ICICI Pru Life Q1FY23 results: Tracking firm’s performance in last 4 qtrs

Private sector life insurer ICICI Prudential Life Insurance is expected to announce its financial result today for the quarter ending June 30, 2022. In the previous quarter (Q4FY22), the life insurer reported a two-fold jump in net profit at Rs 185 cr. The company had posted a net profit of Rs 64 crore Q4FY21. The jump in net profit was reported on account of robust growth in new business.

However, for the full year 2021-22, ICICI Prudential’s net profit declined to Rs 754 crore compared to Rs 960 crore in 2020-21– a drop of 20.4 per cent, for the year ended March 2021.The company had reported a net profit of Rs 311 crore in the third quarter of 2021-22. In the first and second quarters, it had reported a net profit of Rs 186 crore and Rs 445 crore, respectively.

ICICI Prudential’s Value of new business (VNB) for FY2022 was Rs 2,163 crore, with a growth of 33.4 per cent witnessed over FY2021. VNB for Q3FY22 was Rs 515 crore, a growth of 20 per cent. According to N S Kannan, MD & CEO, the company’s absolute VNB (value of new business) grew 45 per cent year-on-year to Rs 873 crore for the first half of FY2022. Its value of new business (VNB) was up 78 per cent year-on-year (YoY) to Rs 358 crore in Q1 of FY22 from Rs 201 crore in Q1 of FY21. VNB margins for the reporting quarter stood at 29.4 per cent against 24.4 per cent.

Kannan told PTI, “Despite the disruptions caused by the third wave of Covid-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations. In March, we posted the best ever monthly sales by the company in any year since inception.”

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