ICICI Prudential Life Q4 net dips 26%, shares fall over 3%

ICICI Prudential has reported a 26% drop in net profit to ₹174 crore for the quarter ended March 31 on higher expenses.

As of 1:00 PM, shares of the company were trading 3.17% lower at ₹575.00 on NSE after the results.

The insurer's net premium income rose 17% to ₹14,788 crore in the March quarter, compared to ₹12,629 crore in the year-ago period. The private sector insurer had a profit of ₹ 235 crore in the fourth quarter of 2022-23.

The company's expenses of management rose 10 % to ₹2,550 crore in the fourth quarter of FY'24, from ₹2,320 crore at the end of the March quarter of 2022-23.

For the full 2023-24 fiscal, ICICI Pru's net profit rose 5% to ₹852 crore. In 2022-23 fiscal, the net profit was ₹811 crore.

The company announced a dividend of ₹0.60 per equity share.

ICICI Prudential in a regulatory filing said that Ganessan Soundiram, Chief Technology Officer, and Rajiv Adhikari, Head of Corporate Communications, have been designated as senior management personnel of the company with effect from May 1.

ICICI Prudential Life, MD & CEO, Anup Bagchi said that "going forward we will continue to leverage technology to simplify products and processes and augment customer experience. This is aligned with our objective of balancing growth, risk & prudence and profitability.

"Our industry leading claim settlement ratio of 99.2 % 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."

ICICI Prudential is involved in the business of providing life insurance, pensions and health insurance products to individuals and groups. It is promoted by ICICI Bank and Prudential Corporation, with ICICI holding 51% stake and Prudential owning 22% stake in the company.

With inputs from PTI