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ICICI Prudential Life Insurance registered a near 2 per cent increase in net profit in the third quarter of the fiscal year.
The private sector life insurer’s net profit grew by 1.9 per cent to ₹302.46 crore for the quarter ended December 31, 2019, against ₹296.77 crore in the same period a year ago.
Its total income grew by 50 per cent to ₹12,946.62 crore in the third quarter of the fiscal from ₹8,648.28 crore in the same period a year ago.
Its net premium income grew by 8.7 per cent to ₹8,131 crore in the quarter under review from ₹7,483 crore a year ago.
“Our aspiration is to double the 2018-19 value of new business (VNB) in three to four years. In that context, I am happy to report that we are on track and have been able to grow the VNB by 25 per cent year-on-year to ₹1,135 crore in the nine months of the current fiscal,” said NS Kannan, Managing Director and CEO, ICICI Prudential Life.
The 13th month and 49th month persistency (excluding group and single premium policies) stood at 83.1 per cent and 64.3 per cent respectively, as on December 31, 2019.
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