ICICI Prudential Life Q2 results: Profit rises 23% to ₹244 crore
₹244 crore in the quarter ended in September 2023 despite lower income. The company's net profit in the same quarter a year ago stood at ₹199 crore.
However, total income decreased by 2.4 per cent to ₹174.36 crore from ₹226.42 crore in the year-ago period, mainly because of fall in investment income. The net premium earned by the private sector insurer during July-September was up at ₹100.22 crore as against ₹95.82 crore in the same period a year ago, ICICI Pru Life said in a regulatory filing.
The assets under management of the company grew by 11.3 per cent from ₹2,44,279 crore as on September 30 last year to ₹2,71,903 crore as on September 30, 2023. The company had a debt-equity mix of 54:46 as on September 30, 2023 and 96.4 per cent of the fixed income investments were in sovereign or AAA-rated instruments.
The solvency ratio was 199.4 per cent as on September 30, 2023 against the regulatory requirement of 150 per cent, it said. For the first half ended September 30, the insurer's profit grew by 27 per cent to ₹451 crore as compared to ₹355 crore in the same period of previous fiscal.
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