ICICI Prudential Life Insurance Company Ltd Share Price – NSE  /  BSE

Insurance, Mid Cap

The frontline indices traded in a narrow range with modest gains in mid-morning trade. The Nifty hovered above the 22,450 mark. Consumer durables shares witnessed buying demand for the fourth day in a row.

At 11:30 IST, the barometer index, the S&P BSE Sensex jumped 342.47 points or 0.46% to 74,077.67. The Nifty 50 index added 93.55 points or 0.42% to 22,461.55.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.72% and the S&P BSE Small-Cap index gained 0.97%.

The market breadth was strong. On the BSE, 2,428 shares rose and 1,156 shares fell. A total of 150 shares were unchanged.

IPO Update:

The initial public offer (IPO) of JNK India received 72,69,948 bids for shares as against 1,10,83,278 shares on offer, according to stock exchange data at 11:25 IST on Wednesday (24 April 2024). The issue was subscribed 0.66 times.

The issue opened for bidding on Tuesday (23 April 2024) and it will close on Thursday (25 April 2024). The price band of the IPO is fixed at Rs 395 to Rs 415 per share. An investor can bid for a minimum of 36 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Consumer Durables index gained 0.83% to 34,037.65. The index rallied 4.42% in four consecutive trading sessions.

Rajesh Exports (up 7.26%), Kajaria Ceramics (up 2.21%), Havells India (up 1.71%), Dixon Technologies (India) (up 1.69%), Voltas (up 1.49%), Crompton Greaves Consumer Electricals (up 1.12%), Amber Enterprises India (up 1.1%), V-Guard Industries (up 1%), Bata India (up 0.69%) and Kalyan Jewellers India (up 0.23%) advanced.

On the other hand, Whirlpool of India (down 0.65%), Blue Star (down 0.6%) and Cera Sanitaryware (down 0.19%) edged lower.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company declined 3.03% after the company's net profit fell 26.02% to Rs 173.76 crore in Q4 FY24 from Rs 234.87 crore posted in Q4 FY23. Total income jumped 96.45% YoY to Rs 22,591.46 crore in Q4 FY24.

Tata Elxsi slipped 3.99% after the design led technology service provider’s net profit declined 2.28% to Rs 196.93 crore in Q4 FY24 as against Rs 201.52 crore posted in Q4 FY23. Revenue from operations rose 8.12% year on year (YoY) to Rs 905.94 crore in the quarter ended 31 March 2024.

Global Markets:

Asian stocks advanced on Wednesday following Wall Street’s continued rally for a second straight day.

U.S stock indexes climbed for a second straight session on Tuesday as a strong batch of corporate earnings assuaged concerns over higher rates.

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Total income jumped 96.45% YoY to Rs 22,591.46 crore in Q4 FY24.

Net premium income increased 17.1% to Rs 14,788.46 crore in Q4 FY24 as compared with Rs 12,629.11 crore in Q4 FY23. The first year gross premium income for the insurer grew 11.91% YoY to Rs 2,946.40 crore, while single premium income increased 20.67% to Rs 3,775.57 crore.

Net commission stood at Rs 1,565.91 crore during the quarter, steeply higher from Rs 753.51 crore posted in Q4 FY23.

Value of new business (VNB) slipped 26.4% to Rs 776 crore in Q4 FY24 from Rs 1,055 crore in Q4 FY23.

Total annual premium equivalent (APE) rose 9.5% to Rs 3,615 crore in Q4 FY24 as compared with Rs 3,300 crore in Q4 FY23. Retail APE grew by 12.0% year-on-year from Rs 2,859 crore in Q4-FY2023 to Rs 3,201 crore in Q4-FY2024. The company has delivered retail weighted received premium (RWRP) growth of 11.5% in Q4-FY2024, outperforming both the overall industry and private life insurers.

On financial year 2024 basis, the company's net profit increased 5.15% to Rs 852.39 crore on 78.9% jump in total income to Rs 90,307.29 crore in FY24 over FY23.

Net premium earned (gross premium less reinsurance premium) increased by 8.3% to Rs 41,760 crore as compared with Rs 38,560 crore in FY2023.

The assets under management of the company grew jumped 17.1% year-on-year to Rs 2,94,140 crore at 31 March 2024 as compared with Rs 2,51,191 crore at 31 March 2023 to the company had a debt-equity mix of 53:47 at 31 March 2024 and 95.9% of the fixed income investments were in sovereign or AAA rated instruments.

The solvency ratio was 191.8% at March 31, 2024 against the regulatory requirement of 150%. The Embedded Value (EV) grew by 18.8% year-on-year to Rs 42,337 crore at 31 March 2024

Claims and benefit payouts (net of reinsurance) increased by 29.0% from Rs 31,0040 crore in FY2023 to Rs 40,006 crore in FY2024, primarily on account of higher surrenders/ withdrawals in the unit-linked portfolio. The claims and benefits under the unit-linked portfolio are directly offset by changes in the valuation of policyholder liabilities.

Meanwhile, the company’s board declared a dividend of Rs 0.60 per share for FY2024.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said, Our focus on the distribution front has been to build capacity and enhance efficiency. In Q4-FY2024, the retail weighted received premium grew by 11.5%, outperforming the overall industry and private life insurers. The contribution of the agency and direct business channels to the retail APE stood at 51% for FY2024.

Our industry leading claim settlement ratio of 99.2% in FY2024, with an average turnaround time of 1.3 days for non-investigated claims reflects our commitment to fulfilling the promise made to our customers and their families.

Going forward we will continue to leverage technology to simplify products and processes and augment customer experience. We believe this will enable us to stay firmly rooted to the sustainable growth path. This is aligned with our objective of balancing growth, risk & prudence and profitability.

ICICI Prudential Life is promoted by ICICI Bank and Prudential Corporation Holdings, headquartered in United Kingdom. The company offers and array of products in the protection and savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long term financial goals.

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Net profit of ICICI Prudential Life Insurance Company declined 26.18% to Rs 173.67 crore in the quarter ended March 2024 as against Rs 235.26 crore during the previous quarter ended March 2023. Sales rose 17.10% to Rs 14788.46 crore in the quarter ended March 2024 as against Rs 12629.11 crore during the previous quarter ended March 2023.

For the full year,net profit rose 4.57% to Rs 850.66 crore in the year ended March 2024 as against Rs 813.49 crore during the previous year ended March 2023. Sales rose 8.30% to Rs 41759.67 crore in the year ended March 2024 as against Rs 38559.53 crore during the previous year ended March 2023.

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ICICI Prudential Life Insurance Co. announced that the Board of Directors of the Company at its meeting held on 23 April 2024, inter alia, have recommended the final dividend of Rs 0.6 per equity Share (i.e. 6%) , subject to the approval of the shareholders.

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