ICICI Pru Life reports Q1 net profit at Rs 285 cr

New Delhi: ICICI Prudential Life Insurance reported a net profit of Rs 285 crore for the three months ended June, almost flat growth compared to the year-ago period.

The private sector life insurer had a net profit of Rs 282 crore in 2018 June quarter.

Total income (premium, investment and other) rose 5 per cent to Rs 8,319 crore in the first quarter of the current fiscal as against Rs 7,920 crore in the same period a year ago, according to a regulatory filing.

"Value of new business (VNB) for Q1FY20 was Rs 309 crore. With an annualised premium equivalent (APE) of Rs 1,470 crore for the quarter, VNB margin was 21 per cent for the quarter as compared to 17 per cent a year ago. The increase in VNB margin is primarily on account of increase in protection mix," it said.

The company said it has strong focus on improving the quality of business and customer retention.

"We believe our customer centric approach and digitalisation initiatives, coupled with the growing needs of protection, savings and retirement for the country's young working population will continue to drive growth for us," said N S Kannan, MD and CEO of ICICI Prudential Life.

Assets under management rose 15 per cent to Rs 1.64 lakh crore as on June 30, 2019.

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