ICICI Pru Q2 profit rises marginally to Rs 419 crore

ICICI Prudential Life Insurance, which was recently listed, today posted a marginal increase in net profit at Rs 418.78 crore for the second quarter ended September 30.
The insurer had a net profit of Rs 414.98 crore in the corresponding quarter last fiscal, ICICI Prudential Life said in a statement.
The company had paid second interim dividend of Rs 1.75 per equity share (including special dividend of 0.65 per equity share) of face value of Rs 10 each for the second quarter.
Additionally, the company notes that henceforth the Board would consider dividend on a half-yearly basis, it said.
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ICICI Prudential Life Insurance executive director Sandeep Batra said the company's Retail Weighted Received Premium (RWRP) for first half was Rs 2,480 crore, a growth of 17.1 per cent, largely in line with the industry growth of 17.9 per cent.

"For the half year, our market share was 12.4 per cent and we continue to be the market leader in the private sector. For the half year, our product mix was 80.1 per cent unit linked, 12.0 per cent participating, 4.4 per cent protection and 3.4 per cent for other products," he said.
The embedded value as on September 30 was Rs 14,838 crore as compared Rs 13,939 crore as on March 31, 2016.

"We continue to stay focused on growth, especially of the protection business with a continued emphasis on the quality of the business with a view to improving profitability," he said.