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Insurance News

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(23 Jul 2024, 20:10)

ICICI Prudential Life Insurance Q1 profit up 9% at Rs 225 crore



India’s ICICI Prudential Life Insurance Company on Tuesday reported a nearly 9% rise in its first-quarter standalone net profit at Rs 225 crore, compared to Rs 207 crore reported by the company in the year ago period.

Net premium income for the reported quarter stood at Rs 7,875 crore, an increase of 12% compared to Rs 7,020 crore reported in the same quarter of the previous fiscal.

Its Annual Premium Equivalent (APE) sales grew 34.4% in the April-June quarter stood at Rs 1,963 crore up from Rs 1,461 crore in Q1FY24. Protection growth (APE) at Rs 355 crore versus Rs 344 crore reported in the year ago period.

The solvency ratio stood at 187.9% in the reported quarter down from 203.4% in the corresponding period of the last financial year.

ICICI Pru life’s Value of new business (VNB) in the reported June quarter stood at Rs. 472 crore, up from Rs 438 crore reported by the company in Q1FY24. This is an 7.8% increase year-on-year. VNB margin in the reported quarter declined to 24% from 30% in Q1FY24.

Its Assets under management (AUM) during the quarter stood at Rs. 3,08,875 crore as against Rs.2,66,420 crore in the previous year period. The total in-force sum assured stood at Rs.35.1 lakh crore. In FY24, AUM stood at Rs 2,94,140 crore.

The insurer’s market-linked savings segment made up just over half its overall product mix, higher from a 38.8% share a year earlier. A shift to low-margin market-linked insurance plans amid strong equity market performance and rising payouts have exerted pressure on life insurers’ margins, analysts said.

APE, a key metric for insurers, is a gauge of sales that gives the annualised total value of all single premium and recurring premium policies.

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