ICICI Prudential Life Insurance Reports Moderate Profit Growth

ICICI Prudential Life Insurance posted a 3% net profit increase to Rs 252 crore for the September quarter, with substantial rises in total income, net premium earned, and assets under management. The board approved Rs 1,400 crore in Non-Convertible Debentures to be raised within 12 months.

ICICI Prudential Life Insurance Company registered a modest 3% rise in net profit, reaching Rs 252 crore for the September quarter compared to Rs 244 crore in the same period last year.

The company witnessed a significant boost in total income, climbing from Rs 17,436 crore to Rs 25,229 crore, as recorded in its regulatory filing. Additionally, the net premium earned surged to Rs 10,754 crore in the July-September timeframe of FY24.

Assets under management for the insurer saw an 18% increase, amounting to Rs 3,20,491 crore by the end of September. The solvency ratio was strong at 188.6%, exceeding the regulatory standard. In a strategic move, the board approved raising Rs 1,400 crore through Non-Convertible Debentures in forthcoming tranches.

(With inputs from agencies.)