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ICICI Prudential Life Insurance Company reported an almost flat profit after tax of ₹452 crore, growing at a mere 0.5 per cent for the third quarter ended December 31. Net premium income for the third quarter rose 19 per cent to ₹6,795 crore.
Commission expenses rose 89 per cent to ₹377 crore while benefits paid rose 56 per cent to ₹4,685 crore.
The company said that the increase in commission paid was on account of a change in product mix as well as growth in premium.
The company said in a regulatory filing to the exchanges that its 13th month persistency ratio (a quality metric to judge whether customers are continuing to pay their premium) for this quarter was 81.9 per cent, a one percentage point increase over the corresponding period last year.
The 25th month persistency ratio improved to 74.4 in this quarter from 69.4 earlier.
The company’s market share among private sector players is 23.3 per centm while it is at 13.1 per cent overall, the company said.
Solvency ratio was at a comfortable 251.5 per cent against the regulatory minimum of 150 per cent. The value of new business for the nine-month period ended December 31 rose 82 per cent to ₹767 crore.
The company’s stock rose 4.36 per cent or ₹17.95 to ₹429.45 today.s
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