ICICI Prudential Life Insurance Reports 33% YoY Growth in Net Profit for Q1 FY24

19 Jul 2023 , 10:19 AM

In the latest financial results, ICICI Prudential Life Insurance showcased an impressive 33% year-on-year growth in its net profit for the first quarter of the fiscal year 2023-24, reaching a commendable Rs 207 crore. The significant boost in net profit was primarily attributed to the surge in net premium income and income from investments.

Net Premium Income: The insurer witnessed a rise in net premium income, reaching Rs 7,020 crore for the quarter, compared to Rs 6,884 crore in the previous year.

Income from Investments: ICICI Prudential Life Insurance earned a substantial net income from investments, recording Rs 16,030 crore, in stark contrast to the loss of Rs 9,670 crore experienced previously.

Value of New Business: However, the value of new business saw a slight decline to Rs 438 crore from Rs 471 crore during the same period last year. The VNB margin for the quarter was at 30%, lower than the 31% reported a year ago and the 32% for FY23.

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