Net profit was down to Rs 301 crore from Rs 421 crore in the corresponding quarter in 2017.
The company's net profit in the same quarter of 2017-18 was at Rs 421 crore.
Mumbai: ICICI Prudential Life Insurance posted a 28.5 per cent decline in net profit during the quarter ended September 30, 2018. Net profit was down to Rs 301 crore from Rs 421 crore in the corresponding quarter in 2017. Net income is up 16 per cent while income from investment was down 56.35 per cent in the quarter.
Income from investments declined from Rs 2,812 crore in the quarter ended September 2017 to Rs 1,227 crore in the quarter ended September 2018 due to volatile market conditions.
“Despite volatile markets, opportunities in both savings and protection continue to be robust for life insurers,” said NS Kannan, MD & CEO, ICICI Prudential Life Insurance. “This underlines the long-term nature of the business.” The value of new business of the insurer grew by 41.5 per cent to Rs 590 crore for the quarter ended September 2018 from Rs 417 crore in the quarter ended September 2017. Embedded value of the business also increased by 11.8 per cent to Rs 19,248 crore from Rs 17,210 crore.
The insurer faced a marginal decline in 13th month persistency to 82.7 per cent for the quarter ended September 2018 compared to 83.5 per cent for the corresponding quarter in September 2017 but witnessed improvements in 49th month from 63 per cent to 64.3 per cent and 61st month persistency from 54.4 per cent to 58.7 per cent.