Number of lives covered grows 59% to 9.84 crore lives
FinTech BizNews Service
Mumbai, August 07, 2024: ICICI Prudential Life Insurance Company has achieved a significant milestone of crossing Rs. 3 lakh crore in Assets under Management (AUM). The Company’s AUM as of July 31, 2024, stood at Rs. 3.14 lakh crore.
Notably, across all its business segments, the Company has also provided life insurance cover to 9.84 crore lives as on June 2024 across all its business segments, this has grown by approx. 59% from 6.19 crore lives in June 2022. The total in-force sum assured stood at Rs. 35.10 lakh crore on June 30, 2024.
These achievements stand as a testament to the trust placed in the Company by its customers in its ability to help them achieve their long-term financial goals and provide financial security by swiftly settling claims.
Claims are the moment of truth for the Company and all claims are handled with utmost sensitivity and speed. This commitment is reflected in the Company’s industry leading claim settlement ratio of 99.17% for FY2024 with an average turnaround time of just 1.27 days for non-investigated retail death claims.
The Company is committed to simplifying life insurance by leveraging technology to offer the right product to the right customer at the right price through the right channel and to enhance customer experience.
Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, said, “We are delighted to have crossed the milestone of achieving Rs. 3 lakh crore in assets under management. Notably, our approach of the right product to the right customer at the right price and through the right channel has resulted in a robust increase of 59% in the number of lives covered, at an overall level, from 6.19 crore in June 2022 to 9.84 crore lives in June 2024. We believe these achievements reflect the trust placed in us by our customers.
Customers depend on us to provide financial security to themselves and their families. We therefore act as trustees and custodians of our customers' savings and have institutionalised a stringent investment philosophy and risk management framework which has ensured zero Non-Performing Assets since inception and across market cycles.”
Mr. Bagchi further added, “We believe, life insurance caters to the primary needs of society of financial security, wealth creation and retirement income, therefore our products and processes are aligned to fulfil these needs. The technology solutions implemented have enabled us to simplify life insurance, design innovative products and deliver enhanced customer experience.
Our commitment to deliver on the promises made is reflected in our claim settlement ratio of 99.17% in FY2024, one of the best in the industry, with a turnaround time of just 1.27 days.”
