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Informist, Tuesday, Jul 23, 2024

--ICICI Pru Life Apr-Jun VNB margin at 24% vs 30% a year ago

--ICICI Pru Life AUM at 3.09 trln rupees as on Jun 30, up 15.9% YoY

--ICICI Pru Life value of new business 4.72 bln rupees Apr-Jun

--ICICI Pru Life 13th month persistency at 89.3% Jun 30 vs 87.4% a qtr ago

--ICICI Pru Life solvency ratio at 187.9% as on Jun 30

--ICICI Pru Apr-Jun net premium income 78.75 bln rupees vs 70.20 bln

--ICICI Pru Apr-Jun net profit 2.25 bln rupees vs 2.07 bln

By Richard Fargose

MUMBAI – ICICI Prudential Life Insurance Co's net profit for the June quarter rose 8.9% on year to 2.25 bln rupees due to steady growth in premium income. The net premium income of the life insurer rose 12.2% on year to 78.75 bln rupees. The first-year premium surged 48.8% on year to 15.22 bln rupees, while renewal premiums rose 4.3% to 43.35 bln rupees, and single premiums increased 10.6% to 24.27 bln rupees.

The net income from investment in Apr-Jun was 173.53 bln rupees, up 8.3% on year. Sequentially, the net income from investment surged sharply by 138.8%.

The value of new business grew 7.8% year-on-year to 4.72 bln rupees in Apr-Jun, with an annualised premium equivalent of 19.63 bln rupees. The retail annualised premium equivalent grew 42.2% on year to 16.66 bln rupees in Apr-Jun. New business received premium rose 23.5% to 37.69 bln rupees.

The value of new business margin for Apr-Jun was 24%, against 30% a year ago.

The savings business annualised premium equivalent other than annuity business grew 35.9% on year, and the annuity annualised premium equivalent grew 135.2% to 2.14 bln rupees. Protection annualised premium equivalent grew 3.2% to 3.55 bln rupees, while retail protection business annualised premium equivalent stood at 1.12 bln in Apr-Jun, registering a two-year compounded annual growth rate of 28.3%.

Persistency ratios improved across most of the cohorts, reflective of the company's strong focus on improving the quality of business. The 13th month persistency ratio improved to 89.7% in Apr-Jun from 86.4% a year ago. The solvency ratio stood at 187.9% as on Jun 30.

"The advanced machine learning models have played a pivotal role in bolstering persistency across most of the cohorts," the company said in a release.

The company's assets under management was at 3.09 trln rupees as on Jun 30, registering growth of 15.9%. The company had a debt-equity mix of 52:48 as of Jun 30, and 96.3% of the fixed income investments were in sovereign or AAA rated instruments.

Today, shares of ICICI Prudential Life Insurance Co ended 0.7% higher at 638.40 rupees on the National Stock Exchange. The company detailed its earnings after market hours.  End

Edited by Avishek Dutta

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