ICICI Prudential life logs 189% yoy growth in PAT at Rs185 crore; stock climbs ~4%

18 Apr 2022 , 11:01 AM

ICICI Prudential Life Insurance Company Limited has reported its results for the quarter and nine months ended March 2022 and has logged a two-fold increase in its profit for the quarter.

Its PAT for the quarter ended March 2022 stood at Rs185 crore as compared to Rs64 crore during Q4FY21, up by 189% yoy. The increase in PAT was mainly on account of a sharp decline in actuarial liabilities of the company.

The company has reported a 31% yoy growth in its value of new business (VNB) at Rs755 crore for the current quarter as against Rs591 crore in the previous corresponding quarter. The company was able to log this growth despite a 6.7% downfall in its new business premium to Rs4,788 crore against Rs5,133 crore.

ICICI Prudential’s board has also approved a dividend of 55 paise per equity share of Rs10 each for FY22.

Claims and payouts declined during the quarter at Rs8,004 crore as compared to Rs8,318 crore during the previous corresponding quarter, down by 3.78% yoy.

The company’s net profit for the financial year 2021-22, has declined to Rs754.13 crore as compared to Rs960.15 crore in the FY21.

VNB margin for the financial year 2021-22 stood at 28% as compared to 25% in the preceding financial year. Its new business premium during FY22 jumped 15.4% yoy at Rs15036 crore as compared to Rs13,032 crore in FY21.

It clocked 12.30% yoy growth in AUM during FY22 at Rs2,404.92 crore as against Rs2,142.18 crore in FY21.

ICICI Pru Life is currently trading at Rs564.60 up by Rs23.75 or 4.39% from its previous closing of Rs540.85 on the BSE. The scrip opened at Rs546.90 and has touched intraday high and low of Rs565 and Rs533.55 respectively.