The net premium income for the quarter rose 1.97% YoY to Rs 7,020.03 crore. The first year gross premium income for the insurer fell 1.52% YoY to Rs 1,022.69 crore, while single premium income declined 5.9% to Rs 2,194.61 crore.

Net commission jumped by 25.35% YoY to Rs 383.46 crore during the quarter.

The company's operating expenses jumped during the quarter. Advertising and Publicity expenses soared 54.84% YoY to Rs 379.95 crore.

The Value of New Business (VNB), which represents the present value of future profits, stood at Rs 438 crore with a VNB margin of 30.0% for Q1FY24.

A comprehensive suite of products coupled with a need-based selling approach has resulted in the New Business Sum Assured, an indicator of the life cover opted for by customers, growing by 8.8% to Rs 2,40,304 crore for Q1-FY2024. During the same period the retail protection Annualised Premium Equivalent (APE) registered a strong year-on-year growth of 61.8% to Rs 110 crore.

The total APE for the Company stood at Rs 1,461 crore with minimal concentration risk from any single distributor. Similarly, data analytics & digitalisation is enabling the company to get better customer insights. This has yielded desired results and persistency has improved across all cohorts. The 13th month persistency ratio for Q1-FY2024 improved to 86.4%.

The Assets Under Management (AUM) grew by 15.8% year-on-year to Rs 2,66,420 crore at June 30, 2023.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, "In Q1-FY2024, the VNB stood at Rs 438 crore, with a margin of 30%, while PAT grew 33% year-on-year to Rs 207 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.

Through Q1-FY2024, we have observed an improving trend in business, with double digit growth in APE for the month of June 2023. Our efforts towards expanding the protection business are visible in the 62% 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. Further, our well-diversified distribution network has ensured we have minimal concentration risk from any single distributor. Our persistency across cohorts has further improved, reflecting our need-based selling approach, with the 13th month persistency at 86.4%."

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.

The scrip fell 0.81% to Rs 577.75 on the BSE.