Money & Banking

ICICI Pru Life Insurance Q3 net profit up 1%

Our Bureau. Mumbai | Updated on January 27, 2021

Private sector ICICI Prudential Life Insurance registered a 1.02 per cent growth in net profit at ₹305.55 crore in the third quarter of this fiscal against ₹302.46 crore in the same period last fiscal.

“New business sum assured grew by 22.2 per cent year-on-year in the third quarter this fiscal, along with expansion in new business premium by 14 per cent year-on-year in the same period,” it said in a statement on Wednesday.

The value of new business (VNB) for the quarter ended December 31, 2020, stood at ₹428 crore, increasing by 0.5 per cent from ₹426 crore a year ago.

New business premium grew by 14 per cent year-on-year in the third quarter of this fiscal to end the quarter at ₹3,443 crore, resulting in new business premium for the nine months this fiscal at ₹7,899 crore.

The insurer reported 13th month persistency of 85 per cent as on December 31, 2020, against 84.4 per cent in the previous quarter, while the 61st month persistency was at 59.6 per cent at the end of the third quarter this fiscal versus 58.8 per cent as on September 30, 2020.

Last week, HDFC Life Insurance reported a 5.8 per cent increase in net profit for the third quarter this fiscal at ₹264.99 crore against ₹250.24 crore in the same quarter of the previous fiscal,

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Published on January 27, 2021
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