ICICI Prudential Life Insurance on Tuesday reported a 29 percent decline in its profit at Rs 221 crore for the third quarter ended December 2022. The company had posted a profit of Rs 311 crore in the same quarter a year ago. During the third quarter of this fiscal the net premium income increased to Rs 9,465 crore as against Rs 9,074 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing.
The private sector life insurer saw operating expenses rise sharply during the quarter. Advertising and promotional expenses surged 41.4 percent YoY to Rs Rs 332.3 crore.
The assets under management of the company stood at Rs 2,51,884 crore, it said, adding, the company had a debt-equity mix of 54:46 as on December 31, 2022. The company's net worth was Rs 10,092 crore on December 31, 2022 while the solvency ratio was 212.2 percent against the regulatory requirement of 150 percent.
The annualised premium equivalent (APE) was down 5.5 percent at Rs 1,822 crore versus Rs 1,929 crore year-on-year. The new business premium was 3.7 percent up at Rs 3,928 crore versus Rs 3,787 crore year-on-year.
The value of new business (VNB) was 20 percent up at Rs 618 crore versus Rs 515 crore year-on-year. The VNB margin was 720 bps up at Rs 33.9 percent versus 26.7 percent year-on-year.
