Private sector insurer ICICI Prudential Life Insurance had a flat growth in net profit for the quarter ended June 30, 2019, with a robust rise in the value of new business premium.
The private sector insurer’s net profit grew to ₹284.94 crore for the first quarter of the fiscal, against ₹281.64 crore a year ago.
Significantly, the insurer had registered a drop in net profits all through last fiscal. It had reported a 23.25 per cent drop in net profits for the fourth quarter of 2017-18 to ₹261.37 crore. However, for the quarter ended June 30, 2019, the value of new business increased by 27 per cent to ₹309 crore, from ₹244 crore a year ago.
Total premium
The total premium also grew by 14.7 per cent to ₹6,329 crore in the first quarter of the fiscal, when compared to ₹5,518 crore a year ago.
Th 13th month persistency was also flat at 84.4 per cent as on June 30, 2019, from 84.6 per cent a year ago.
The company’s scrip fell 0.34 per cent and closed at ₹382.25 apiece on the BSE.