 "ICICI Pru Life Q2FY25 results: Net profit increases 3% to Rs 252 cr")
ICICI Prudential Life Insurance Company on Tuesday reported a marginal rise of 3 per cent in its net profit to Rs 252 crore in the September quarter.
The company's net profit stood at Rs 244 crore in the same quarter a year ago.
Total income rose to Rs 25,229 crore from Rs 17,436 crore in the year-ago period, ICICI Prudential Life Insurance said in a regulatory filing.
The net premium earned by the private sector insurer during July-September grew to Rs 10,754 crore against Rs 10,022 crore in FY24, it said.
Its assets under management climbed 18 per cent to Rs 3,20,491 crore compared to Rs 2,44,279 crore as of September 30, 2023.
The solvency ratio was 188.6 per cent at the end of September against the regulatory requirement of 150 per cent, it said.
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However, the Value of New Business (VNB), a key measure of profitability, increased to Rs 1,058 crore over Rs 1,015 crore at the end of the second quarter of the previous fiscal.
Embedded Value grew 19.4 per cent to Rs 46,018 crore on September 30, 2024, from Rs 38,529 crore on September 30, 2023, it added.
The board of the insurance company also approved the issuance of up to Rs 1,400 crore via Non-Convertible Debentures (NCDs).
The fund would be raised in one or more tranches over the next 12 months for cash, it said.