ICICI Pru reports Q1 PAT of ₹156 cr, new business value rises 32% year-on-year

ICICI Bank backed life insurance arm, ICICI Prudential posted a net profit of Rs. 156 crore for the quarter ended June 30, 2022 (Q1FY23) as compared to a net loss of Rs. 186 crore in the same period a year ago, mainly due to significantly lower claims and provisions due to COVID19. The insurer’s value of new business (VNB) grew 31.6% year-on-year 471 crore in Q1FY23.

In the latest quarter, under new business, APE registered a growth of 24.7% 1,520 crore as compared to 1,219 crore in Q1FY22. Additionally, the new business premium remained low 3,184 crore registering a growth of 24.4% as compared to 2,559 crore for Q1-FY2022.

with ape 1,520 crores, VNB margin for Q1-FY2023 stood at 31% as compared to 28.0% for FY2022. The increase in VNB margins is primarily due to changes in the underlying product mix.

ICICI Prudential offers a range of products in annuity, savings and protection solutions to meet the specific needs of the customers.

In addition, rose annuity ape Q1FY23 vs . 98 crore in 58 cr in Q1FY22 – registering a strong growth of 69%. Savings increased from APE 892 Cr to 1,092 crore in the same period.

Meanwhile, the security ape jumped Against 330 cr in Q1FY23 270 cr in Q1FY22. As a result, new business insurance amount arrived 2,20,935 crore in Q1FY23, an increase of 24.9% 1,76,862 crore for Q1FY22. It led the market in the market with a market share of 15.8 per cent.

In the first quarter of FY23, the company’s total weighted received premium (TWRP) ratio and total cost TWRP ratio for the savings business stood at 16.9% and 23.8%, respectively. The increase in APE is ahead of an increase in expenses.

As on June 30, 2022, ICICI Prudential had assets under management 2,30,072 crore – which makes it one of the largest fund managers in India. As of June 30, 2022, the company had a debt-equity mix of 54:46, and 98% of debt investments were AAA-rated and in government bonds.

The net worth of ICICI Prudential was 9,053 crore till June 30, 2022. The solvency ratio stood at 203.6% against the regulatory requirement of 150%.

ICICI Prudential shares closed on Frida 517.35 up 0.85% on the BSE.

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