ICICI Prudential Life Q4 profit doubles to Rs 386 cr

New Delhi, Apr 15 (PTI) ICICI Prudential on Tuesday reported a two-fold rise in its net profit to Rs 386 crore for the quarter ended March 31, mainly on account of lower expenses.

The private sector insurer had a profit of Rs 174 crore in the fourth quarter of 2023-24.

The insurer's net premium income rose 10.6 per cent to Rs 16,369 crore in the March quarter compared to Rs 14,788 crore in the year-ago period, ICICI Prudential Life said in a regulatory filing.

The company's expenses declined to Rs 15,314 crore in the fourth quarter of FY25 from Rs 22,352 crore at the end of the March quarter of 2023-24.

The reduction in total expenses is on account of a change in actuarial liability, which includes movement in funds for future appropriation. It has come down to Rs 80 crore against Rs 7,045 crore in the same quarter a year ago.

For the full 2024-25 fiscal, ICICI Prudential Life's net profit rose by 40 per cent to Rs 1,189 crore from Rs 852 crore earned in the previous financial year.

It also announced a dividend of Rs 0.85 per share with a face value of Rs 10 each as compared to Rs 0.6 per share a year ago.

With an annual premium equivalent (APE) of Rs 10,407 crore for FY2025, the Value of New Business (VNB) margin stood at 22.8 per cent, it said.

The movement in VNB margin from FY2024 is primarily on account of shift in new business profile and assumption changes, it added.

Assets under management of the company stood at Rs 3.09 lakh crore as of March 31, 2025, compared to Rs 2.94 lakh crore at the end of the previous financial year.

The company's robust risk management framework has enabled it to have a record of zero non-performing assets since its inception.

The solvency ratio was 212.2 per cent as of March 31, 2025, against the regulatory requirement of 150 per cent, it said. PTI DP DP BAL BAL