ICICI Prudential Life Insurance Company Q3 Results FY2023, Net Profit at Rs. 2.21 billion

On 17th January 2023, ICICI Prudential Life Insurance Company announced its results for the third quarter of FY2023.

Key Highlights:

-  The company reported its total income at Rs. 173.54 billion in Q3FY23 with a growth of 76.4% YoY.
- The profit before tax was at Rs. 2.25 billion in Q3FY23
- The insurance company reported its net profit at Rs. 2.21 billion
- The Company’s Assets under Management (AUM) crossed Rs. 2.5 trillion.

Business Highlights:

- The Company maintained a robust year-on-year growth of 23.2% in the Value of New Business (VNB) for 9M-FY2023. The VNB, representing profitability, grew to Rs. 17.10 billion in 9M-FY2023
- New business premium witnessed a year-on-year growth of 10.1% from Rs. 102.48 billion in 9M-FY2022 to Rs. 112.87 billion in 9M-FY2023.
- Annuity APE registered a robust growth of 56.0% from Rs. 2.16 billion in 9M-FY2022 to Rs. 3.37 billion in 9MFY2023.
- In 9M-FY2023, protection APE stood at Rs. 10.50 billion, a growth of 22.7%. The protection mix improved from 16.7% of APE in 9M-FY2022 to 19.7% of APE in 9MFY2023.
- Savings APE (other than annuity business) was Rs. 39.54 billion in 9M-FY2023 as compared to Rs. 40.52 billion in 9M-FY2022.
- Annuity APE grew from Rs. 2.16 billion in 9M-FY2022 to Rs. 3.37 billion in 9M-FY2023, registering
a growth of 56.0% year-on-year
- New Business Sum Assured (NBSA) grew by 34.9% year-on-year to Rs. 6.9 trillion in 9M-FY2023, resulting in an increase in NBSA market share from 12.7% in 9M-FY2022 to 14.6% in 9M-FY2023.
- The Company’s profit after tax was Rs. 5.76 billion for 9M-FY2023, as compared to Rs. 5.69 billion for 9M-FY2022.
- The Company’s net worth was Rs. 100.92 billion on December 31, 2022.

Commenting on the results, Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “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 (VNB) which stood at Rs. 17.10 billion for the period ending 9M-FY2023. With this strong performance and continued focus on the 4P strategy, we are close to achieving our aspiration of doubling the FY2019 VNB by FY2023.

This consistent track record of healthy compounding of VNB, and near doubling of the VNB margin are a result of our transformative diversification in products, distribution partnerships, and customer segments which began in FY2019. We are now a much more protection and annuity-oriented Company with almost 50% of the total new business received premium contributed by these two product segments in 9M-FY2023. The new business sum assured has registered a growth of 34.9% year-on-year to Rs. 6.9 trillion, resulting in the Company’s market share on the new business sum assured expanding to 14.6%. Our customers are at the core of everything we do, and during this period, our AUM crossed the milestone of Rs. 2.5 trillion, signifying their trust reposed in the Company.

Based on the foundation of trust, a well-balanced product mix, diversified distribution architecture, and wider customer segments, we have created a resilient platform for sustainable growth and are well positioned to capitalize on the opportunities ahead."