ICICI Prudential Life Q1 profit flat at Rs 288 crore
Jul 21, 2020
Mumbai (Maharashtra) [India], July 21 : ICICI Prudential Life Insurance on Tuesday reported a flat net profit of Rs 288 crore in the quarter ended June as compared to Rs 285 crore in the year-ago period.
The value of the new business for Q1 FY21 was Rs 201 crore, showing a decline of 35 per cent on a year-on-year basis.
With the annualised premium equivalent (APE) was Rs 823 crore in Q1 compared to Rs 1,470 crore in the year-ago period, the value of new business margin was 24.4 per cent.
Total assets under management of the company were Rs 1.7 lakh crore on June 30 which makes it one of the largest fund managers in India.
The company's net worth was Rs 7,795 crore with solvency ratio at 205.1 per cent against the regulatory requirement of 150 per cent.
"The Covid-19 pandemic had an impact on the way consumers perceive life insurance and protection products have therefore seen increased demand," said Managing Director and CEO N S Kannan.
