ICICI Prudential Life Insurance on January 21, 2025, reported a net profit of Rs 326 crore for the third quarter of financial year (FY) 2024-25, up by 43 percent from Rs 227.47 crore recorded in the year-ago period.
The numbers beat the market expectations, which expected a 13.52 percent increase in profit at Rs 257.7 crore.
The net premium income of the insurer came in at Rs 12,261.37 crore, up 24 percent from Rs 9,929 crore in the year-ago quarter.
The solvency ratio of the insurer stood at 211.8 percent, up from 196.5 percent a year ago.
The Annualised Premium Equivalent (APE) recorded a growth of 27.2 percent y-o-y increase from Rs 5,430 crore in 9MFY24 to Rs 6,905 crore in 9MFY25. This growth was driven by a 14.4 per cent year-on-year increase in the number of policies issued.
The Value of New Business (VNB) also showed an upward trend, growing by 8.5 percent year-on-year from ₹1,451 crore in 9M FY24 to Rs 1,575 crore in 9M FY25.
The VNB margin stood at 22.8 percent.
The company maintains a well-diversified product portfolio, with the APE contribution for 9MFY25 distributed among linked products at 50.8 percent, non-linked products at 17.5 percent, protection plans at 16.9 percent, annuities at 8.9 percent, and group funds at 6 percent.
The 13th-month persistency stood at 89.8 percent in 9MFY25.
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