The quarterly net profit for ICICI Prudential rose by 33 percent
The quarterly net profit for ICICI Prudential rose by 33 percent to 207 crore rupees. ICICI Prudential Life said on Tuesday that its net profit for the first quarter of the current fiscal year (Q1FY24), which ran from April to June, increased by 33 percent to 207 crore. This increase was driven by large gains from investments.
ICICI Prudential Life said on Tuesday that its net profit for the first quarter of the current fiscal year (Q1FY24), which ran from April through June, increased by 33 percent to 207 crore rupees. This increase was driven by large gains from investments.
It earned a large profit in the reporting quarter by cashing in on a strong market and raking in Rs 16,327 crore from its investment in the markets. This is in contrast to the loss of Rs 8,496 crore that it incurred in the same time period the previous year.
The firm said that its income from unit-linked investments jumped from a loss of Rs 9,888 crore in the first quarter of FY23 to a gain of Rs 14,159 crore in Q1FY24. This was primarily owing to a rise in the market value of the securities it held, as well as a surge in profits on the sale of assets. The company also attributed this increase to a rise in its overall income.
Changes in the value of policyholder obligations have the immediate effect of offsetting any income generated by unit-linked investments. The company said that the value of its new business (VNB) had decreased by 7% to a total of Rs. 438 crore, and that its margin had decreased by 100 basis points to a total of 30% on-year.
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