ICICI Pru Life net profit jumps over 2 fold to Rs 185 cr in March quarter

ICICI Prudential Life Insurance on Saturday posted over two-fold jump in its net profit to Rs 185 crore for the January-March quarter on account of robust growth in new business. The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing. For the full year 2021-22, the company's net profit declined to Rs 754 crore from Rs 960 crore for the year ended in March 2021, it said. Value of new business (VNB) for FY2022 was Rs 2,163 crore, a growth of 33.4 per cent over FY2021. This was led by a robust growth of 25 per cent in new business sum assured and 20 per cent in Annualised Premium Equivalent for the same period, the company said. VNB is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders at the time of writing of the new business contract. It is also referred to a new business profit (NBP). The company has a well-diversif

from Companies https://ift.tt/zjVSmZ5
via IFTTT