19 Jan 2022 , 02:30 PM
ICICI Prudential Life Insurance stock was under pressure on Wednesday after the insurer’s standalone net profit drops in December 2021 (Q3FY22) quarter to Rs311cr compared to Rs306cr in the same quarter last year and Rs445cr of the preceding quarter.
The insurer’s net premium earned stood at Rs9,074cr in Q3FY22 higher from Rs8,971cr of Q3FY21 but declined against Rs9,286cr of Q2FY22.
For the nine months of FY22, ICICI Prudential stated that the company delivered another strong quarterly performance leading to 35% year-on-year growth in the Value of New Business (VNB) for 9M-FY2022. The VNB, representing profitability, grew from Rs10.30 billion in 9M-FY2021 to Rs13.88 billion in 9MFY2022. This was led by robust growth of 30% in New Business Premium for the same period.
During 9M-FY2022, the Annuity business grew by 75% year-on-year and constituted 20% of the overall New Business Premium. Similarly, the protection business constituted 28% of the overall New Business Premium. With this, the Protection and Annuity segments contributed almost half of the New Business Premium and both these segments are significantly under-penetrated.
N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, “We have maintained positive momentum in business and profitability, and have registered a strong year-on-year growth of 35% in the Value of New Business for 9M-FY2022. Given the environment, financial security for self and family including retirement planning has assumed greater significance with the growth of 30% in New Business Premium for 9MFY2022. Further, almost half of our New Business Premium for 9M-FY2022 has been contributed by the Protection and Annuity segments. With this strong performance and continued focus on the 4P strategy, we remain on track to achieve our aspiration of doubling the FY2019 VNB by FY2023.”
At around 2.27 pm, ICICI Prudential was trading at Rs575.60 per piece down by 5.25% on Sensex.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.