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ICICI Prudential Life Insurance Company reported an almost flat net profit at ₹406 crore in the first quarter ended June 30, 2017.
Net premium earned (gross premium less reinsurance premium) increased 37 per cent y-o-y to ₹4,820 crore (₹3,509 crore in the year-ago quarter).
Retail renewal premium increased 25 per cent to ₹2,808 crore. Retail new business premium jumped 70 per cent to ₹1,822 crore. Group premium nudged up 2 per cent to ₹255 crore.
Investment income (net of provision for diminution in value of investments) declined 35 per cent to ₹3,619 crore.
Commissions paid increased 71 per cent y-o-y to ₹216 crore. Expenses were 19 per cent lower at ₹532 crore. The insurer, in a statement, said it registered a y-o-y growth of 75 per cent in retail weighted received premium for the reporting quarter at ₹1,636 crore.
The private sector life insurer reported a 68 per cent jump in annualised premium equivalent (APE) at ₹6,625 crore. Of this, savings APE rose 70 per cent and protection APE was up 33 per cent.
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