ICICI Pru Life profit falls 69% to Rs 2.82 billion in June quarter of FY19

ICICI Prudential Life insurance has seen its net profit fall by 69 per cent for the quarter ended 30 June 2018 to Rs 2.82 billion from Rs 4.06 billion in the same quarter last year. The company’s management said they are performing against the base effect experienced during the first quarter of FY18 due to the economy reviving after demonetisation.

Total premium revenue grew by 13 per cent during the first quarter of FY19 to Rs 55.18 billion compared to Rs 48.8 billion in Q1 of FY18.

“We plan to expand the retail business through a multi-channel network, customer-centric products