Latest News | ICICI Prudential Life Insurance Company Profit Declines 55 Pc to Rs 199 Cr in Jul-Sep

New Delhi, Oct 15 (PTI) ICICI Prudential Life Insurance Company (ICICI Pru) on Saturday reported over 55 per cent dip in its net profit to Rs 199 crore in the quarter ended in September 2022 due to lower income.

Also Read | Indian Army Sings MoU With 11 Banks, Including HDFC, ICICI, Axis, Kotak Mahindra for Agniveer Salary Package.

The company's net profit in the quarter ended in September 2021 was at Rs 445 crore.

Also Read | Reliance Industrial Infrastructure Ltd's Net Profit Drops 11.4% in Second Quarter on Flattish Revenue.

The net premium earned by the private sector insurer during July-September 2022-23 was up at Rs 95.82 crore as against Rs 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing.

However, total income decreased by 2.4 per cent to Rs 226.42 crore from Rs 231.88 crore in the year-ago period, mainly because of fall in investment income.

The investment income in Q2FY23 was down by 6.1 per cent to Rs 130.22 crore from Rs 138.74 crore in Q2FY22. The decrease in investment income is primarily on account of the decrease in market value of the securities held, the company said.

The value of new business (VNB), a key measure of profitability, posted strong growth of 25.1 per cent at Rs 1,092 crore in the first half of FY2023, the insurer said.

The company said its persistency ratios improved across all cohorts with the 13th month ratio, which is representative of the quality of business, standing at 85.9 per cent for H1-FY23, an improvement of 80 bps from year ago period.

"On the back of this strong VNB growth and with a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY2019 VNB by the end of this fiscal year," N S Kannan, MD & CEO, ICICI Prudential Life Insurance said.

He said the two focus areas of annuity and protection, which represent underserved needs of the country, have also done well in the period.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)