ICICI Prudential Life Insurance Co. on Tuesday posted a 43.2% jump in its consolidated net profit for the third quarter of financial year 2024–25.
The insurance provider has recorded a profit of Rs 325 crore for the quarter under review, compared to Rs 227 crore in the same period of the previous fiscal.
The company registered a net profit of Rs 803 crore in the nine months ended Dec. 2024, which is an 18.3% year-on-year growth against Rs 679 crore that it had recorded in the previous fiscal's similar period.
The company's net premium income witnessed a 23.49% increase for Q3, reaching Rs 12,261 crore. In comparison, the private life insurance firm's net premium income stood at Rs 9,929 crore in the same period last year.
The company's solvency ratio stood at 211.8%, compared to the previous quarter's 188.6%.
The insurer reported a 13th month persistency of 85.8%, compared to 86.4% in the previous quarter. Of the company's customers, 85.8% chose to renew their insurance one year after starting it.
Announces ESOPs
In a separate disclosure, the company also intimated stock exchanges that it has allotted 4,280 equity shares with a face value of Rs 10 each on Tuesday, under its employees stock option scheme.
Shares of ICICI Prudential Life Insurance Co. closed 0.98% lower at Rs 635.90 apiece on the BSE, compared to a 1.60% decline in the benchmark Sensex. The company filed the developments after market hours on Tuesday.
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