NEW DELHI: ICICI Prudential Life Insurance on Tuesday described a .8 per cent 12 months-on-year (YoY) rise in net profit at Rs 286.86 crore for the June quarter, in contrast with Rs 284.64 crore in the exact same quarter last year.
Internet premium earned, which is gross premium fewer reinsurance premium, fell 10.6 for every cent to Rs 5,551 crore in June quarter from Rs 6,208 crore in the year-back quarter.
Value of new small business (VNB) fell 35 for every cent to Rs 201 crore when compared with Rs 309 crore in the 12 months-ago quarter. VNB margin jumped to 24.4 per cent from 21 YoY.
Annualised Premium Equivalent (APE) fell 44 for each cent to Rs 823 crore from Rs 1,470 crore YoY.
Over-all, asset beneath administration rose 3.6 per cent to Rs 1,70,006 crore from Rs 1,64,024 crore YoY
“A strong risk management system and investment policy, has ensured zero Non-Undertaking Assets (NPAs) considering that inception and across market cycles,” the corporation reported.
The company’s solvency ratio for the quarter stood at 205 for every cent, very well above the regulatory prerequisite of 150 for every cent.
MD & CEO NS Kannan mentioned, “The Covid-19 pandemic has had an affect on the way people understand life insurance and hence protection merchandise have witnessed an enhanced demand. Even with the motion restrictions in the final quarter, the share of protection in our portfolio enhanced to 26 for each cent of APE. This resulted in an growth in the VNB margin.”
“Shoppers have confidence in us to support them accomplish their extensive-term fiscal plans and, regardless of volatile markets, our assets beneath management grew by 3.6 for each cent to Rs 1.7 trillion for the quarter finished June 2020,” he added.
Retail renewal premium increased 3.3 for every cent to Rs 4,107 crore from Rs 3,976 crore. Retail new small business premium plunged 40.5 for each cent to Rs 912 crore from Rs 1,533 crore, largely on account of minimize in connected enterprise.