ICICI Prudential Q1 net profit jumps 33% to Rs 207 crore, beats analysts' estimates
ICICI Prudential Life Insurance reported a 32.9 per cent year-on-year increase standalone net profit to Rs 206.9 crore for the quarter ended June 2023, beating analysts' estimates.
Private sector insurer ICICI Prudential Life Insurance Company on Tuesday reported a standalone net profit of Rs 206.9 crore for the April-June period, marking a rise of 32.9 per cent compared with the corresponding period a year ago and beating analysts' estimates.
Its net premium income increased two per cent on a year-on-year basis to Rs 7,020 crore, according to a regulatory filing.
According to Zee Business research, ICICI Prudential's quarterly net profit was estimated at Rs 184 crore and net premium income at Rs 6,937.5 crore.
ICICI Prudential's value of new business (VNB) — a key measure of revenue determining the present value of future earnings from policies issued over a given period of time — stood at Rs 438 crore for the June quarter, a decline of seven per cent compared with the year-ago period.
Its value of new business margin — a measure of profitability — came in at 30 per cent for the first quarter of the current financial year, as against 31 per cent for the year-ago period.
According to Zee Business analysts, ICICI Prudential's VNB was estimated at Rs 450 crore and VNB margin at 32.4 per cent.
ICICI Prudential Life Insurance Company reported 15.8 per cent growth in its assets under management (AUM) to Rs 2,66,420 crore, as of June 30, 2023.
Its annual premium equivalent (APE) decreased 3.9 per cent on a year-on-year basis to Rs 1,461 crore for the three-month period, according to a company statement.
ICICI Prudential shares continued to struggle below the flatline after the earnings announcement, trading 1.2 per cent lower at Rs 575.5 apiece on BSE after falling as much as 2.4 per cent to Rs 568.5 apiece earlier in the day.
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