To Rs 174 crore, ICICI Prudential Life’s Q4 net drops 26%

Due to increased costs, ICICI Prudential reported a 26% decline in net profit to Rs 174 crore for the quarter that ended on March 31. In the fourth quarter of 2022–2023, private sector insurance earned a profit of Rs 235 crore.

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.

ICICI Pru’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 Life, said that “we will continue to leverage technology to simplify products and processes and augment the customer experience going forward.” This is in line with our goal of striking a balance between profitability, risk, growth, and caution.

“Our dedication to delivering on the commitment we made to our clients and their families is shown by our industry-leading claim settlement ratio of 99.2 percent in FY2024, with an average turnaround time of 1.3 days for non-investigated claims.”