ICICI Prudential Life Q1 Results: Net profit jumps 33% on year to ₹207 crore
ICICI Prudential Life Insurance Ltd on Tuesday reported an 33% year-on-year rise in its standalone net profit for the fiscal's first quarter ended June (Q1FY24) to ₹207 crore. The company had reported a profit of ₹156 crore in the year-ago period. Sequentially, the standalone net profit was down 12%.
ICICI Prudential Life shares were trading at ₹587.30 apiece, up 0.83% on BSE. For the quarter ended June, net premium income increased marginally year over year (YoY) by 2% to ₹7,020 crore. In the same quarter previous year, it was ₹6,884 crore.
In an exchange filing, the company stated that the Value of New Business (VNB), which represents the current value of future profits, was ₹438 crore for Q1-FY2024 with a VNB margin of 30.0%. “With customer-centricity at the core, we will continue to focus on growing the absolute VNB, through the 4P strategy comprising Premium growth, Protection focus, Persistency improvement and Productivity enhancement, " said Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance. For the quarter ended June 30, ICICI Prudential Life Insurance recorded a 15.8% increase in assets under management (AUM) to ₹2,66,420 crore.
Total investment income for the company was ₹16,327 crore, compared to a loss of ₹8,496 crore year over year. Unit-linked investment income was ₹14,159 crore, compared to a loss of ₹9,888 crore year over year. For Q1FY24, the insurer's 13th-month persistency ratio increased to 86.4%.
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