ICICI Prudential's Profits Soar: A Strong Third Quarter Surge

ICICI Prudential Life Insurance reported a 43% increase in net profit for the third quarter of fiscal year 2024, reaching Rs 326 crore. The company's net premium income and assets under management also rose significantly, while it strengthened solvency by issuing non-convertible debentures.

ICICI Prudential Life Insurance announced a significant rise in net profit for the third quarter, achieving a 43% surge to Rs 326 crore, compared to Rs 227 crore the previous year.

The life insurance giant, backed by ICICI Bank, reported an increase in net premium income to Rs 12,261 crore, up from Rs 9,929 crore last year, according to a regulatory filing on Tuesday.

The company's assets under management expanded to Rs 3.10 lakh crore. With a solvency ratio of 211.8%, well above the regulatory requirement of 150%, and enhanced by a Rs 1,400 crore issuance of non-convertible debentures, ICICI Prudential Life continues to fortify its financial standing.

(With inputs from agencies.)