Passengers wait in front of an ICICI Prudential billboard at a bus stop in Mumbai.
Credit: Reuters File Photo
New Delhi: ICICI Prudential has reported a 26 per cent drop in net profit to Rs 174 crore for the quarter ended March 31 on higher expenses.
The private sector insurer had a profit of Rs 235 crore in the fourth quarter of 2022-23.
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.
For the full 2023-24 fiscal, ICICI Pru'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 'going forward we will continue to leverage technology to simplify products and processes and augment customer experience. This is aligned with our objective of balancing growth, risk & prudence and profitability.
"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."