An agent selling insurance products to customers. (Photographer: Brendon Thorne/Bloomberg)

Q2 Results: ICICI Prudential Life Insurance Expects Its Growth To Continue

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: