Private life insurer ICICI Prudential Life on Tuesday reported a marginal 0.9 per cent increase in its profit after tax to Rs 288 crore for the quarter ending June.
The company had reported a net profit of Rs 285 crore in the same period last year.
"We have seen a growth in the renewal premium despite the challenges we have seen in the environment. We also had a good amount of cost-cutting measures starting in the middle of March," the company's managing director and CEO N S Kannan said.
It posted a 13.1 per cent growth in annuity new business premium and a 14.2 per cent growth in traditional long-term savings business during the first quarter of FY2021, over the same quarter of last year.
The company said the challenges brought about by the pandemic had an impact on new business premium during the quarter, which decreased to Rs 1,499 crore during April-June 2020 from Rs 2,226 crore in the same quarter of the previous fiscal.
The annuity new business premium registered a growth of 13.1 per cent to Rs 216 crore during the reporting quarter from Rs 191 crore last year.
Annualized Premium Equivalent (APE) declined by 44 per cent to Rs 823 crore from Rs 1,470 crore.
With Rs 214 crore in the April-June quarter, the protection annualized premium equivalent (APE) maintained a consistent performance. The protection mix improved to 26 per cent of APE for the quarter.
The overall cost ratio cost/total weighted received premium (TWRP) improved to 14.8 per cent in April-June.
Solvency ratio for the quarter stood at 205 per cent, well above the regulatory requirement of 150 per cent.
Its assets under management grew by 3.6 per cent to Rs 1.7 lakh crore for the quarter ended June 2020.
The company received 69 claims related to COVID-19.
The company's scrip ended 1.63 per cent up at Rs 443.30 on BSE on Tuesday.
