ICICI Pru reports Q1 PAT of ₹156 cr, value of new business rises 32% yoy

In the latest quarter, under the new business, APE posted a growth of 24.7% to ₹1,520 crore compared to ₹1,219 crore in Q1FY22. Also, new business premium stood at ₹3,184 crore registering a growth of 24.4% as compared to ₹2,559 cr for Q1-FY2022.

With APE of ₹1,520 crore, the VNB margin was at 31% for Q1-FY2023 as compared to 28.0% for FY2022. The increase in VNB margin is primarily on account of a shift in the underlying product mix.

ICICI Prudential offers a range of products across annuity, savings, and protection solutions to meet the specific needs of customers.

Further, annuity APE rose ₹98 crore in Q1FY23 versus ₹58 crore in Q1FY22 – registering a robust growth of 69%. Savings APE grew from ₹892 crore to ₹1,092 crore in the same period.

Meanwhile, protection APE jumped to ₹330 crore in Q1FY23 against ₹270 crore in Q1FY22. As a result, New Business Sum Assured came in at ₹2,20,935 crore in Q1FY23, a growth of 24.9% as compared to ₹1,76,862 crore for Q1FY22. This led to market leadership with a market share of 15.8%.

In the first quarter of FY23, the company’s cost to total weighted received premium (TWRP) ratio for the savings business and the overall cost to TWRP ratio stood at 16.9% and 23.8% respectively. The growth in APE is ahead of the growth in expenses.

As of June 30, 2022, ICICI Prudential’s assets under management stood at ₹2,30,072 crore – which makes it one of the largest fund managers in India. The Company had a debt-equity mix of 54:46 as of June 30, 2022, and 98% of the debt investments were in AAA-rated and government bonds.

ICICI Prudential’s net worth was at ₹9,053 crore as of June 30, 2022. The solvency ratio was 203.6% against the regulatory requirement of 150%.

On Frida, ICICI Prudential shares closed at ₹517.35 apiece up 0.85% on BSE.

First article