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ICICI Prudential Life Insurance saw a 1.2% rise in net profit for the quarter ended June 30, 2019, with a healthy rise in the value of new business premium.
Shares of the company soared 4% intraday and are now trading 0.5% higher.
The private sector insurer’s net profit grew to Rs284.94cr in Q1FY20 vs. Rs281.64cr yoy.
Further, for the quarter ended June 30, 2019, the value of new business increased by 27% to Rs309cr crore from Rs244cr a year ago.
The total premium also grew by 14.7% yoy to Rs6,329cr in the first quarter of the fiscal vs. Rs5,518cr a year ago.
The 13th month persistency was also flat at 84.4% as on June 30, 2019 vs. 84.6% in the corresponding period last year.