ICICI Prudential Life Insurance's net profit crawls up 2 pc to Rs 302 crore

ICICI Prudential Life Insurance on Tuesday posted a net profit at Rs 302 crore on standalone basis during the third quarter of current financial year (Q3 FY20), up 1.9 per cent from Rs 297 crore in the corresponding period of the previous year.

The net earned premium moved to Rs 8,131 crore from Rs 7,483 crore in the same period.

On the other hand, the value of new business for the April to December period was Rs 1,135 crore, showing a year-on-year growth of 24.7 per cent while the annualised premium equivalent stood at Rs 5,407 crore, marking a 1.2 per cent year-on-year growth.

Savings annualised premium equivalent dipped by 4.9 per cent to Rs 4,643 crore while protection APE grew by 65.7 per cent to Rs 764 crore on a year-on-year basis.

The value of new business margin was at 21 per cent for the first nine months of FY20 compared to 17 per cent in FY19. The private life insurer said that increase was mainly on account of increase in protection mix.

"As articulated earlier, our aspiration is to double the FY19 value of new business in three to four years," said N S Kannan, Managing Director and CEO of ICICI Prudential Life.

"In that context, I am happy to report that we are on track and have been able to grow the value of new business by 25 per cent year-on-year to Rs 1,135 crore for 9M FY20," he said in a statement.

The total assets under management of ICICI Prudential Life Insurance were Rs 1.71 lakh crore on December 31, 2019, showing a 14.6 per cent year-on-year growth.