ICICI Prudential Life Insurance Q2 Results FY2024, Net profit at Rs.4.51 billion for H1FY24
On 17th July 2023, ICICI Prudential Life Insurance announced its quarterly results
ICICI Prudential Life Insurance Financial Highlights:
- In H1-FY2024, the new business premium was Rs. 74.10 billion. With protection, annuities, linked savings, non-linked savings, group savings, and protection making up, respectively, 42.4%, 26.6%, 20.8%, 6.2%, and 4.1% of APE in H1-FY2024, the company continues to maintain a well-balanced product mix.
- EV grew by 18% to Rs.385.29 billion at September 30, 2023.
- Value of Inforce business grew by 16.8% year-on-year and stood at Rs.289.63 billion at September 30, 2023.
- In H1-FY2024, Profit After Tax (PAT) increased by 27% YoY to Rs.4.51 billion.
ICICI Prudential Life Insurance Business Highlights:
- For H1-FY2024, the total APE was Rs.35.23 billion. In Q2-FY2024, the company's retail APE increased significantly by 12.9%, mostly as a result of partnership distribution, direct marketing, and banks, with the exception of ICICI Bank.
- Retail protection APE increased to Rs.2.38 billion in H1-FY2024, up 73.7% YoY. Retail new business total insured increased as a result, rising by 52% annually to Rs. 1,114.47 billion in H1-FY2024.
- In H1-FY2024, protection APE increased by 3.4% YoY to Rs.7.34 billion.
- In H1-FY2024, the protection mix represented 20.8% of APE. In H1-FY2024, the total new business sum assured grew by 2.4% YoY to Rs. 4,913.83 billion.
- Value of New Business (VNB) was Rs. 10.15 billion for H1-FY2024. The VNB margin for the H1-FY2024 was 28.8% with an APE of Rs. 35.23 billion.
- The Assets Under Management (AUM) grew by 11.3% YoY to Rs.2.7 trillion at September 30, 2023
Commenting on the results, Mr. Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We serve a crucial societal need of providing financial security to millions of families by helping them achieve their protection, retirement, health and long-term savings goals. In H1-FY2024, our VNB stood at Rs.10.15 billion, with a margin of 28.8%, while PAT grew 27% year-on-year to Rs.4.51 billion. We are focused on growing the absolute VNB with the help of our 4D framework comprising Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, to develop quality business in a risk-calibrated manner.
We recently launched the first-of-its-kind ‘ICICI Pru Stack’, a set of platform capabilities encompassing digital tools and analytical abilities. We believe, the key to market expansion is in getting the customer-product-channel equation correct – right product to the right customer at the right price through the right channel. The ICICI Pru Stack has facilitated customer segmentation, enabling us to extend ‘Term By Invite’ and ‘Insurance By Invite’ offers to customers, besides providing them with an end-to-end digital fulfilment journey from buying to claim settlement. The Stack has enabled the Company to issue ~20% of the policies on the same day for the savings line of business.”
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