: 4P: Premium
4P: Premium
Slide 24: Products available across all categories
Products available across all categories Non-linked Savings Linked Participating with Savings with ULIP: Suite of funds ULIP: with capital equity guarantee; for Equity and Debt guarantee Annuity Retail Protection Group Pure term with Critical illness, Pure term, Micro insurance, Credit insurance, ac
Slide 25: Product segments
Product segments • Deepen penetration in under-served customer segments Premium • Enhance current distribution growth • Create new distribution • Augment capability in Health and Protection • Increase focus on Pension and Annuity APE (` billion) Mix Segments FY2020 Q1-FY2021 Growth (%) FY2020 Q1-FY2
Slide 26: Diversified distribution
Diversified distribution Strategy: Create depth and add width • > 500 partnerships Strategy: Build profitability Strategy: Digital focused upsell • Protection and non-linked savings: • 15 bank partnerships ~80% in FY2020 campaigns • Protection and Annuity mix • Analytics driven upsell channel increa
Slide 27: Distribution channels
Distribution channels • Deepen penetration in under-served customer segments Premium • Enhance current distribution growth • Create new distribution • Augment capability in Health and Protection • Increase focus on Pension and Annuity APE (` billion) Mix (%) Growth (%) Channels FY2020 Q1-FY2021 FY20
Slide 28: 4P: Protection
4P: Protection
Slide 29: Protection growth
Protection growth Protection growth Continue to grow both retail and group lines of business APE (` billion) 11.16 7.22 2.14 2.14 FY2019 FY2020 Q1-FY2020 Q1-FY2021 Steady performance despite challenges on medical examination 28
Slide 30: 4P: Persistency
4P: Persistency
Slide 31: Persistency
Persistency Retail excluding single premium Retail including single premium Month 11M-FY2020 2M-FY2021 Month 11M-FY2020 2M-FY2021 13th month 83.2% 81.8% 13th month 85.3% 84.1% 25th month 75.1% 73.4% 25th month 77.4% 76.3% 37th month 66.7% 65.4% 37th month 69.0% 67.8% 49th month 64.6% 63.9% 49th mont
Slide 32: 4P: Productivity
4P: Productivity
Slide 33: Productivity: Cost efficiency
Productivity: Cost efficiency Q1-FY2020 FY2020 Q1-FY2021 Expense ratio (excl. commission)1 11.9% 10.3% 10.5% Commission ratio2 5.1% 5.7% 4.2% Cost/TWRP3 17.0% 15.9% 14.8% Cost/Average AUM4 2.3% 2.9% 1.8% Cost/TWRP (Savings LOB) 11.3% 10.4% 8.8% ` billion 44.71 28.85 Commission Non Commission 9.20 7.
Slide 34: VNB growth levers update (4P's)
VNB growth levers update (4P’s) ` billion Q1-FY2020 FY2020 Q1-FY2021 Value of New Business (VNB)1 3.09 16.05 2.01 VNB margin 21.0% 21.7% 24.4% ` billion FY2020 Q1-FY2021 Growth Premium growth (APE) 73.81 8.23 (44.0%) Protection growth (APE) 11.16 2.14 0.0% Persistency (13th month)2 83.2%3 81.8% NA P
Slide 35: Financial update
Financial update
Slide 36: Financial metrics
Financial metrics ` billion Q1-FY2020 FY2020 Q1-FY2021 Profit after Tax 2.85 10.69 2.88 Solvency ratio 217% 194% 205.1% AUM 1,640.241 1,529.682 1,700.061 1. At June 30 of respective years 2. At March 31, 2020 Components may not add up to the totals due to rounding off 35
Slide 37: Embedded Value (EV)
Embedded Value (EV)1 ` billion 230.30 216.23 78.43 73.54 142.69 151.87 Mar-19 Mar-20 Value of Inforce (VIF) Adjusted net worth (ANW) 1. As per Indian Embedded value (IEV) method 36
Slide 38: Analysis of movement in EV
Analysis of movement in EV1 ` billion FY2016 FY2017 FY2018 FY2019 FY2020 Opening EV 137.212 139.39 161.84 187.88 216.23 Unwind 12.58 12.21 13.72 15.84 17.25 Value of New Business (VNB) 4.12 6.66 12.86 13.28 16.05 Operating assumption changes 1.042 1.00 7.64 4.20 (2.25)3 Operating variance 4.48 3.08
Slide 39: Sensitivity analysis
Sensitivity analysis Scenario % change in VNB % change in EV FY2019 FY2020 FY2019 FY2020 Increase in 100 bps in the reference rates (4.3) (2.4) (2.0) (2.5) Decrease in 100 bps in the reference rates 4.4 2.2 2.0 2.6 10% increase in the discontinuance rates (8.5) (5.0) (1.3) (1.1) 10% decrease in the
Slide 40: Technology initiatives
Technology initiatives
Slide 41: Objectives
Objectives To be the most admired digitally enabled insurer • Empower customers and distributors with simplified journeys and choice of platforms • Decongest processes by leveraging ecosystems and emerging technologies • Enable servicing anytime, anywhere • Drive adoption through superior experience
Slide 42: Digital evolution path to maturity
Digital evolution path to maturity 2011-2013 2013-2015 2015-2018 2018-2020 1 2 3 4 Build digital foundation Digitize onboarding and service Leverage ecosystem Market leadership Optimize processes Build seamless presentation Collaborate with internal stakeholders IT as an enabler for and systems laye
Slide 43: Pre sales
Pre sales Suitability Lead Management Customer analysis System Profiler Product recommendation Enhanced with voice Know customer better based on customer’s life capability and geo through social platforms stage, goal, risk appetite tagging Nudge Cognitive Learners My engines BOTs Box Coach On-the-go
Slide 44: Onboarding and issuance
Onboarding and issuance Flexible/paperless Instant document PASA on-boarding verification (OCR) Platform agnostic and No medical or income Real time identification paperless journey document requirement and verification of available for all channels for smoother onboarding documents Robotic enabled
Slide 45: Customer servicing and claims (1/2)
Customer servicing and claims (1/2) Anytime.. Premium Intuitive/visual ..Anywhere premium payment IVR 87% transactions self Helps customers avoid 74% renewal premium serviced, omni channel IVR queues. Saves through electronic modes experience 50% navigation time Service bot AI based WhatsApp LiGo Cl
Slide 46: Customer servicing and claims (2/2)
Customer servicing and claims (2/2) Annuity Digilocker Customer service integration app Simplifying journey for View or download policy Customer service native Annuity customers with document from app with in-app digital life verification DigiLocker app nudges/notifications Bot orchestration WhatsAp
Slide 47: Marketing and lead generation
Marketing and lead generation Rank high on Segmented Hyper online searches targeting personalisation Machine learning used to Reaching the customer by Personalized messaging rank us higher when mapping their interests to engage customers customers search and affinities throughout journey Selfie True
Slide 48: Partner integration
Partner integration Process Flexible Web simplification integration portal Superior customer Modular integration as Self service module for experience per the choice of partners Group business Easy Customer UI service Pre-coded pages for Enabling customer quicker integration service on partner porta
Slide 49: Analytics
Analytics Actionable Data Smart insights modelling solutions Accelerate sales, enhance Customer interaction Pre approved life cover; customer experience & based segmentation, provide best offer to personalization propensity, nudges customer Google Big Query, Data lake Hadoop, Python solution Using b
Slide 50: ESG
ESG Environmental Environmental Social Social Governance Governance
Slide 51: Environmental initiatives
Environmental initiatives Preserving ‘Mother Earth’ for future generations Replace Reduce Reuse & Recycle • End to end digital solutions for • 3/5 star rated ACs in all offices • Sewage treatment plant and our business activities • VRF AC systems (20% of usage) wet waste conversion into • 84% shareh
Slide 52: Social initiatives
Social initiatives Building communities and giving back to society Business itself is social in nature: Serving long term financial and protection needs of the society Customer centricity Commitment to employees Community service • Products across life stage needs; • Gender neutrality, equal • 3.9 m
Slide 53: Governance
Governance Transparency in functioning with separation of supervision from execution Awarded for Corporate Governance; scorecard by IFC, BSE limited and IiAS 01 Supervisory structure 02 Compliance, Risk & IA 03 Ethical practices • Diverse Board composition • Quarterly compliance • Framework for mana
Slide 54: Agenda
Agenda • Company strategy and performance • Opportunity • Industry overview
Slide 55: Favorable demography
Favorable demography Large and growing population base1 High share of working population1 2019 Population (mn) Population of age 25-59 years (in mn) 1366 1434 727 578 271 329 127 146 211 51 59 China Brazil S Africa Russia USA Japan Indonesia India S Korea 2015 2030 Driving GDP growth 2 Rising afflue
Slide 56: Financialisation of savings: Opportunity for insurance
Financialisation of savings: Opportunity for insurance Household savings1 Distribution of financial savings (excluding currency)2 90 69% 70% 64% 70 60% 61% 60% 23.8% ` tn 54% 55% 19.0% 52% 52% 50% 25.1% 18.8% 48% 26.7% 20.3% 50 45% 45% 29.0% 44% 20.5% 37% 38% 40% 16.0% 23.3% 30 36% 18.09 31% 15.59 1
Slide 57: Protection opportunity: Where we are
Protection opportunity: Where we are… Sum Assured as a % of GDP1,2 Addressable population# Protection gap(%) 4,5 273% coverage3 (%) 252% 251% 92 56 85 33 73 78 73 56 8.56 10% 142% 131% 6.58 113% 5.30 USD trillion 19% 1.09 0.79 0.77 0.52 0.40 * For retail protection sum assured (company # Based on In
Slide 58: Protection opportunity: Liability cover
Protection opportunity: Liability cover ` billion Retail Credit 25,537 22,207 19,085 16,200 12,147 13,922 10,606 11,663 9,339 8,976 10,097 7,599 6,454 4,711 5,378 4,409 11,601 13,390 7,468 8,601 9,746 4,567 5,386 6,285 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Home Loans Others • Retai
Slide 59: Protection opportunity
Protection opportunity Gross direct premium (` billion) FY2009 FY2020 CAGR Health 66.23 516.38 20.5% Motor 138.21 692.08 15.8% - Motor Own Damage (OD) 87.56 265.52 10.6% - Motor Third Party (TP) 50.65 426.56 21.4% • Protection premium ~ ` 200 billion for life insurance industry in FY2020 Source: Gen
Slide 60: Agenda
Agenda • Company strategy and performance • Opportunity • Industry overview
Slide 61: Evolution of life insurance industry in India
Evolution of life insurance industry in India FY2002 FY2010 FY2015 FY2020 New business premium1 (` bn) 116 21.5% 550 -5.8% 408 12.5% 735 Total premium (` bn) 501 3.2% 2,654 4.3% 3,281 11.6% 5,683 Penetration (as a % to GDP) 2.1% 4.1% 2.6% 2.8% Assets under management (` bn) 2,304 24.0% 12,899 12.6%
Slide 62: Channel mix
Channel mix1 Industry Private sector 9% 11% 12% 18% 21% 22% 25% 27% 28% 54% 54% 53% 66% 62% 60% 28% 25% 25% FY2018 FY2019 FY2020 FY2018 FY2019 FY2020 Agency Bancassurance Others • Given a well developed banking sector, bancassurance continues to be the largest channel for private players 1. Individu
Slide 63: Product mix
Product mix1 Industry Private sector 26% 18% 27% 51% 44% 54% 74% 82% 73% 49% 56% 46% FY2018 FY2019 FY2020 FY2018 FY2019 FY2020 Non-linked Linked 1. New business weighted premium basis; Source: IRDAI, Life Insurance Council 62
Slide 64: Annexures
Annexures
Slide 65: VNB growth and contribution
VNB growth and contribution VNB Margin(%) 17.0% 21.7% VNB contribution* 25% FY2019 FY2020 VNB growth range to achieve our aspiration 19% VNB 13.28 16.05 ` billion 16.05 ` billion 4.20 13.28 4.17 (26.2%) (31.4%) 7.89 2.27 9.58 1.22 (59.4%) (14.1%) (59.7%) (9.2%) FY2019 FY2020 Protection Savings: Non-
Slide 66: Value of New Business (VNB)
Value of New Business (VNB) ` billion FY2019 FY2020 VNB 13.28 16.05 VNB margin 17.0% 21.7% 4.7% (1.1%) 1.0% 21.7% 0.1% 17.0% FY2019 Business mix Tax rate* Assumption Expense FY2020 changes * Change in effective tax rate 65
Slide 67: Protection and Annuity
Protection and Annuity Protection Annuity 8.5% 11.2% 20.6% 25.2% 2.6% 3.4% 6.6% 8.4% mix1 mix1 Protection new business received premium (` billion) Annuity new business received premium (` billion) 31.44 10.43 21.37 6.85 10.28 3.11 6.71 2.06 FY2017 FY2018 FY2019 FY2020 FY2017 FY2018 FY2019 FY2020 Pr
Slide 68: Protection: Components
Protection: Components Protection split based on APE* APE (` billion) (FY2020) 11.16 ` billion 2.35 1.74 Retail protection 7.22 1.13 (15.6%) 0.61 1.57 (5.5%) Group Term 1.28 1.13 (10.1%) 7.68 Credit life – ICICI 7.68 (68.8%) Bank 4.36 Credit life - Other FY2019 FY2020 Retail Protection Group Term Cr
Slide 69: Retail persistency excluding single premium
Retail persistency excluding single premium1 Persistency across product categories 82.6% 88.3% 82.6% 64.7% 65.8% 51.7% Linked Non linked Protection 13th month 49th month Persistency across channel categories 81.7% 86.4% 82.2% 86.9% 74.2% 62.7% 65.5% 66.2% Bancassurance Agency Direct Partnership dist
Slide 70: Average APE by product categories
Average APE by product categories Average retail APE per policy (`) FY2018 FY2019 FY2020 ULIP 180,746 159,329 183,109 Par 62,379 60,308 64,285 Non Par 54,187 76,468 109,410 Protection 9,123 12,048 23,115 Total 90,620 83,309 88,648 69
Slide 71: Policy term and customer age
Policy term and customer age* Average policy term (years) Average customer age (years) 43 43 36 36 36 30 14 12 Savings Protection Savings Protection FY2019 FY2020 FY2019 FY2020 * For FY2020; protection excludes credit life 70
Slide 72: Channel wise product mix
Channel wise product mix1 Channel category Product category FY2018 FY2019 FY2020 ULIP 89.8% 93.4% 86.8% Par 7.3% 2.1% 2.2% Bancassurance Non par 0.1% 0.6% 1.8% Protection 2.7% 3.9% 9.3% Total 100.0% 100.0% 100.0% ULIP 81.8% 75.3% 49.9% Par 13.5% 18.1% 32.5% Agency Non par 0.4% 0.5% 7.3% Protection 4
Slide 73: Product wise channel mix
Product wise channel mix1 Product category Channel category FY2018 FY2019 FY2020 Bancassurance 57.4% 65.5% 68.2% Agency 25.4% 20.5% 16.3% ULIP Direct 14.5% 12.0% 13.0% Partnership distribution 2.7% 2.1% 2.5% Total 100.0% 100.0% 100.0% Bancassurance 35.4% 13.8% 9.0% Agency 31.5% 45.4% 56.0% Par Direc
Slide 74: Embedded value
Embedded value
Slide 75: Embedded value
Embedded value ` billion FY2018 FY2019 FY2020 Value of In force (VIF) 117.64 142.69 151.87 Adjusted Net worth 70.24 73.54 78.43 Embedded value1 187.88 216.23 230.30 Return on Embedded Value (ROEV) 22.7% 20.2% 15.2% EV growth-pre dividend 23.4% 19.6% 8.4% EV growth-post dividend 16.1% 15.1% 6.5% VNB
Slide 76: EV methodology
EV methodology • EV results prepared based on the Indian Embedded Value (IEV) methodology and principles as set out in Actuarial Practice Standard 10 (APS10) issued by the Institute of Actuaries of India (IAI) • EV consists of Adjusted Net Worth (ANW) and Value of in-force covered business (VIF) • A
Slide 77: Components of ANW
Components of ANW • Required capital (RC) • The level of required capital is set equal to the amount required to be held to meet supervisory requirements. • It is net of the funds for future appropriation (FFAs) • Free surplus (FS) • Market value of any assets allocated to, but not required to suppo
Slide 78: Components of VIF (1/2)
Components of VIF (1/2) • Present value of future profits (PVFP) • Present value of projected distributable profits to shareholders arising from in- force covered business • Projection carried out using ‘best estimate’ non-economic assumptions and market consistent economic assumptions • Distributab
Slide 79: Components of VIF (2/2)
Components of VIF (2/2) • Time value of financial options and guarantees (TVFOG) • Represents additional cost to shareholders that may arise from the embedded financial options and guarantees • Stochastic approach is adopted with methods and assumptions consistent with the underlying embedded value
Slide 80: Components of EV movement (1/2)
Components of EV movement (1/2) • Expected return on existing business (unwind) • Expected investment income at opening reference rate on VIF and ANW • Expected excess ‘real world’ investment return over the opening reference rate on VIF and ANW • Operating assumption changes • Impact of the update
Slide 81: Components of EV movement (2/2)
Components of EV movement (2/2) • Operating experience variance • Captures impact of any deviation of actual experience from assumed in the opening EV during the inter-valuation period • Economic assumption changes and Investment variance • Impact of the update of the reference rate yield curve, inf
Slide 82: Key assumptions underlying EV (1/2)
Key assumptions underlying EV (1/2) • Discount rate and Fund earning rates • Set equal to reference rates which is proxy for risk free rates • Reference rates derived on the basis of zero coupon yield curve published by the Clearing Corporation of India Limited • Expenses and commission • Based on t
Slide 83: Key assumptions underlying EV (2/2)
Key assumptions underlying EV (2/2) • Mortality and morbidity • Based on company’s experience with an allowance for future improvements in respect of annuities • Persistency • Based on company’s experience • Taxation • Taxation costs reflect the reduction in costs due to dividend income being tax ex
Slide 84: Economic assumptions underlying VNB and EV
Economic assumptions underlying VNB and EV Tenor (years) References Rates March 31, 2019 March 31, 2020 June 30, 2020 1 6.66% 4.83% 3.62% 5 7.83% 7.43% 7.03% 10 8.35% 7.32% 7.65% 15 8.35% 7.17% 7.37% 20 8.22% 7.14% 7.11% 25 8.11% 7.14% 6.97% 30 8.05% 7.14% 6.90% 83
Slide 85: Glossary
Glossary • Annualized Premium Equivalent (APE) – Annualized Premium Equivalent (APE) is the sum of the annualized first year premiums on regular premium policies, and ten percent of single premiums, from both individual and group customers • Assets under management (AUM) - AUM refers to the carrying
Slide 86: Safe harbor
Safe harbor Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'would', ‘indicating’, ‘expected to’ etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forwar
Slide 87: Thank you
Thank you
ICICI Prudential Life Insurance Company — Investor Presentation (August 2020) on 6ix