ICICI Prudential Life Insurance Ltd. said on Tuesday that its standalone net profit for the first quarter of the current fiscal year that ended in June (Q1FY24) increased by 33% year over year to Rs. 207 crore. In the same period last year, the company had declared a profit of Rs. 156 crore. The standalone net profit decreased 12% over time. On the BSE, shares of ICICI Prudential Life were up 0.83%, trading at 587.30 each. Net premium income climbed slightly year over year (YoY) by 2% to Rs. 7,020 crore for the quarter that ended in June. It was Rs. 6,884 crore during the same quarter the year before. The company reported in an exchange filing that the worth of New Business (VNB), which is the current worth of expected future profits, was Rs. 438 crore for Q1-FY2024 with a VNB margin of 30.0%.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance, stated, “With customer-centricity at the center, we will continue to focus on growing the absolute VNB, through the 4P strategy including Premium growth, Protection focus, Persistency improvement, and Productivity development. Assets under management (AUM) at ICICI Prudential Life Insurance increased by 15.8% during the three months that ended on June 30 to Rs. 2,66,420 crore. The company’s total investment income was Rs. 16,327 crore, versus a loss of Rs. 8,496 crore in the prior year. Compared to a loss of Rs. 9,888 crore the previous year, unit-linked investment income was Rs. 14,159 crore. The insurer’s 13th-month persistency ratio climbed to 86.4% for the first quarter of FY24. Assets under management (AUM) grew 16% year over year to Rs. 2.66 lakh crore as of June 2023.
According to a corporate filing with the exchange, it has maintained a well-balanced product mix, with shares of linked savings, non-linked savings, protection, annuities, and group savings making up, respectively, 38.8%, 27.7%, 23.5%, 6.2%, and 3.8% of APE in Q1-FY2024. The financial security of our customers and their families is the exact reason we are here. To help our clients reach their protection, retirement, health, and long-term savings goals, we consider ourselves to be trustees of the life savings they have committed to us, Bagchi continued.
