The price of ICICI Prudential Life shares plummets as its Q4FY24 net profit drops by almost 25%

Following the announcement by the company that its net profit for the quarter ended at Rs 174 crore, down 26%, ICICI Prudential’s shares saw a severe decline.

In comparison to the same time last year, the insurer’s net premium revenue increased by 17% to Rs 14,788 crore in the March quarter.

In the fourth quarter of FY’24, the company’s management costs increased by 10% to Rs 2,550 crore from Rs 2,320 crore at the end of the March quarter of 2022–2023.

Following the company’s announcement of a 26% decline in net profit to Rs 174 crore for the quarter ended March 31, ICICI Prudential shares saw a precipitous decline.

In comparison to the same time last year, the insurer’s net premium revenue increased by 17% to Rs 14,788 crore in the March quarter.

In the fourth quarter of FY’24, the company’s management costs increased by 10% to Rs 2,550 crore from Rs 2,320 crore at the end of the March quarter of 2022–2023.

At 1:00 pm, the insurance company’s shares were down almost 3% on the NSE, trading at Rs. 575 a share.

ICICI Prudential’s net profit for the whole 2023–24 fiscal year increased by 5% to Rs 852 crore. The net profit for the fiscal year 2022–2023 was Rs 811 crore.

A dividend of Rs 0.60 per equity share was declared by the firm.

Ganessan Soundiram, the chief technology officer, and Rajiv Adhikari, the head of corporate communications, have been named senior management persons of the business, effective May 1, according to a regulatory filing by ICICI Prudential.

Anup Bagchi, MD and CEO of ICICI Prudential “Our industry leading claim settlement ratio of 99.2 per cent 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.”

The company’s shares have returned 8% annually on the NSE, a single-digit return.