ICICI Prudential Life Insurance Company Ltd. expects its growth to continue after it rebounded in the quarter ended September.
The annualised premium equivalent, used to assess life insurance revenues, rose 6 percent in the July-September period, Managing Director and Chief Executive Officer NS Kannan said. “It had declined 18 percent year-on-year in the first quarter,” he told BloombergQuint in an interaction. “We now expect to maintain this momentum on a yearly basis as well as on a year-to-date basis.”
Key earnings highlights (Q2, Year-On-Year):
- Net premium income rose 16 percent to Rs 7,601 crore.
- Net profit down 29 percent to Rs 301 crore.
- 13-month persistency ratio down 82.7 percent versus 83.5 percent.
- 61-month persistency ratio up 58.7 percent versus 54.4 percent.
Other Highlights
- Value of new business rose 41 percent on a yearly basis to Rs 590 crore.
- Persistency has been the key metrics for sales.
- Market share has been 11-12 percent.
- Market share was around 11.4 percent in the first six months.
Watch the full conversation here:
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