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Insurance
18-Jul-23
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ICICI Prudential Life Q1 profit rises 33% to Rs 207 crore on investment gains
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ICICI Prudential Life Insurance on Tuesday reported a 33% rise in net profit for the first-quarter of FY24, as gains in securities it invested in helped offset muted premium income growth.
The insurer's profit after tax rose to Rs 207 crore in the quarter of FY24 ended June 30, from Rs 156 crore a year ago, it said in an exchange filing.
The company's total Investment income stood at Rs 16,327 crore against a loss of Rs 8,496 crore a year ago period, due to increase in market value of securities along with higher profits on sale of investments.
The company's value of new business (VNB), which measures expected profit from new premiums and is a key gauge of growth, fell 7% year-on-year to Rs 438 crore.
"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," the company said in a statement.
Commenting on the results, Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, "Our efforts towards expanding the protection business are visible in the 62 percent year-on-year growth in the retail protection segment and this has led to the overall protection business contributing nearly a quarter of the total APE."
The annual premium equivalent (APE) was reported at Rs 1,461 crore in the mentioned quarter. The APE fell 3.8 percent when compared to Q1 of FY23.
The blue-chip Nifty 50 climbed 10.5% in the June quarter, compared to a near 10% drop in the same period a year ago, while the 10-year bond yield dropped 20 basis points.
The company had a debt-equity mix of 54:46 at June 30 and 97.1% of the fixed income investments were in sovereign or AAA-rated instruments.
Strong investment income helped eclipse a 2% growth in net premium income at Rs 7,020 crore.
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