NEW DELHI: ICICI Prudential Life on Tuesday reported a 33% rise in its net profit at Rs 207 crore in the April-June quarter of the current financial year (Q1FY24), boosted by massive gains from investments.
Cashing in on a robust market, it booked massive profit in the reporting quarter raking in Rs 16,327 crore from its investment in the markets as against a loss of Rs 8,496 crore in the year-ago period.
The company said its income under unit-linked investments increased from a loss of Rs 9,888 crore in the first quarter of FY23 to a gain of Rs 14,159 crore in Q1FY24, primarily due to a rise in the market value of the securities it held, coupled with a jump in profits on the sale of investments.
Income under unit-linked investment is directly offset by changes in valuation of policyholder liabilities. The company said the value of its new business (VNB) declined 7% to Rs 438 crore, while its margin slipped 100 basis points to 30% on-year.