ICICI Prudential Life Insurance Company declined 1.51 per cent to Rs 505.65 after the life insurer’s net profit declined 55.1 per cent to Rs 200.12 crore on a nearly 1 per cent fall in total income to Rs 22,904.35 crore in the second quarter of FY23 over the second quarter of FY22.

Net premium income rose 3.18 per cent to Rs 9,581.72 crore in the second quarter of FY23 compared with Rs 9,286.53 crore last year. Income from investments (net) slipped 5.37 per cent to Rs 12,818.89 crore in the second quarter of FY23 from Rs 13,545.83 crore in the second quarter of FY22. 

On a consolidated basis, ICICI Prudential’s net profit increased by 37.07 per cent to Rs 355 crore on a 46.57 per cent fall in total income to Rs 21,064 crore in H1 FY23 over H1 FY22.  

For H1 of the current financial year, the New Business Sum Assured was at Rs 4,800.05 billion, a growth of 42.3 per cent compared to Rs 3,374.16 billion for H1 FY22, resulting in private market leadership with a market share of 15.7 per cent.

N S Kannan, the managing director (MD) and Chief Executive Officer (CEO) of ICICI Prudential Life Insurance Company, said, “We achieved a robust year-on-year growth of 25.1% in the Value of New Business (VNB), ending H1 FY23 at Rs 10.92 billion, emphasising our ability to navigate rapidly-evolving situations successfully. This was driven by APE growth and margin expansion to industry-leading levels of 31%. On the back of this strong VNB growth and a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY19 VNB by the end of this fiscal year.”