ICICI Prudential Life Insurance today report flat growth in profit after tax (PAT) during the quarter ending December 31, at Rs 452.10 crore compared to the same period last year.
ICICI Prudential Life Insurance today report flat growth in profit after tax (PAT) during the quarter ending December 31, at Rs 452.10 crore compared to the same period last year. The private insurer’s PAT stood at Rs 450 crore in the corresponding quarter of FY17, the company said in a BSE filing. Its gross premium grew by 19.31 per cent to Rs 6,855.63 crore during the third quarter of FY18, compared to Rs 5,746 crore in the same period last year.
New business premium of the company grew to Rs 1,933.94 crore during the quarter ending December 31, against Rs 1,780.88 crore in the same quarter of 2016-17. The renewals went up during the quarter to Rs 4,539.03 crore from Rs 3,649.26 crore in the same period last year. Meanwhile, the value of new business (VNB) increased by 82.2 per cent to Rs 767 crore in nine month of FY18 from Rs 421 crore in the same period of 2016-17.
The VNB margin is based on actual cost for full year and management forecast of cost for nine months. Market share stood at 13.1 per cent on retail weighted received premium (RWRP) basis for nine months of 2017-18. The company’s 13th-month persistency stood at 86.7 per cent. ICICI Prudential Life was the first life insurance company to enter the stock markets in September 29, 2016. The company is a joint venture between ICICI Bank and Prudential Corporation Holdings, which is a part of an international financial services group headquartered in United Kingdom.