Money & Banking

ICICI Pru Life posts improvement in PAT

BL Mumbai Bureau | Updated on: Jan 19, 2022
HYDERABAD, TELANGANA, 14/09/2016: ICICI Prudential Life insurance company Executive Director Sandeep Batra addressing the media conference in Hyderabad.
Photo: K.V.S. Giri

HYDERABAD, TELANGANA, 14/09/2016: ICICI Prudential Life insurance company Executive Director Sandeep Batra addressing the media conference in Hyderabad. Photo: K.V.S. Giri | Photo Credit: K.V.S. GIRI

Premium earned edged up about 2 per cent y-o-y to ₹9,344 crore

January 18

ICICI Prudential Life Insurance Company’s net profit nudged up about 2 per cent year-on-year (y-o-y) to ₹311 crore in the third quarter against ₹305 crore in the year ago quarter.

Investment income (net of provision for diminution in value of investments) declined sharply to ₹734 crore in the reporting quarter (₹19,491 crore in the year ago quarter).

Premium earned, including new business premium (NBP), edged up about 2 per cent y-o-y to ₹9,344 crore in the reporting quarter (₹9,152 crore), and the NBP increased 10 per cent y-o-y to ₹3,787 crore.

Benefits paid (net) was up 12 per cent y-o-y to ₹7,665 crore (₹6,817 crore). This is inclusive of the interim bonus.

AUM growth

Assets under management grew 16 per cent y-o-y to ₹2,37,560 crore against ₹2,04,872 crore in the year-ago period.

Value of new business (VNB) in the nine months (9M) of the current financial year increased 35 per cent y-o-y to ₹1,388 crore. VNB margin improved to 27.1 per cent in 9MFY22 against 26 per cent in 9MFY21.

Persistency Ratio on a 13th and 25th month premium basis improved to 80.9 per cent (from 80.4 per cent in Q3FY21) and 73.5 per cent (68.2 per cent), respectively.

Published on January 18, 2022
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