Hindustan Aeronautics Q2 Results: Net Profit Jumps 22% YoY
ICICI Prudential Life Insurance Q2 Results FY2023, PAT at Rs. 1.99 billion
Last Updated: 13th December 2022 - 03:08 pm
On 15th October 2022, ICICI Prudential Life Insurance announced its second quarter results for the period ending 30th September 2022.
Q2FY23 Performance updates:
- Net premium earned was Rs.95.82 billion with a growth of 3.18% YoY.
- The insurer reported the total income at Rs. 226.42 billion, with a drop of 2.35 % YoY.
- The PBT was at Rs. 1.99 billion, seeing a drop of 55.2 % YoY
- The Net profit was reported at Rs. 1.99 billion
Business Highlights:
- The Value of New Business (VNB) increased by 25.1% to Rs. 10.92 billion in H1- FY2023. The VNB margin for H1-FY2023 stood at 31.0%, up by 27.3% YoY.
- New Business Premium witnessed a yearly growth of 13.9% to Rs. 73.59 billion in H1-FY2023.
- Annuity Annual Premium Equivalent registered a robust growth of 68.8% to Rs. 2.33 billion in H1-FY2023. The Company has a well-diversified product mix with linked savings at 40.8%, traditional savings at 28.3%, protection at 20.2%, annuity at 6.6% and a balance of 4.1% accounted for by group savings products.
- Protection APE grew by 29.1% YoY to Rs. 7.10 billion in H1-FY2023.
- The Embedded Value stood at Rs. 326.48 billion, registering a growth of 8.1% during the year. - The value of in-force business grew by 16.4% YoY and stood at Rs. 247.97 billion
Commenting on the results, Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We achieved a robust year-on-year growth of 25.1% in the Value of New Business (VNB), ending H1-FY2023 at Rs. 10.92 billion, emphasizing our ability to navigate rapidly-evolving situations successfully. This was driven by growth in APE as well as margin expansion to industry-leading levels of 31%. On the back of this strong VNB growth and with a favorable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY2019 VNB by the end of this fiscal year.
Our two focus areas of annuity and protection, which represent the underserved needs of the country, have also done well in the period. The annuity segment has delivered an impressive performance of 69% year-on-year growth in H1-FY2023 and the protection segment contributed to 20% of APE in the period. With a solvency ratio of over 200%, which is well above the regulatory requirement, we are well-positioned to capitalize on this opportunity.
The strong performance has also enabled us to maintain our position as the private sector market leader on a New Business Sum Assured basis, which grew by 42.3% year-on-year, with a market share of 15.7%.”
Post results the ICICI Prudential Life Insurance's share price dropped by 0.71%
Trending on 5paisa
Discover more of what matters to you.
Corporate Actions Related Articles
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.