ICICI Prudential Life Insurance coverage on Tuesday reported a marginal rise in web revenue at Rs 303 crore for September quarter of the present fiscal yr.
The life insurer had posted a web revenue of Rs 302 crore throughout the same interval a yr in the past.
Complete earnings jumped to Rs 16,835.36 crore throughout July-September 2020-21 as in opposition to Rs 8,209.08 crore within the year-ago interval, it mentioned in a regulatory submitting.
Firm’s web premium earnings grew 6.2 per cent to Rs 8,572 crore as in opposition to Rs 8,065 crore. New enterprise premium rose 1.1 per cent to Rs 2,957 crore in the course of the quarter beneath overview.
ICICI Prudential mentioned the restoration in new enterprise premium helped it offset a few of the decline seen in June quarter as a result of impression of the pandemic.
Retail renewal premium was up 6.three per cent to Rs 5,473 crore from Rs 5,150 crore.
Worth to new enterprise (VNB)– a measure of profitability of latest enterprise in a interval —was up 0.three per cent to Rs 401 crore as in opposition to Rs 400 crore within the year-ago interval.
VNB is the current worth of all future income to shareholders measured on the time of writing of the brand new enterprise contract.
“We had a powerful VNB efficiency for the quarter with the margin bettering from 21.1 per cent for Q2-FY2020 to 27.four per cent for Q2-FY2021. This was supported by a market main safety efficiency, with the safety combine for H1-FY2021 at 19.5 per cent in comparison with 14.Eight per cent for H1-FY2020,” MD & CEO N S Kannan mentioned.
Kannan mentioned with the economic system steadily opening up submit lockdown, the insurer is beginning to see constructive developments.
“On the again of threat averse behaviour of consumers, we noticed appreciable curiosity for conventional long-term financial savings merchandise which grew 45 per cent year-on-year for the quarter. Annuity merchandise too registered a sturdy progress of 73 per cent year-on-year for the quarter. The unit-linked enterprise has proven a powerful sequential enchancment with Q2-FY2021 practically doubling over Q1-FY2021,” he added.
The solvency ratio was 205 per cent as on September 30, effectively above the regulatory requirement of 150 per cent. Belongings beneath administration stood at Rs 1,81,492 crore on the finish of second quarter , displaying a progress of 18.6 per cent over March 31, 2020, it mentioned.
ICICI Prudential Life inventory settled at Rs 412.45 on BSE, up 1.90 per cent from the earlier shut.
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