ICICI Pru Life PAT flat at Rs 421 crore

In the half year of this financial year, its value of new business increased by nearly 71% to Rs 417 cr

ICICI Prudential Life Insurance has reported almost flat profit after tax (PAT) in the quarter ended September 30 at Rs 421.21 crore compared to the same quarter last year.

The private insurer’s PAT stood at Rs 418.78 crore during the second quarter of 2016-17.

Total business premium in Q2 grew 20.67 per cent to Rs 6,599.39 crore, from Rs 5,468.58 crore a year ago.

In the half year of this financial year, its value of new business increased 70.9 per cent to Rs 417 crore, from Rs 244 crore a year ago.

The company is a joint venture between ICICI Bank and Prudential Corporation Holdings, which is a part of an international financial services group headquartered in the United Kingdom.

The company offers products across the categories of protection, savings and investments.

The private insurer began its operations in December 2000.