ICICI Prudential Life Insurance reported a 46.6 percent jump in net income for the second quarter of the year, helped by robust growth in premium income.
For the quarter ended September 30, 2021, the private sector life insurer posted net profit of 444.57 crore compared to net profit of ₹ 303.22 crore in the same period last year.
Net premium income rose 8.33 percent to 9,286.53 crore in the second quarter of the fiscal year, from 8,572.19 crore a year ago.
Net investment income jumped 70.4% year-on-year to 13,545.83 crore in the July-September 2021 quarter.
Claims and benefits
Claims and benefits paid in the second quarter of the fiscal year were 8,022 crore, compared to 5,668 crore in the first quarter of the fiscal year and 4,909 crore in the second quarter of 2020-2021.
“Claims and benefit payments increased by 82.4%, from 7,504 crore in the first half of 2020-2021 to 13,690 crore in the first half of this fiscal year, mainly due to the increase in buybacks, withdrawals and death requests. The company had Covid-19 (net of reinsurance) claims of 862 crore, ”ICICI Prudential Life Insurance said in a statement on Tuesday.
The insurer’s solvency ratio was 199.9% as at September 30, 2021 compared to 193.7% as at June 30, 2021 and 205.5% as at September 30, 2020.
Her 13th month persistence rate was 81.3% as of September 30, 2021 compared to 80.5% a year ago.
NS Kannan, Managing Director and CEO of ICICI Prudential Life Insurance, said: “The improvement of the pandemic situation over the months, increased consumer awareness of the need for life insurance and our product line focused on the client have enabled us to develop new activities. 62 percent sequentially this quarter. Significantly, we posted our best September in monthly sales for any year since our inception, thanks to our well-diversified product line and distribution channels. “