ICICI Prudential Life Q1 loss at Rs 186 cr
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.
- Country:
- India
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.
ICICI Prudential stock settled at Rs 604.85 on BSE, down 3.39 per cent from the previous close.
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