ICICI Pru Life sees profit of Rs 156 cr in Q1 on lower claims, provisions

New business premium of the insurer grew 24.4 per cent to Rs 3,184 crore in the same period

ICICI Prudential Life Insurance on Saturday reported a net profit of Rs 156 crore in April-June quarter (Q1) of FY23, compared to a loss of Rs 186 crore in the year-ago period, aided by significantly lower claims and provisions due to Covid-19.

The private sector life insurer saw value of new business (VNB) increase by 32 per cent to Rs 471 crore in Q1FY23, compared to Rs 358 crore in the year-ago period. Annualised premium equivalent (APE) of the insurer stood at Rs 1,520 crore, up 25 per cent over the same period last year.

The value of new business reflects the