ICICI Pru Life Q4 net profits triples to Rs187cr on lower increase in actuarial liabilities in Q4

16 Apr 2022 , 06:16 PM

ICICI Pru Life Insurance reported -29.5% lower revenues yoy in the Mar-22 quarter at Rs13,846cr. While the net premium income was stable, the fall in revenues was largely on account of a sharp fall in the investment income for the fourth quarter.

For the full fiscal year FY22, the value of new business (VNB) was sharply higher at Rs21.63 billion compared to Rs16.21 billion in FY21.

The new business margin in FY22 also showed a sharp spike from 25.1% to 28% on a yoy basis. The annual premium equivalent or APE improved on a yoy basis in FY22 to Rs77.33 billion compared to Rs64.62 billion last year.

The embedded value of ICICI Prudential Life as of the close of FY22 stood at Rs316.25 billion compared to Rs291.06 billion in the previous year. The embedded valuation of ICICI Prudential Life has been estimated by Milliman Advisors.

Net margins for the Mar-22 quarter stood at 1.35% compared to 0.32% in the year ago Mar-21 quarter but sharply lower than 3.16% recorded in the sequential Dec-21 quarter. The Expense management ratio has gone up sharply in the latest quarter by over 400 bps on a yoy basis compared to Mar-21 quarter.

Financial highlights for Mar-22 compared yoy and sequentially

	ICICI Pru Life
Rs in Crore	Mar-22	Mar-21	YOY	Dec-21	QOQ
Total Income	₹ 13,846	₹ 19,639	-29.50%	₹ 9,865	40.35%
Net Profit	₹ 187	₹ 63	198.96%	₹ 312	-40.10%
Diluted EPS	₹ 1.29	₹ 0.43		₹ 2.16
Net Margins	1.35%	0.32%		3.16%
Solvency Ratio	2.045	2.168		2.022
Expense Mgmt Ratio	15.80%	11.70%		13.50%
Policy Holder Liability Ratio	2498.70%	2230.50%		2494.20%