ICICI Prudential gains as Q2 PAT rises to Rs 252 crore

ICICI Prudential Life Insurance Company added 2.98% to Rs 753.05 after the life insurer's net profit rose 3.06% to Rs 251.72 crore on 42.68% jump in total income to Rs 25,007.53 crore in Q2 FY25 over Q2 FY24.

The net premium income for the quarter increased 7.3% YoY to Rs 10,754.21 crore. The first year gross premium income for the insurer grew 34.64% YoY to Rs 2,058.73 crore, while single premium income increased by 0.85% to Rs 3,030.74 crore.

Net commission stood at Rs 1,234.87 crore during the quarter, registering a growth of 60.19% YoY.

On half-yearly basis, the company's net profit rose 5.75% to Rs 477.12 crore on 22.88% increase in total income to Rs 50,465.96 crore in H1 FY25 over H1 FY24. The net premium income grew 9.31% YoY to Rs 18,628.87 crore in H1 FY25.

 

The value of new business (VNB), which represents the present value of future profits, stood at Rs 1,058 crore with a VNB margin of 23.7% for H1 FY24.

Total annualised premium equivalent (APE) jumped 26.8% to Rs 4,467 crore in H1 FY25 as compared with Rs 3,523 crore in H1 FY24. Retail APE grew by 32.7% YoY to Rs 2,884 crore in H1 FY25. The retail weighted received premium (RWRP) growth of 39.2% in H1 FY25, outperforming both the overall industry and private life insurers over the last four quarters.

The assets under management (AUM) grew by 17.9% to Rs 3,20,491 crore in H1 FY24 as compared with Rs 2,71,903 crore recorded in the same period a year ago.

The company said that the persistency ratios have seen improvement across all cohorts. The 13th month persistency ratio improved by 290 bps to 89.8% in H1 FY25. The 49th month persistency ratio increased by 220 bps to 69.9% in H1 FY25.

Embedded value grew by 19.4% to Rs 46,018 crore at 30 September 2024.The solvency ratio for H1 FY24 stood at 188.6%, well above the minimum regulatory requirement of 150%.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, We remain committed to deliver best-in-class customer value through innovative product propositions, seamless onboarding, best-in-class servicing and settling claims with utmost sensitivity and care. Our approach of right product to the right customer at the right price and through the right channel is enabling us to adapt to the dynamic market landscape and capitalise on the opportunities ahead, to deliver sustainable VNB growth by balancing business growth, profitability and risk & prudence.

Meanwhile, the companys board has approved issuance of rated, listed, redeemable, unsecured, subordinated, taxable, fully paid-up, non-cumulative non-convertible debentures (NCDs) aggregating upto Rs 1,400 crore on a private placement basis.

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

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