Ltd on Tuesday reported an 33% year-on-year rise in its standalone net profit for the fiscal’s first quarter ended June (Q1FY24) to 207 crore. The company had reported a profit of 156 crore in the year-ago period. Sequentially, the standalone net profit was down 12%. ICICI Prudential Life shares were trading at 587.30 apiece, up 0.83% on . For the quarter ended June, net premium income increased marginally year over year (YoY) by 2% to 7,020 crore. In the same quarter previous year, it was 6,884 crore. In an exchange filing, the company stated that the Value of New Business (VNB), which represents the current value of future profits, was 438 crore for Q1-FY2024 with a VNB margin of 30.0%. “With customer-centricity at the core, we will continue to focus on growing the absolute VNB, through the 4P strategy comprising Premium growth, Protection focus, Persistency improvement and Productivity enhancement, ” said Anup Bagchi, MD & CEO, ICICI Prudential . For the quarter ended June 30, ICICI Prudential Life Insurance recorded a 15.8% increase in assets under management (AUM) to 2,66,420 crore. Total investment income for the company was 16,327 crore, compared to a loss of 8,496 crore year over year. Unit-linked investment income was 14,159 crore, compared to a loss of 9,888 crore year over year. For Q1FY24, the insurer’s 13th-month persistency ratio increased to 86.4%. As of June 2023, the assets under management (AUM) increased 16% on year to 2.66 lakh crore. In an exchange filing, the company stated that it continues to maintain a well-balanced product mix, with the shares of linked savings, non-linked savings, protection, annuities, and group savings accounting for, respectively, 38.8%, 27.7%, 23.5%, 6.2%, and 3.8% of APE in Q1-FY2024. “Our very purpose of existence is to provide financial security to our customers and their families. We believe we are trustees of the life savings entrusted to us by our customers to achieve their protection, retirement, health and long-term savings goals,” added Bagchi. ICICI PRUDENTIAL LIFE INSURANCE BSE Related Premium Stories