ICICI Prudential Life’s net profit up at Rs 450 crore

Chennai, Jan 24 (IANS) Private life insurer ICICI Prudential Life Insurance Company Ltd on Tuesday said it closed the third quarter with a net profit of Rs 450 crore.

In a regulatory filing with Bombay Stock Exchange (BSE) the life insurer said that it had posted a net profit of around Rs 450 crore for the quarter ended December 31, 2016 up from Rs 435 crore posted during the corresponding period of the previous year.

The company’s net premium earned for the quarter under review was Rs 5,697.51 crore up from Rs 4,419.67 crore logged during the corresponding quarter of the previous year.

According to ICICI Prudential Life, its 13 month persistency (policy renewal ratio) at the end of third quarter is 81.4 per cent up from 76.8 per cent for the corresponding period of the previous year.

However, the persistency ratio for the quarter under review has gone down as when compared to the immediately preceding quarter’s 84 per cent.

The solvency ratio as on December 31, 2016 was 294.3 per cent down from 319.7 per cent for the previous year’s corresponding period and 305.9 per cent at the end of immediately preceding quarter ended September 30, 2016.