ICICI Prudential Life Insurance Co today reported a 17 per cent decline in consolidated net profit at Rs 340.26 crore for the January-March quarter of 2017-18.
The ICICI Bank subsidiary had reported a net profit of Rs 408.24 crore in the same quarter of 2016-17.
In view of the seasonality of industry, the financial results of the quarter are not indicative of full year's expected performance, the company said in a regulatory filing.
Total income (consolidated) plunged by over 49 per cent to Rs 7,136.87 crore in the last quarter of 2017-18, from Rs 14,117.14 crore in year ago same period.
For the full year, net profit declined to Rs 1,619.17 crore in 2017-18 from Rs 1,681.66 crore in 2016-17.
Income, however, grew to Rs 38,217.43 crore in 2017-18 from Rs 37,193.04 crore in the preceding fiscal.
Commenting on the performance, Sandeep Batra, the Executive Director ICICI Prudential Life, said, "The company registered a robust and well-rounded performance on all parameters."
The board of directors declared an interim dividend of Rs 3.40 per share, including a special dividend of Rs 1.10 per share.
"Further, the board of directors has recommended a final dividend of Rs 3.30 per equity, including special dividend of Rs 1.10 for the year ended March 31, 2018. The declaration and payment of final dividend is subject to requisite approvals," ICICI Prudential Life said.
Among other key metrices, the company said the profitability of new business written, as measured in the value of new business (VNB) increased 93.1 per cent to Rs 1,286 crore in 2017-18 from Rs 666 crore in 2016-17.
"This robust growth is attributable to the growth in both savings and protection APE (annulised premium equivalent) as well as the improvements in persistency and cost efficiency," the company said.
APE is a measure of new business written by a life insurance company.
Embedded value (EV) rose by 16.1 per cent to Rs 18,788 crore as on March 31, 2018, from Rs 16,184 crore at end of March 2017.
EV is the current net worth of the company plus the present value of all future profits to shareholders from the existing book of the Company (including new business written in the year).
Shares of the company closed 7.09 per cent higher at Rs 415.95 apiece on BSE.
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