ICICI Prudential Life Insurance Q4 consolidated net profit declines 65%

Insurance major ICICI Prudential Life Insurance Company on Monday reported 65% decrease in consolidated net profit at Rs 63 crore for the quarter ending March 31, 2021. It was Rs 179 crore in the year-ago period. 

“The value of new business for the fourth quarter of 2020-21 grew by 26 per cent and stood at Rs 591 crore. This resulted in value of new business (VNB) of Rs 1,621 crore for 2020-21 with an expansion in VNB margin from 21.7 per cent in 2019-20 to 25.1 per cent in 2020-21,” said ICICI Prudential Life Insurance in a statement on Monday.

For the quarter ended March 31, 2021, its net premium income increased by 13.4 per cent to Rs 11,879.28 crore against Rs 10,475.12 crore in the corresponding quarter in the previous fiscal.

For the full year 2020-21, its net profit fell by 10.16 per cent to ₹960.15 crore against ₹1,068.75 crore in 2019-20.

N S Kannan, MD & CEO, ICICI Prudential Life Insurance said; “Despite the disruptions caused by Covid-19, we were able to demonstrate resilience in our operations. In this quarter, APE grew by 27% year-on-year with the month of March posting the best ever monthly sales for the Company in any year since inception."

"We were able to capitalise on opportunities to build a well diversified product portfolio, on the back of 114.1% and 214.7% year-on-year growth in the traditional savings and annuity product segments respectively in Q4-FY2021. The strong performance was driven in equal measure by over 100 valuable partnerships forged this year, as part of our strategy to

deepen and widen distribution," added Kannan. 

As on March 31, 2021, the company's AUM grew 40% to Rs 2.14 trillion.

The company's Board of directors recommended final dividend of Rs 2 per equity share of face value of Rs 10 each.

The final dividend shall be paid to the eligible members within 30 days from the declaration at the ensuing Annual General Meeting of the company.

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs 452.25 as compared to the previous close of Rs 451.8. 

On Monday, the stock hit an intraday high of Rs 454.25 and intraday low of Rs 438.55.