ICICI Pru Life profit up 33%, but value of new business falls
Life Insurance reported a 33% rise in net profit during the first quarter ending June 2023 to ₹207 crore. New business premium for the June quarter saw 4% decline to ₹3,051 crore.
The company's value of new business (VNB) fell 7% year on year in Q1FY24, reaching ₹438 crore, while the VNB margin, which is similar to profit margin for any other business, contracted by 100 basis points to 30% from 31%. The 13th month persistency ratio improved from 85.5% to 86.4% in the first quarter.
The assets under management of the company rose 15.8% to ₹2,66,420 crore. While annualised premium equivalent (APE) fell 3.9% to ₹1,461 crore from ₹1,520 crore due to fall in income from savings and annuity products, the company saw retail APE growth of 61.8% to ₹110 crore in Q1, FY24.
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