Money & Banking

ICICI Prudential Life Q2 profit flat at ₹303.22 crore

Our Bureau. Mumbai | Updated on October 27, 2020

ICICI Prudential Life Insurance saw almost flat growth in net profit at ₹303.22 crore for the second quarter of the fiscal against ₹301.86 crore a year ago.

For the quarter ended September 30, 2020, its net premium income grew by 6.3 per cent to ₹8,572.19 crore versus ₹8,064.71 crore in the corresponding period last fiscal.

Its total income more than doubled to ₹16,835.36 crore, with income from investments rising to ₹7,949.37 crore in the second quarter of the fiscal.

NS Kannan, Managing Director and CEO, ICICI Prudential Life Insurance, said: “We had a strong value of new business performance for the quarter, with the margin improving from 21.1 per cent for the second quarter of last fiscal to 27.4 per cent for the second quarter this fiscal.”

Solvency ratio was at 205.5 per cent as on September 30, 2020, from 210.6 per cent a year ago.

Assets under management stood at ₹1.81 crore as on September 30, 2020, against ₹1.65 lakh crore a year ago.

Published on October 27, 2020

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