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ICICI Prudential Life Insurance on April 23 reported 26% drop in net profit at Rs 174 crore for the quarter ended March 31, 2024. It reported net profit of Rs 235 crore in the year-ago period.
The insurer's net premium income rose 17% to Rs 14,788 crore in Q4FY24 as against Rs 12,629 crore in Q4FY23.
The insurer said its Board approved final dividend of 60 paise per equity share of face value of Rs 10 each to its shareholders.
The insurer's solvency ratio was at 191.8% in Q4FY24 as compared to 208.9% in the year-ago period.
On April 23, ICICI Prudential's shares on BSE closed trading 3% higher at Rs 597.85 apiece.
The annual premium equivalent (APE) of the insurer was up 9.5 percent on a year-on-year (YoY) basis at Rs 3,615 crore vs Rs 3,300 crore. APE is a metric used to measure new business sales growth.
Value of new business (VNB) was down 26.5 percent at Rs 776 crore vs Rs 1,055 crore and VNB margin stood at 21.5 percent vs 32 percent. VNB is a measure of the profit margin of new business written by a life insurance company.
At the end of financial year 2023-24, the total assets under management of the insurer were at Rs 2.94 lakh crore versus Rs 2.51 lakh crore.
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