ICICI Prudential Q2 results: Net profit rises 22 % to Rs 244 crore on new businesses

ICICI Prudential's Q2 showed a change in product mix and pressure on the group term insurance business

ICICI Prudential Life on October 17 reported a 22 percent on-year rise in net profit at Rs 244 crore for the July–September quarter of this fiscal year.
That compares with the Rs 240 crore consensus estimate of analysts tracked by Bloomberg. Sequentially, the bottom line expanded 18 percent.
The company had reported a net profit of Rs 199.48 crore in the same quarter of the previous fiscal.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, “We serve a crucial societal need of providing financial security to millions of families by helping them achieve their protection, retirement, health and long-term savings goals. In H1-FY2024, our VNB stood at Rs 10.15 billion, with a margin of 28.8 percent, while PAT grew 27 percent year-onyear to Rs 4.51 billion. We are focused on growing the absolute VNB with the help of our 4D framework comprising Data analytics, Diversified propositions, Digitalisation and Depth in Partnerships, to develop quality business in a risk-calibrated manner.

"We recently launched the first-of-its-kind ‘ICICI Pru Stack’, a set of platform capabilities encompassing digital tools and analytical abilities. We believe, the key to market expansion is in getting the customer-product-channel equation correct – right product to the right customer at the right price through the right channel," Bagchi added.