ICICI Prudential Life Insurance Company reported a 3 per cent rise in its net profit for the September quarter, reaching Rs 252 crore, compared to Rs 244 crore in the same quarter last year.
Its total income rose to Rs 25,229 crore, up from Rs 17,436 crore during the same period last year while its net premium earned grew to Rs 10,754 crore compared to Rs 10,022 crore.
The company’s assets under management increased by 18 per cent to Rs 3,20,491 crore, up from Rs 2,44,279 crore as of September 30, 2023.
ICICI Pru Life, at the end of September, had a solvency ratio of 188.6 per cent, well above the required 150 per cent.
The Value of New Business, a key profitability measure, rose to Rs 1,058 crore, up from Rs 1,015 crore in the second quarter of the previous year.
ICICI Pru Life also reported a 19.4 per cent increase in its embedded value, which reached Rs 46,018 crore as of September 30, 2024, compared to Rs 38,529 crore a year earlier.
The board approved the issuance of up to Rs 1,400 crore via Non-Convertible Debentures (NCDs), stating that the funds would be raised in one or more tranches over the next 12 months.