ICICI Pru Life Q2 net flat at Rs 419 cr

New business premiums up 21% at Rs 1529 cr, persistency ratio at 78.6%, slightly down from 79.1% a year ago

Private life insurance company ICICI Prudential Life Insurance posted a 0.9 per cent rise in the net profit for the second quarter (Q2) ended September 30, 2016. The insurer posted a profit after tax of Rs 418.78 crore for Q2 of FY17 as compared to Rs 414.98 crore posted in same quarter previous fiscal.

The new business premiums for the company were up by 20.6 per cent and stood at Rs 1,528.98 crore at Q2. The net premium income stood at Rs 5,422.53 crore. The persistency ratio for the 13th month at 78.6 per cent for Q2 slightly down from 79.1 per cent in the same quarter last financial year.

The net worth of the company stood at Rs 5,837 crore as on September 30, 2016. The solvency ratio stood at 305.9 per cent for the insurer. The regulatory requirement is 150 per cent. The assets under management stood at Rs 1.12 lakh crore at the end of Q2 of the financial year 2016-17.

ICICI Prudential Life Insurance is the first life insurance company in the country to be listed on the stock exchanges. The have an overall market share of 12.4 per cent and private sector market share of 24.2 per cent based on retail weighted received premium.

An interim dividend of Rs 1.75 per equity share (including special dividend of Rs 0.65 per equity share) of face value of Rs 10 each for the quarter ended September 30, 2016.