On Tuesday, ICICI Prudential Life Insurance Ltd reported a 33% YoY increase in net profit sales for the current fiscal year to Rs 207 crore compared to Rs 156 crore in the previous year.

The company’s net income increased marginally by 2% to Rs 7,020 crore against Rs 6,884 crore for Q1FY23. On the other hand, the Net Profit was down by 12%.

The total annual premium equivalent (APE) stood at Rs 1,520 crore, down 3.9% over Rs 1,461 crore YoY. The value of new business came in at Rs 438 crore, with a VNB margin of 30%.

The assets under management recorded a substantial growth of 15.8% to Rs 2,66,420 crore.

The total investment income for the company stood at Rs 16,327 crore against Rs 8,496 crore YoY. Unit-Linked investment income was Rs 14,159 crore compared to a loss of Rs 9,888 crore in the previous fiscal year.

Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, said, “With customer-centricity at the core, we will continue to focus on growing the absolute VNB through the 4P strategy comprising Premium growth, Protection focus, Persistency improvement and Productivity enhancement, “.

In the exchange filing, the company maintained a well-balanced product mix with the shares of linked savings at 38.8%, non-linked savings at 27.7%, protection at 23.5%, annuities at 6.2%, and group savings at 3.8%, respectively.