Private insurance company ICICI Prudential Life on Monday reported an over three—fold jump in net profit at Rs 808 crore for the financial year ended March 31, 2011, helped by cost control exercise and client persistency.
During the fiscal, the company’s new business premium income grew by 24 per cent to Rs 7,862 crore. Total premium income was Rs 17,881 crore, a rise of over 8 per cent.
“Effective cost and persistency management as well as commitment to growing profitably have enabled us to report profits for the second consecutive year. Effective use of technology was a key catalyst in ensuring profitable growth and helped us deliver a better product proposition to customers,” ICICI Prudential Life MD & CEO Mr Sandeep Bakhshi said.
The company’s assets under management (AUM) increased by over 19 per cent in FY’11 to Rs 68,150 crore. This includes an equity corpus of Rs 43,325 crore.