ICICI Prudential Life Q4 Net Profit Down 26% To Rs 174 Crore

ICICI Prudential Life Insurance Co. on Tuesday reported a 26% drop in net profit to Rs 174 crore for the quarter ended March 31 on higher expenses. The private sector insurer had a profit of Rs 235 crore in the fourth quarter of 2022-23. The insurer's net premium income rose 17% to Rs 14,788 crore in the March quarter compared to Rs 12,629 crore in the year-ago period.

The company's expenses of management rose 10% to Rs 2,550 crore in the fourth quarter of FY'24, from Rs 2,320 crore at the end of the March quarter of 2022-23.

For the full 2023-24 fiscal, ICICI Pru's net profit rose 5% to Rs 852 crore. In 2022-23 fiscal, the net profit was Rs 811 crore.

The company announced a dividend of Rs 0.60 per equity share.

ICICI Prudential in a regulatory filing said that senior management personnel Ganessan Soundiram and Rajiv Adhikari have resigned from the company with effect from May 1.

ICICI Prudential Life, MD & CEO, Anup Bagchi said that 'going forward we will continue to leverage technology to simplify products and processes and augment customer experience. This is aligned with our objective of balancing growth, risk & prudence and profitability.

Our industry leading claim settlement ratio of 99.2% in FY2024, with an average turnaround time of 1.3 days for non-investigated claims reflects our commitment to fulfilling the promise made to our customers and their families, Bagchi added.

Shares of ICICI Pru Life closed at Rs 593.10, up 2.29% over the previous close on the BSE.