How did you find the quarterly results of ICICI Prudential Life for Q1FY23?

For the quarter ended June 2022, the life insurance arm of the ICICI Banking group, ICICI Prudential Life Insurance, posted net profits of Rs156 crore. This is in stark contrast to a net loss of Rs186 crore in Q1FY22. However, in the first quarter of the previous year, the sharp spike in the losses was on the back of a surge in COVID claims forcing the insurer to make substantially higher provisions for the quarter. However in the Q1FY23 qurater, the combination of lower claims and provisions helped the insurer to report decent profits.

Apart from the COVID factor and the claims factor, the company scored well on other metrics too. For instance, the value of new business (VNB) surged 31.6% yoy to Rs471 crore in Q1FY23. In addition, the new business premium or the NBP grew by a healthy 24.4% yoy to Rs3,184 crore in Q1FY23. As of the end of June 2022, ICICI Prudential Life Insurance had assets under management (AUM) of Rs230,072 crore with a debt-equity mix of 54:46. More importantly, nearly 95% of their debt portfolio is rated AAA or sovereign.