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Insurance
20-Jul-21
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ICICI Prudential Life Insurance reports first quarter loss at Rs 186 crore
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ICICI Prudential Life Insurance Company on Tuesday reported a net loss of Rs 185.73 crore for June quarter 2021-22.
The company had posted a net profit of Rs 287.59 crore in the year-ago period. In the previous quarter (January-March 2021), the insurer reported a profit of Rs 63.78 crore.
Total income was down at Rs 16,724.05 crore in the quarter under review as against Rs 19,057.42 crore in the year-ago period, ICICI Prudential said in a regulatory filing.
Of this, the net premium income was Rs 6,601.85 crore as against Rs 5,551.07 crore.
The company said it had COVID-19 claims of Rs 500 crore (net of reinsurance) for June quarter 2021-22. Provisions of Rs 498 crore have been held for future COVID-19 claims including IBNR (incurred but not reported) provisions, it added.
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