While its new business premium experienced a 7% increase, ICICI Prudential Life Insurance Company reported a 55% decline in net profit for the September quarter.
Compared to the same period last year, the net profit was Rs199.5 crore as opposed to Rs445 crore. For the quarter, the new business premium increased by 7.3% to Rs4253 crore from Rs3963 crore.
For Q2 of FY2023, the annualized premium equivalent (APE) increased by 32% sequentially.
The new business premium increased by 13.9% year over year to Rs7359 crore in the first half.
The value of the new business (VNB), a crucial indicator of profitability, increased by 25% in the first half to Rs1092 crore, and the VNB margin increased to 31% from 27.3% in H1FY22, according to the company.
All cohort persistency ratios have improved, according to the insurer. The 13th-month ratio, a gauge of business quality, was 85.9% for the first half of the fiscal year 2023, up 80 basis points from the first half of the fiscal year 2022.
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