ICICI Prudential Life Insurance today reported a 30.61 per cent year-on-year decline in standalone net profit at Rs 281.64 crore for the June quarter.
The company had reported a net profit of Rs 405.93 crore in the corresponding quarter last year.
Its total income for the April-June quarter stood at Rs 5,518 crore, against Rs 4,885 crore in the year-ago period, registering a growth of 13 per cent, a release said.
Company's managing director and chief executive officer NS Kannan said, "Our focus continues to be on growing absolute value of new business using the four-P strategy of focusing on premium growth, protection, persistency and productivity. This has yielded the desired outcome and we have been able to grow VNB (value of new business) with uncompromising focus on quality."
He further said that the under-penetration of life insurance in the country presents a great opportunity for customer centric insurers having a diversified distribution architecture like ICICI Prudential Life.
Among other key metrices, the company said the profitability of new business written, as measured in VNB, increased 34.1 per cent to Rs 244 crore in the June quarter, against Rs 182 crore in the corresponding period last year.
Also Read
"The VNB margin increased primarily on account of increase in protection mix," it said.
The company offers a range of products across protection and savings solutions to meet the specific needs of customers.
The protection annualised premium equivalent (APE) for the company recorded a 48.1 per cent growth in the June quarter to Rs 114 crore, against Rs 77 crore in the year-ago period, while the retail renewal premium grew by 29.1 per cent to Rs 3,625 crore.
The company's stock ended 2.73 per cent higher at Rs 385.30 apiece on the BSE today, against 0.29 per cent rise in the benchmark.
Disclaimer: No Business Standard Journalist was involved in creation of this content
