Total income dropped 22.3% year on year to Rs 17,952.98 in the quarter ended 30 September 2023.

The net premium income for the quarter rose 4.6% YoY to Rs 10,022.42 crore. The first year gross premium income for the insurer grew 5.86% YoY to Rs 1,529.04 crore, while single premium income increased by 7% to Rs 3,005.17 crore.

Net commission stood at Rs 770.90 crore during the quarter, registering a growth of 56.62% YoY.

On half-yearly basis, the company's net profit jumped 27% to Rs 451.16 crore on 91.7% surge in total income to Rs 41,827.73 crore in H1 FY24 over H1 FY23. The net premium income rose 3.5% YoY to Rs 17,042.44 crore in H1 FY24.

The value of new business (VNB), which represents the present value of future profits, stood at Rs 1,015 crore with a VNB margin of 28.8% for H1 FY24.

The total annualised premium equivalent (APE) for the company stood at Rs 3,523 crore, with minimal concentration risk from any single distribution channel. A well-diversified distribution network is enabling the company to reach out to a wider section of customers to drive growth.

The assets under management (AUM) grew by 11.3% to Rs 2,71,903 crore in H1 FY24 as compared with Rs 2,44,279 crore recorded in the same period a year ago.

The company said that the persistency ratios have seen improvement across all cohorts. The 13th month persistency ratio improved by 100 bps to 86.9% in H1 FY24. The 49th month persistency ratio increased by 220 bps to 65.8% in H1 FY24.

Embedded value grew by 18% to Rs 38,529 crore at 30 September 2023.The solvency ratio for H1 FY24 stood at 199.4%, well above the minimum regulatory requirement of 150%.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “In H1-FY2024, our VNB stood at Rs 10.15 billion, with a margin of 28.8%, while PAT grew 27% year-onyear to Rs 4.51 billion. We are focused on growing the absolute VNB with the help of our 4D framework comprising Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, to develop quality business in a risk-calibrated manner.

Retail protection business, which faced supply side challenges in the past has come back on track. The retail protection APE registered a strong year-on-year growth of 73.7%, resulting in total protection APE of Rs 7.34 billion in H1-FY2024.”

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

Shares of ICICI Prudential Life Insurance Company slipped 3.33% to Rs 515.80 on the BSE.