ICICI Prudential Life Insurance Sees 9% Rise in Q1 Profit

ICICI Prudential Life Insurance reported a 9% increase in profit after tax for the June quarter, reaching Rs 224.34 crore. The company's net premium income rose to Rs 7,875 crore, and its value of new business grew by 8% to Rs 472 crore. Assets under management surpassed Rs 3 lakh crore.

ICICI Prudential Life Insurance on Tuesday reported a 9 per cent increase in profit after tax (PAT) for the June quarter at Rs 224.34 crore.

The life insurance major had reported a net profit of Rs 206.19 crore in the year-ago period.

Its net premium income increased to Rs 7,875 crore from the Rs 7,020 crore a year earlier, it said in a regulatory filing.

In a statement, the company said it registered nearly an 8 per cent growth in the value of new business to Rs 472 crore and the VNB margin stood at 24 per cent.

Its overall assets under management crossed Rs 3 lakh crore-mark during the quarter, it said.

“The topline growth was supported by an increase of 15.1 per cent in the number of policies sold during the same period,” its Managing Director and Chief Executive Anup Bagchi said.

He added that the company protects over 100 million lives at present, and its claims settlement ratio stands at 99.2 per cent.

The company scrip closed 0.71 per cent up at Rs 637.6 on the BSE on Tuesday.