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Insurance
19-Apr-21
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ICICI Prudential Life Q4 consolidated net profit falls 64% to Rs 64 crores
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ICICI Prudential Life Insurance Company on Monday reported 64% decrease in consolidated net profit at Rs 64 crore for the quarter ending March 31, 2021. It was Rs 179 crore in the year-ago period.
“The value of new business (VNB) for the fourth quarter of 2020-21 grew by 26% and stood at Rs 591 crore. This resulted in value of new business of Rs 1,621 crore for 2020-21 with an expansion in VNB margin from 21.7% in 2019-20 to 25.1% in 2020-21,” said ICICI Prudential Life Insurance in a statement on Monday.
For the quarter ended March 31, 2021, its net premium income increased by 13.4% to Rs 11,879.28 crore against Rs 10,475.12 crore in the corresponding quarter in the previous fiscal.
For the full year 2020-21, its net profit fell by 10.16% to Rs 960.15 crore against Rs 1,068.75 crore in 2019-20.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said; “Despite the disruptions caused by Covid-19, we were able to demonstrate resilience in our operations. In this quarter, APE grew by 27% year-on-year with the month of March posting the best ever monthly sales for the Company in any year since inception."
"We were able to capitalise on opportunities to build a well diversified product portfolio, on the back of 114.1% and 214.7% year-on-year growth in the traditional savings and annuity product segments respectively in Q4-FY2021. The strong performance was driven in equal measure by over 100 valuable partnerships forged this year, as part of our strategy to deepen and widen distribution," added Kannan.
As on March 31, 2021, the company's AUM grew 40% to Rs 2.14 lakh crore.
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