ICICI Prudential Life Insurance Company Ltd on Wednesday (January 17) Wednesday reported a flat net profit of ₹227 crore for the third quarter ended December 31, 2023.
The value of new business (VNB) declined 29.5% to ₹436 crore as against ₹618 crore in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted the value of the new business at ₹685 crore for the quarter under review.
The VNB margin for the third quarter of FY24 dipped 22.9% as against 33.9% in the corresponding period of the preceding fiscal. CNBC-TV18 poll had predicted a VNB margin of 28.6% for the quarter under review.
VNB is used to measure the profitability of the new business written in a period. It is the present value of all future profits to shareholders measured at the time of writing of the new business contract.
The company's annualised premium equivalent (APE), which is a measure of new business written by a life insurance company, jumped 4.72% to ₹1,907 crore to ₹1,821 crore in the corresponding period of the preceding fiscal.
During the third quarter, the net premium income increased to ₹9,929 crore, as against ₹9,465 crore in the same period a year ago. The assets under management of the company increased to ₹2,86,676 crore as against ₹2,51,884 crore at the end of the third quarter of the previous fiscal.
The company's net worth was ₹11,075 crore on December 31, 2023, while the solvency ratio was 196.5% against the regulatory requirement of 150%, it added.
Shares of ICICI Prudential Life Insurance Company Ltd ended at ₹516.45, down by ₹2.15, or 0.41% on the BSE.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
I.N.D.I.A. bloc committed to predictable and stable tax environment: Jairam Ramesh
May 21, 2024 6:33 PM
Exclusive | INDIA bloc will ensure stable policy framework, simple GST, end tax terrorism: Jairam Ramesh
May 21, 2024 5:02 PM