ICICI Pru Life Q2 net declines 55% to ₹199 cr
- The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore.
- However, total income decreased by 2.4 per cent to ₹ 226.42 crore.
- The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore.
The net premium earned by the private sector insurer during July-September 2022-23 was up at ₹ 95.82 crore as against ₹ 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing.
However, total income decreased by 2.4 per cent to ₹ 226.42 crore from ₹ 231.88 crore in the year-ago period, mainly because of fall in investment income.
The investment income in Q2FY23 was down by 6.1 per cent to ₹130.22 crore from ₹ 138.74 crore in Q2FY22. The decrease in investment income is primarily on account of the decrease in market value of the securities held, the company said.
The value of new business (
The company said its persistency ratios improved across all cohorts with the 13th month ratio, which is representative of the quality of business, standing at 85.9 per cent for H1-FY23, an improvement of 80 bps from year ago period.
"On the back of this strong VNB growth and with a favourable premium base for the coming months, we believe we are on track to achieve our objective of doubling our FY2019 VNB by the end of this fiscal year," N S Kannan, MD & CEO, ICICI Prudential Life Insurance said.
He said the two focus areas of annuity and protection, which represent underserved needs of the country, have also done well in the period.
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