ICICI Prudential Life Insurance net profit drops 29% YoY in Dec quarter

Its value of new business (VNB) increased 20 per cent YoY to Rs 618 crore in Q3FY23 compared to Rs 515 crore in the year-ago period

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The annualised premium equivalent (APE) of the insurer stood at Rs 1,822 crore in Q3FY23

BS Reporter
ICICI Prudential Life Insurance reported a 29 per cent year-on-year (YoY) drop in net profit in October – December quarter (Q3) of FY23, due to higher outgo in terms of claims and benefits, and higher expenses. Its net profit for the quarter stood at Rs 221 crore in the period under review, compared to Rs 311 crore in the year-ago period.

The insurer earned net premium to the tune of Rs 9,465 crore, up 4.30 per cent from the corresponding period a year-ago.

Its value of new business (VNB) increased 20 per cent YoY to Rs 618 crore

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First Published: Jan 17 2023 | 11:27 PM IST

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