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Informist, Tuesday, Oct. 22, 2024

 

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--ICICI Pru Jul-Sept net profit INR 2.52 bln vs INR 2.44 bln 
--ICICI Pru: Solvency ratio at 188.6% as on Sept 30 
--ICICI Pru Jul-Sept net premium income INR 107.54 bln vs INR 100.22 bln 
--ICICI Pru: 13th month persistency at 86.6% Sept 30 vs 85.7% a qtr ago 
--ICICI Pru: Board OKs raising up to INR 14 bln via NCDs 
--ICICI Pru Apr-Sept net profit INR 4.77 bln vs INR 4.51 bln 
--ICICI Pru Apr-Sept net premium income INR 186.29 bln vs INR 170.42 bln 
--ICICI Pru: Value of new business INR 10.58 bln Apr-Sept vs 10.15 bln yr ago 
--ICICI Pru: Apr-Sept VNB Margin at 23.7% vs 28.8% year ago 
--ICICI Pru: Embedded value at INR 460.2 bln as on Sept 30, up 19.4% on year 
--ICICI Pru: AUM at INR 3.20 tln as on Sept 30, up 17.9% on year 
 

 

By Siddhi Chauhan

 

MUMBAI – ICICI Prudential Life Insurance Co. Ltd.'s net profit for the quarter ended September rose 3.1% on year to INR 2.52 billion on the back of a rise in premium income. The company's profit was lower than analysts' estimates, which ranged between INR 2.60 billion and INR 2.70 billion for the reporting quarter.

 

The insurer's net premium income, which determines income from the sale of new policies, rose 7.3% on year to INR 107.54 billion in Jul-Sept. For the cumulative period of Apr-Sept, the net premium income was up 9.3% on year, at INR 186.29 billion. 

 

ICICI Prudential's net profit for the first half of the current fiscal year was INR 4.77 billion, against INR 4.51 billion a year ago. 

 

The company's first year premiums surged 34.6% on year to INR 20.59 billion during Jul-Sept, while the renewal premium rose 3.3% on year to INR 60.86 billion. The single premium increased marginally to INR 30.31 billion from INR 30.05 billion in Jul-Sept 2023. 

 

During Apr-Sept, the company's value of new business rose 4.2% to INR 10.58 billion.

 

The annualised premium equivalent saw a sharp 26.8% on-year rise to INR 44.67 billion in Apr-Sept. The rise in annualised premium equivalent was on account of 12.5% growth in the number of policies. The retail annualised premium equivalent grew 32.7% on year to INR 38.27 billion in Apr-Sept. New business received premium grew 17.4% on year to INR 86.98 billion in the six months ended September. 

 

The value of new business margin for the six months ended September saw a sharp fall to 23.7% from 28.8% a year ago. The company's embedded value grew 19.4% to INR 460.18 billion in Apr-Sept from INR 385.29 billion a year ago.

 

The company's persistency ratio, which indicates policies that have not lapsed, saw a slight improvement. The 13th month persistency ratio improved to 89.8% in Apr-Sept, against 86.9% a year ago. Meanwhile, the insurer's solvency ratio as of Sept. 30 was 188.6%, compared to 199.4% as of Sept. 30, 2023. 

 

The company's assets under management surged 17.9% to INR 3.20 trillion in the six months ending in September. The board of the insurance company also approved raising up to INR 14 billion through the issuance of non-convertible debentures. The company would raise funds in one or more tranches over the period of the next 12 months, the press release said.

 

Today, shares of ICICI Prudential Life Insurance ended 2.5% lower at INR 731.05 on the National Stock Exchange. The company detailed its earnings after market hours.  End

 

Edited by Manisha Baxla

 

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