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ICICI Prudential Life Insurance reported an almost flat net profit growth at ₹408 crore in the fourth quarter as against ₹403 crore in the year-ago period.
The flat profit was primarily on account of larger change in actuarial liability, including movement in funds for future appropriation, amounting to ₹7,879 crore (₹2,079 crore in the year-ago quarter) and higher claims/benefits paid, at ₹4,902 crore (₹3,103 crore). For the full financial year ending March 31, 2017, the net profit was marginally up at ₹1,682 crore (₹1,650 crore in FY16).
The board recommended a final dividend of ₹3.50 an equity share (including special dividend of ₹1.20 an equity share) of face value ₹10 each for the year ended March 31, 2017.
In the reporting quarter, net premium earned was up 19 per cent at ₹7,526 crore (₹6,343 crore in the year-ago quarter). Investment income soared to ₹6,748 crore (₹134 crore).
The life insurer’s shares closed at ₹418.70 apiece, up 3.99 per cent over the previous close on the BSE.
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