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ICICI Prudential Q1 profit flat at Rs 285 crore YoY

The Value of New Business grew by 27% to Rs.3.09 billion for the first quarter

, ET Bureau|
Jul 24, 2019, 08.02 PM IST
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Mumbai: ICICI Prudential’s net profit rose 1 per cent to Rs 285 crore in the June quarter, compared with Rs 282 crore in the corresponding quarter of the previous year on the back of growth in new business and strong margins growth. The insurer’s shares closed at Rs.382, down 0.3 per cent on Tuesday.

“Growing needs of protection, savings and retirement for the country’s youngworking population will continue to drive growth for us,” said N S Kannan, MD and CEO, ICICI Prudential said. “Protection is an underserved segment in the country, our innovative product offerings in this segment has fuelled growth of the protection business by 88% resulting in a protection mix of 14.6% of the overall APE.”

The Value of New Business grew by 27% to Rs.3.09 billion for the first quarter of FY20. The annualised premium equivalent (APE), or a measure of new businesses written by the company, grew by 5.3 per cent to Rs.1470 crore as against Rs.139 crore in this period. Asset under management grew 15 per cent to Rs.1.6 lakh crore

Total premiums grew 14.7 per cent in the reporting quarter to Rs.6329 crore as against Rs.5518 crore in the previous while the net premium earned grew 14.2 per cent to Rs.208 crore from Rs.438 crore.

The company’s 13th month persistency ratio- measured in terms of number of policies and premiums underwritten, remained stable at 84.4% while the 61th month was at 57.3%.
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