ICICI Prudential Life jumps after good Q1 results

ICICI Prudential Life Insurance Company gained 5.87% to Rs 404.75 at 12:10 IST on the BSE after net profit rose 1.2% to Rs 284.94 crore on 7.05% rise in total income to Rs 8576.25 crore in Q1 June 2019 over Q1 June 2018.

The announcement was made after market hours yesterday, 24 July 2019.

Meanwhile, the S&P BSE Sensex was down by 24.74 points or 0.07% to 37,807.21.

On the BSE, 5.09 lakh shares were traded in the counter so far compared with average daily volumes of 79000 shares in the past two weeks. The stock had hit a high of Rs 408.15 and a low of Rs 387.8 so far during the day. It hit a 52-week high of Rs 427.8 on 7 August 2018 and a 52-week low of Rs 277.95 on 4 February 2019.

The total premium registered a growth of 14.7% from Rs 5518 crore for Q1 June 2018 to Rs 6329 crore for Q1 June 2019. The annualised premium equivalent (APE) grew by 5.3% from Rs 1396 crore in Q1 June 2018 to Rs 1470 crore in Q1 June 2019.

NS Kannan, MD & CEO of ICICI Prudential Life, said, "The value of new business grew by 27% to Rs 309 crore for the first quarter of FY2020. We believe our customer centric approach and digitization initiatives, coupled with the growing needs of protection, savings and retirement for the country's young working population will continue to drive growth for us. Protection is an underserved segment in the country, our innovative product offerings in this segment has fuelled growth of the protection business by 88% resulting in a protection mix of 14.6% of the overall APE."

ICICI Prudential's Life Insurance assets under management (AUM) stood at around Rs 1.64 lakh crore for the first quarter of current financial year. Protection APE grew by 88% from Rs 114 crore in Q1 June 2018 to Rs 214 crore in Q1 June 2019. The share of protection business in APE increased from 8.2% in Q1 June 2018 to 14.6% in Q1 June 2019. The the 13th month persistency was 84.4% in Q1 June 2019. The 49th month persistency improved from 63.8% in FY2019 to 64.2% in Q1 June 2019.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank and Prudential Corporation Holdings. The company offers its customers a range of life insurance, health insurance and pension products and services.

Powered by Capital Market - Live News