ICICI Pru Life profit up 3-fold at Rs 808 cr

Private insurance company ICICI Prudential Life today reported an over three-fold jump in net profit at Rs 808 crore for the financial year ended March 31, 2011, helped by cost control exercise and client persistency.

During the fiscal, the company's new business premium income grew by 24% to Rs 7,862 crore. Total premium income was Rs 17,881 crore, a rise of over 8%.

"Effective cost and persistency management as well as commitment to growing profitably has enabled us to report profits for the second consecutive year. Effective use of technology was a key catalyst in ensuring profitable growth and helped us deliver a better product proposition to customers," ICICI Prudential Life MD & CEO Sandeep Bakhshi said.

The company's assets under management (AUM) increased by over 19% in FY'11 to Rs 68,150 crore. This includes an equity corpus of Rs 43,325 crore.

"We have delivered strong results despite the structural changes witnessed in the industry on account of the new regulatory norms," he said.

The key drivers of delivering this profitability have been continued focus on expenses and persistency, ICICI Pru said in a statement.