ICICI Pru Life slips into red, logs Rs 186-crore loss in April-June quarter

Assets under management increased by 31.3 per cent to Rs 2.23 trillion at the end of the April-June quarter.

Private sector life insurer ICICI Prudential Insurance reported a net loss of Rs 186 crore in the April-June quarter of FY22 against a net profit of Rs 288 crore in the year-ago period.
 
This was due to higher claims and benefits outgo and provisions set aside for Covid-related claims. The insurer is carrying a provision of Rs 488.29 crore on its books for Covid-related claims.
 
It reported a 19 per cent growth in net premiums earned at Rs 6,602 crore in Q1 of FY22. However, its investment income was down 27 per cent to Rs 9,609 crore in