Tag: ICICI Prudential Life

ICICI Prudential Life Insurance reported a 46.6 per cent jump in its net profit for the second quarter of the fiscal, aided by robust growth in premium income.

For the quarter-ended September 30, 2021, the private sector life insurer posted a net profit of ₹444.57 crore as against a net profit of ₹303.22 crore in the same period last fiscal.

Net premium income increased by 8.33 per cent to ₹9,286.53 crore in the second quarter of the fiscal from ₹8,572.19 crore a year ago.

Net income from investments surged by 70.4 per cent on a year-on-year basis to ₹13,545.83 crore in the July-September 2021 quarter.

Claims and benefits

Claims and benefits paid in the second quarter of the fiscal amounted to ₹8,022 crore compared to ₹5,668 crore in the first quarter of the fiscal and ₹4,909 crore in the second quarter of 2020-21.

“Claims and benefit payouts increased by 82.4 per cent from ₹7,504 crore in the first half of 2020-21 to ₹13,690 crore in the first half this fiscal primarily on account of increase in surrender and withdrawals and death claims. The company had Covid-19 claims (net of reinsurance) of ₹862 crore,” ICICI Prudential Life Insurance said in a statement on Tuesday.

The insurer’s solvency ratio was 199.9 per cent as on September 30, 2021 versus 193.7 per cent as on June 30, 2021 and 205.5 per cent as on September 30, 2020.

Its 13th month persistency ratio was 81.3 per cent as on September 30, 2021 versus 80.5 per cent a year ago.

NS Kannan, Managing Director and CEO, ICICI Prudential Life Insurance said, “The improvement in the pandemic situation with each passing month, increased consumer awareness on the need for life insurance and our suite of customer-centric products have enabled us to grow new business by 62 per cent sequentially this quarter. Significantly, we posted our best ever September on monthly sales for any year since inception, aided by our well-diversified product and distribution channel mix.”