ICICI Prudential Life Q4FY24 Net Profit Declines By More Than 25%, Shares Price Plunges

ICICI Prudential shares took a sharp plunge after the firm announced a 26 per cent fall in net profit to Rs 174 crore for the quarter ending.

The insurer's net premium income rose 17 per cent to Rs 14,788 crore in the March quarter, compared to Rs 12,629 crore in the year-ago period.

The company's expenses of management rose 10 per cent to Rs 2,550 crore in the fourth quarter of FY'24, from Rs 2,320 crore at the end of the March quarter of 2022-23.

 ICICI Prudential shares took a sharp plunge after the firm announced a 26 per cent fall in net profit to Rs 174 crore for the quarter ending March 31.

The insurer's net premium income rose 17 per cent to Rs 14,788 crore in the March quarter, compared to Rs 12,629 crore in the year-ago period.

The company's expenses of management rose 10 per cent to Rs 2,550 crore in the fourth quarter of FY'24, from Rs 2,320 crore at the end of the March quarter of 2022-23.

At 1:00 pm, the shares of the insurance company were trading at Rs. 575 price level, down by more than 3 per cent on NSE.

For the full 2023-24 fiscal, ICICI Prudential's net profit rose 5 per cent to Rs 852 crore. In 2022-23 fiscal, the net profit was Rs 811 crore.

The company announced a dividend of Rs 0.60 per equity share.

ICICI Prudential in a regulatory filing said that Ganessan Soundiram, Chief Technology Officer, and Rajiv Adhikari, Head of Corporate Communications, have been designated as senior management personnel of the company with effect from May 1.

ICICI Prudential Life, MD & CEO, Anup Bagchi said that "Our industry leading claim settlement ratio of 99.2 per cent 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."

On an annual basis, the shares of the firm have given a single-digit return of 8 per cent on the NSE.

(With Inputs From PTI)