 |
Insurance
15-Oct-22
|
|
|
|
|
|
|
|
|
|
|
|
ICICI Prudential Life Insurance Company's profit fell 55% to Rs 199 crore in July-September
|
|
|
|
|
|
|
ICICI Prudential Life Insurance Company (ICICI Pru) on Saturday reported a 55 per cent fall in its net profit to Rs 199 crore for the quarter ended September 2022 due to lower income.
The company's net profit for the quarter ended September 2021 was Rs 445 crore.
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.
|
|
|
|
Previous News |
ICICI Prudential Life Insurance Co. schedules AGM
(
Corporate News
-
16-May-24
16:29
)
|
|
|
ICICI Prudential Life Insurance Company Ltd soars 0.46%, gains for fifth straight session
(
Hot Pursuit
-
08-Jan-24
13:00
)
|
|
|
ICICI Prudential Life Insurance Company Ltd down for fifth straight session
(
Hot Pursuit
-
20-Jul-23
13:35
)
|
|
|
ICICI Prudential Life Insurance Company
(
Results
-
Analysis
16-Jul-22
21:30
)
|
|
|
ICICI Prudential Life Insurance Co. to convene board meeting
(
Corporate News
-
28-Dec-23
10:49
)
|
|
|
ICICI Prudential Life Insurance Company allots 14,000 equity shares under ESOS
(
Corporate News
-
04-Dec-23
14:57
)
|
|
|
ICICI Prudential Life Insurance Company allots 13,930 equity shares under ESOS
(
Corporate News
-
26-Feb-24
12:32
)
|
|
|
ICICI Prudential Life Insurance Company allots 10,000 equity shares under ESOS
(
Corporate News
-
10-Nov-23
13:28
)
|
|
|
ICICI Prudential Life Insurance Company Ltd up for third straight session
(
Hot Pursuit
-
07-Jun-23
13:05
)
|
|
|
ICICI Prudential Life Insurance Company allots 1,000 equity shares under ESOS
(
Corporate News
-
13-Jun-23
16:54
)
|
|
|
Life insurance firm's shares fall as govt proposed to tax high premium policies
(
Insurance
-
01-Feb-23
22:10
)
|
|
|
|
|
|
Other Stories |
|
|
|
|
|
|
|
|
|
|
|
|
|