Private sector life insurer ICICI Prudential Life Insurance is expected to announce its financial results for the quarter ending June 30, 2022 today. In the prior quarter (Q4FY22), the life insurer reported a double jump of its net profit at Rs 185 cr. The company had posted a net profit of Rs 64 crore Q4FY21. The net profit jump was reported due to robust new business growth.
However, for the full year 2021-22, ICICI Prudential’s net profit fell to Rs 754 crore from Rs 960 crore in 2020-21 – a decline of 20.4% for the fiscal year ended March 2021. The company had reported a net profit of Rs 311 crore in the third quarter of 2021-22. In the first and second quarters, it had reported net profit of Rs 186 crore and Rs 445 crore, respectively.
ICICI Prudential’s New Business Value (NBV) for FY2022 was Rs 2,163 crore, with growth of 33.4% in FY2021. VNB for Q3FY22 was Rs 515 crore, representing a growth of 20%. According to NS Kannan, MD and CEO, the company’s absolute VNB (value of new business) increased by 45% year-on-year to Rs 873 crore for the first half of FY2022. Its value of new business (VNB) increased 78% year-on-year (YoY) to Rs 358 crore in the first quarter of FY22 from Rs 201 crore in the first quarter of FY22 21. VNB margins for the quarter under review were 29.4% compared to 24.4%.
Kannan told PTI: “Despite the disruption caused by the third wave of Covid-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations. In March, we recorded the company’s best monthly sales in any year since its inception.”