 "ICICI Prudential Life reports first quarter loss at Rs 186 crore")
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ICICI Prudential Life Insurance Company on Tuesday reported a net loss of Rs 185.73 crore for June quarter 2021-22.
The company had posted a net profit of Rs 287.59 crore in the year-ago period. In the previous quarter (January-March 2021), the insurer reported a profit of Rs 63.78 crore.
Total income was down at Rs 16,724.05 crore in the quarter under review as against Rs 19,057.42 crore in the year-ago period, ICICI Prudential said in a regulatory filing.
Of this, the net premium income was Rs 6,601.85 crore as against Rs 5,551.07 crore.
The company said it had COVID-19 claims of Rs 500 crore (net of reinsurance) for June quarter 2021-22.
Provisions of Rs 498 crore have been held for future COVID-19 claims including IBNR (incurred but not reported) provisions, it added.
ICICI Prudential stock settled at Rs 604.85 on BSE, down 3.39 per cent from the previous close.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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