ICICI Prudential Life Insurance Shares Surge After Positive Q1 Earnings

ICICI Prudential Life Insurance's shares jumped nearly 9% after the company reported a 9% rise in profit after tax for the June quarter, reaching Rs 224.34 crore. The company's net premium income grew to Rs 7,875 crore, and its assets under management exceeded Rs 3 lakh crore.

Shares of ICICI Prudential Life Insurance soared nearly 9% on Wednesday following the announcement of a 9% increase in profit after tax for the June quarter, totaling Rs 224.34 crore.

The stock surged 8.83% to close at Rs 693.90 apiece on the BSE and peaked at 9.31% intra-day to Rs 697, a 52-week high. On the NSE, it jumped 8.86% to Rs 695 per share.

The company reported a net profit of Rs 206.19 crore for the corresponding period last year, with net premium income rising to Rs 7,875 crore from Rs 7,020 crore. Furthermore, ICICI Prudential Life Insurance achieved nearly 8% growth in the value of new business, totaling Rs 472 crore, and its assets under management surpassed the Rs 3 lakh crore mark.