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ICICI Prudential Life Insurance Q4 net profit surges 189.5%

ICICI Prudential Life Insurance Q4 net profit surges 189.5%

ICICI Prudential Lifestyle Insurance coverage described a 189.5 for each cent surge in its web revenue for the fourth quarter of the fiscal 2021-22 at ₹184.67 crore compared to ₹63.78 crore a calendar year in the past.

For the quarter ended March 31, 2022, its net premium money fell 4.4 per cent to ₹11,358.91 crore as versus ₹11,879.28 crore in the corresponding quarter in the prior fiscal.

Having said that, for the comprehensive fiscal 2021-22, the private sector existence insurance company recorded a 21.4 for each cent dip in its web gain to ₹754.13 crore from ₹960.15 crore in 2020-21.

VNB grows 33 for every cent

In a assertion on Saturday, the insurer reported its worth of new small business (VNB) grew 33 for every cent yr on year in 2021-22. The VNB margin expanded to 28 for every cent and absolute VNB stood at ₹2,163 crore.

The company’s 13th thirty day period persistency ratio enhanced to 85.7 per cent in 2021-22 from 84.8 per cent in 2020-21.

The solvency ratio for 2021-22 stood at 204.5 per cent, as versus the regulatory prerequisite of 150 per cent.

NS Kannan, Controlling Director and CEO, ICICI Prudential Lifestyle Insurance coverage mentioned, “Despite the disruptions caused by the third wave of Covid-19, which impacted productiveness in January and February, we had been capable to display resilience in our operations. In March, we posted the most effective at any time month-to-month revenue by the business in any year because inception.”

The insurer’s statements and benefit payouts improved by 29.7 percent to ₹29,359 crore in 2021-22 from ₹22,641 crore in 2020-21 primarily on account of raise in surrenders and withdrawals and demise promises. The business experienced Covid-19 promises (web of reinsurance) of ₹1,017 crore.

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April 16, 2022