ICICI Prudential Life Q3 Results: Revenue Jumps 78%, Profit Drops

ICICI Prudential Life Insurance Co.'s third-quarter profit fell 29% year-on-year.

Management Comments

"We have maintained positive momentum in business and profitability during the nine months ended FY2023 and have registered a strong year-on-year growth of 23.2% in the Value of New Business, which stood at 17.10 billion for the the period ending 9M-FY2023," NS Kannan, managing director and chief executive officer at ICICI Prudential Life, said in a statement.

This consistent track record of healthy compounding of VNB and near doubling of the VNB margin are a result of the "transformative" diversification in products, distribution partnerships and customer segments that began in FY19, he added.

• Value of new business—present value of the future profits associated with new business written during the period—grew 23.2% to Rs 1,710 crore.

• VNB margin expanded to 32% from 27.1%.

• After-tax profits were up 1% at Rs 578.2 crore.

• The company's overall cost ratio remained elevated; it went up to 20.8% from 17.7%.

• Persistency ratios have improved across all cohorts.

• New business premium grew 10% to Rs 11,287 crore.

• Assets under management grew 6% to Rs 2.52 lakh crore.