Saturday, September 30, 2023

ICICI Pru Life Q2 net down 55% to ₹199 cr

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  • The net premium earned by the private insurer in July-September 2022-23 had risen to ₹95.82 crore.
  • However, total income fell by 2.4 percent to 226.42 crore.
  • Investment income in Q2FY23 fell 6.1 percent to ₹130.22 crore.

ICICIA Prudential Life Insurance Company (ICICI Prussia) on Saturday reported a more than 55 percent drop in its net profit to 199 crore in the quarter ended September 2022 due to lower revenues. The company’s net profit in the quarter ended September 2021 was ₹445 crore.

Net premium earned by the private insurer in July-September 2022-23 had increased to 95.82 crore from ₹92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing.

However, total income fell 2.4 percent to 226.42 crore from ₹231.88 crore in the same period a year ago, mainly due to a decline in investment income.

Investment income in Q2FY23 was down 6.1 percent to 130.22 crore from ₹138.74 crore in Q2FY22. The decline in investment income is primarily due to the decline in the market value of the securities held, the company said.

The value of new business (VNB), a key measure of profitability, posted strong growth of 25.1 percent at ₹1,092 crore in the first half of FY2023, the insurer said.

The company said its persistence ratios improved across all cohorts at the 13th-month ratio, which is representative of business quality, and stands at 85.9 percent for H1-FY23, an 80 bp improvement from a year ago.

“Given this strong VNB growth and with a favorable premium base for the coming months, we believe we are on track to achieve our target of doubling our FY2019 VNB by the end of this fiscal year,” NS Kannan, MD & CEO , said ICICI Prudential Life Insurance.

He said the two focus areas of annuity and protection, which represent the country’s underserved needs, have also performed well over the period.

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