Private sector life insurer ICICI Prudential Life Insurance Company on Tuesday (October 17) reported a 23% year-on-year (YoY) jump in net profit at ₹244 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, ICICI Prudential Life Insurance Company posted a net profit of ₹199 crore, the company said in a regulatory filing.

The value of new business (VNB) stood at ₹577 crore for the second quarter compared to the CNBC-TV18 Poll of ₹622.7 crore. The VNB margin for the second quarter of FY24 was reported at 28% compared to the CNBC-TV18 Poll of 30.2%.

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The value of new business declined 7% to ₹577 crore against ₹621 crore in the same period last year. The VNB margin stood at 28% compared to 31.1% in the previous year.

However, total income decreased by 2.4% to ₹174.36 crore from ₹226.42 crore in the year-ago period, mainly because of a fall in investment income.

The net premium earned by the private sector insurer during July-September was up at ₹100.22 crore against ₹95.82 crore in the same period a year ago, ICICI Pru Life said.

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The assets under management of the company grew by 11.3 percent from ₹2,44,279 crore as of September 30 last year to ₹2,71,903 crore as of September 30, 2023.

The company had a debt-equity mix of 54:46 as of September 30, 2023, and 96.4 percent of the fixed-income investments were in sovereign or AAA-rated instruments.

The solvency ratio was 199.4 percent as of September 30, 2023, against the regulatory requirement of 150 percent, it said. For the first half ended September 30, the insurer's profit grew by 27 percent to ₹451 crore as compared to ₹355 crore in the same period of the previous fiscal.

The results came after the close of the market hours. Shares of ICICI Prudential Life Insurance Company Ltd ended at ₹533.55, up by ₹2.45, or 0.46%, on the BSE.

(Edited by : Shoma Bhattacharjee)

First Published:Oct 17, 2023 8:10 PM IST