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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.
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