ICICI Prudential Life shares Q1 results; profit up 33%

ICICI Prudential Life Insurance Company Ltd on Tuesday reported a 32.69 per cent year-on-year (YoY) jump in net profit at Rs 207 crore compared with Rs 156 crore in the same quarter last year.  Net premium earned for the quarter rose 1.97 per cent YoY to Rs 7,020 crore from Rs 6,884 crore in the same quarter last year, the life insurer said in a BSE filing.

The total annual premium equivalent (APE) stood at Rs 1,520 crore, down 3.9 per cent over Rs 1,461 crore YoY. 
Value of new business (VNB) came in at Rs 438 crore, with VNB margin at 30 per cent.

ICICI Prudential Life said total investment income stood at Rs 16,327 crore against a loss of Rs 8,496 crore YoY. Investment income under unit-linked stood at Rs 14,159 crore against a loss of  Rs 9,888 crore YoY. The insurer said it saw an increase in the market value of the securities held coupled with increase in profits on sale of investments.

 Investment income under other than unit-linked increased Rs 2,167 crore from Rs 1,392 crore, primarily on account of an increase in profit on sale of investments and interest income.

ICICI Prudential said total expenses for the quarter (including commission) increased 18.4 per cent to Rs 1,670 crore from Rs 1,411  crore YoY. ICICI Prudential said commission expenses jumped 25.2 per cent to Rs 383 crore from Rs 306 crore. YoY.

Operating expenses jumped 16.8 per cent Rs 1,267 crore from Rs 1,085 crore. The increase in operating expenses is primarily on account of higher advertisement and sales related cost and employee remuneration

Also read: Hot stocks on July 18, 2023: Adani Enterprises, Mazagon Dock, Reliance Industries, Brightcom Group, others

Also read: Adani Enterprises shares rally 4% post AGM. Here's why