ICICI Prudential Life Insurance saw a significant boost in its Q4 results, with net profit more than doubling. The company reported a 27.2% year-on-year increase in profit, reaching ₹174 crore for the quarter ending March 31, 2024, compared to ₹137 crore in Q4 of FY2023.
The insurer’s net premium income also rose impressively, up 17% to ₹14,788 crore, marking a notable increase from ₹12,629 crore a year earlier. Despite this growth, there was a slight dip in the Value of New Business (VNB), which dropped by 26.5% to ₹776 crore from ₹1,055 crore in the same quarter last year. The VNB margin also saw a decrease, coming in at 21.5%, compared to 32% a year ago.
In terms of sales, the Annualized Premium Equivalent (APE), which measures new business growth, climbed 9.5% to ₹3,615 crore. The company’s solvency ratio stood strong at 191.8%, highlighting its financial stability.
ICICI Prudential Shares
Despite the mixed results, the company’s share price gained over 5% following the announcement, as investors reacted positively to the strong profit growth. However, the stock did experience some volatility, with shares closing at ₹553.15 on the Bombay Stock Exchange, a slight dip from earlier gains.
The board also declared a final dividend of ₹0.60 per share, signaling continued confidence in the company’s performance.
ICICI Prudential Life’s CEO, Anup Bagchi, stated that the company is focused on optimizing its distribution network and leveraging technology to improve business processes, despite facing pricing pressures.
