ICICI Prudential Life Insurance has posted a net profit of Rs 285 crore for the three months ended June, which indicat5es almost flat growth as compared to the year-ago period. ICICI Prudential Life Insurance had a net profit of Rs 282 crore in 2018 June quarter.
Total income (premium, investment and other) rose 5% to Rs 8,319 crore in the first quarter of the current fiscal as against Rs 7,920 crore in the same period a year ago, according to a regulatory filing. “Value of new business (VNB) for Q1FY20 was Rs 309 crore. With an annualised premium equivalent (APE) of Rs 1,470 crore for the quarter, VNB margin was 21% for the quarter as compared to 17% a year ago. The increase in VNB margin is primarily on account of increase in protection mix,” it said.
The company said it has strong focus on improving the quality of business and customer retention. “We believe our customer centric approach and digitalisation initiatives, coupled with the growing needs of protection, savings and retirement for the country’s young working population will continue to drive growth for us,” said N S Kannan, MD and CEO of ICICI Prudential Life.
