A vendor hols an Indian one hundred rupee banknote in Mumbai, India. (Dhiraj Singh/Bloomberg)

ICICI Prudential Life Insurance Expects Double-Digit Growth In Premium

ICICI Prudential Life Insurance Company Ltd. said its annual premium equivalent growth is satisfying even as its profit dipped more than 20 percent in the March-ended quarter.

“The fourth quarter numbers have been very satisfying for us,” the company’s Managing Director and Chief Executive Office NS Kannan told BloombergQuint. The company, he said, is back to “double-digit growth trajectory” after its annual premium equivalent grew 11 percent on a yearly basis.

The insurance company had registered a 4 percent decline on new business APE on an annual basis from April to December last year due to market volatility, Kannan said.

The company’s profit, however, fell 23.3 percent to Rs 261 crore in the fourth quarter of 2018-19, while its net premium income rose 16.2 percent to breach the Rs 10,000-crore mark at Rs 10,056 crore.

The company’s value from new business was at 17 percent in the March-ended quarter, while its protection business APE grew 62 percent year-on-year, which now constitutes over 20 percent of their new business premium.

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