While premiums for its new business saw a 7% increase, ICICI Prudential Life Insurance Company reported a 55% drop in net profit for the September quarter.
As compared to the same period last year, the net profit was Rs 199.5 crore as against Rs 445 crore. For the quarter, new business premium increased by 7.3% to Rs 4,253 crore from Rs 3,963 crore.
For the second quarter of fiscal 2020, the annual premium equivalent (APE) increased 32% sequentially.
New business premium rose by 13.9% YoY to Rs 7,359 crore in the first half.
Value of new business (VNB), an important indicator of profitability, rose 25% in the first half to Rs.1,092 crore, and VNB margin increased to 31% from 27.3% in H1 FY22, according to the company.
All group stability ratios have improved, according to the insurer. The thirteenth month rate, a measure of business quality, was 85.9% for the first half of fiscal year 2023, an increase of 80 basis points over the first half of fiscal year 2022.
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