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Private sector ICICI Prudential Life Insurance registered a 31.3 per cent drop in its net profit to ₹179.49 crore in the fourth quarter of the fiscal 2019-20, as against ₹261.37 crore in the same period a year ago.
Its net premium income grew marginally to ₹10,475.12 crore in the quarter ended March 31, 2020 as against ₹10,056.32 crore in the same period a year ago.
However, the net income from investments declined to a negative of ₹18,940.21 crore for the quarter, which was net of amortisation and losses (including capital gains). It stood at ₹5,617.63 crore in the same period a year ago.
The company’s net profit for 2019-20 fell 6.3 per cent to ₹1,068.75 crore as against ₹1,140.65 crore in 2018-19.
VNB up
“We had set our aspiration in April 2019 to double our 2018- 19 Value of New Business (VNB) within four years. I am happy to report that in 2018-19, VNB grew by 21 per cent from ₹1,328 crore to ₹1,605 crore in 2019-20, which is well within the growth range required to meet that aspiration,” said N S Kannan, Managing Director and CEO, ICICI Prudential Life.
The 13th and 49th month persistency (excluding group and single premium policies) stood at 83.2 per cent and 64.6 per cent respectively at March 31, 2020. Assets under management stood at ₹1,52,968 crore on March 31, 2020.
The EV stood at ₹23,030 crore as on March 31, 2020 and the Return on Embedded Value was 15.2 per cent for 2019-20.
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