Private sector ICICI Bank today said its life insurance subsidiary -- ICICI Prudential Life Insurance Company (ICICI Life) -- has clocked a profit after tax (PAT) for FY11 at Rs 808 crore as against Rs 258 crore in the previous fiscal.
Assets increased by 19% to Rs 68,150 crore as on March 31, 2011, from Rs 57,318 crore in the year-ago period, the bank said in a press release issued here.
The other subsidiary, ICICI Lombard General Insurance Company (ICICI General) has clocked a loss of Rs 80 crore in 2010-11.
"The company has provided Rs 272 crore during Q4 2011 towards additional motor pool losses pursuant to the IRDA order of March 12, 2011. After taking the same into account, ICICI General reported a loss of Rs 80 crore," it said.
Its gross premium income in FY11 increased 28% to Rs 4,408 crore from Rs 3,431 crore in the year-ago period.
A majority of other subsidiaries, including ICICI Securities, the asset management company and international subsidiaries in Canada and the UK had a flat year in FY11, the bank said.
Profit from the AMC was at Rs 72 crore, while ICICI Securities' profit was at Rs 110 crore, it said. Its Canadian subsidiary's profit was at Canadian dollar 33 million, while the profit from the UK subsidiary stood at $37 million, it said.
The bank's Chief Executive and Managing Director, Chanda Kochhar, said international subsidiaries accounted for around 25% of the bank's overall business in FY11 and it will keep it in the 22-25% range for the ongoing FY12.