ICICI Prudential Life Insurance Company jumped 7.83% to Rs 687.50 after the company's net profit rose 8.94% to Rs 225.40 crore in Q1 FY25 from Rs 206.91 crore posted in Q1 FY24.
Total income grew by 8.14% year on year to Rs 25,458.43 crore in the quarter ended 30 June 2024.
Net premium income was at Rs 7,874.66 crore in Q1 FY25, up 12.17% YoY. The first year gross premium income for the insurer grew 48.82% YoY to Rs 1,522.05 crore, while single premium income increased 10.57% to Rs 2,426.70 crore, during the quarter.
In Q1 FY25, the life insurer reported 7.8% growth in value of new business (VNB) to Rs 472 crore with a VNB margin of 24%.
Total annualised premium equivalent (APE) jumped 34.36% to Rs 1,963 crore in Q1 FY25 as compared with Rs 1,461 crore in Q1 FY24. Retail APE grew by 42.2% YoY to Rs 1,666 crore in Q1 FY25. The retail weighted received premium (RWRP) growth of 46.8% in Q1FY25, outperforming both the overall industry and private life insurers for the third consecutive quarter.
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New business received premium grew by 23.5% to 3,769 crore in Q1 FY25 from 3,051 crore in Q1FY24.
The assets under management of the company grew 15.9% to Rs 3,08,875 crore in 30 June 2024 as compared with Rs 2,66,420 crore as on 30 June 2023. The company has a debt-equity mix of 52:48 in 30 June 2024 and 96.3% of the fixed income investments were in sovereign or AAA rated instruments.
The 13th month persistency ratio improved to 89.7% in Q1 FY25 from 86.4% in Q1 FY24. The 49th month persistency ratio also improved to 70.7% in Q1 FY25 as compared to 66.5% in Q1 FY24.
The companys net worth was at Rs 11,291 crore at 30 June 2024. The solvency ratio was 187.9% against the regulatory requirement of 150%.
Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, "I am happy to share that we have delivered strong RWRP growth of 46.8% year-on-year in Q1-FY2025, outperforming both the overall industry and private life insurers for the third consecutive quarter in a row. The topline growth was supported by an increase of 15.1% in the Number of Policies (NOP) sold during the same period. Our VNB grew by 7.8% year-on-year to Rs 4.72 billion in the same period, reflecting the growing profitability of our business.
Our AUM is over Rs 3 trillion, and we cover ~100 million lives for Rs 35.1 trillion total in-force sum assured as on June 30, 2024. Claim settlement is the moment of truth for any insurer and we have industry leading claim settlement ratio of 99.2% for FY2024, with an average turnaround time of 1.3 days for non-investigated claims.
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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