ICICI Prudential Life on Saturday reported Rs 156 crore net profit in the April-June quarter of this financial year amid a moderating trend in the pandemic-related claims and provisions.
The company had reported a net loss of Rs 186 crore in the year-ago quarter.
Assets under management grew 3.1 per cent to Rs 2,30,072 crore.
The persistency ratios, which is a measure of customer trust and the quality of its business, have improved across all cohorts and the key 13th month ratio stood at 85.5 per cent, a company statement said.
NS Kannan, the managing director & chief executive ICICI Prudential Life said, the overall numbers show that the company’s 4P strategy of premium growth, protection focus, persistency improvement and productivity enhancement, are performing as planned and the company is on track to meet the target set in FY19 to double the value of new business (VNB) in this fiscal year.
Kannan further said that the company’s efforts to reach out to the under-served customer segments and expansion in the distribution footprint have enabled it to maintain its position as a market leader on new business sum assured that grew close to 25 per cent, and gave the company a market leadership with 15.8 per cent share in the first quarter of this fiscal.
He said profitability was primarily driven by the moderating trend in the pandemic-related claims and provisions, and he sees the country is in the tail-end of the pandemic.
He welcomed the growth target set by the regulator, the Insurance Regulatory and Development Authority of India (IRDAI), to increase insurance penetration by doubling sales, saying it will usher in a sustainable growth for the industry. PTI BEN DRR
