ICICI Prudential Life Insurance Q2 net profit flat at Rs 302.46 crore

ICICI Prudential Life Insurance posted a flat net profit of Rs 302.46 crore for the September quarter (Q2).

The life insurer had a profit after tax of Rs 301.84 crore in the year-ago period.

The Value of New Business (VNB) for H1FY21 was Rs 606 crore. The private life insurer said the annualised premium equivalent stood at Rs 2,288 crore for the first half of FY21.

Due to this, the VNB margin was 26.3 percent for H1FY21 as compared to 21 percent for H1FY20. The increase in VNB margin is primarily on account of increase in protection mix and growth in non-linked savings, said ICICI Prudential Life Insurance in a statement.

N S Kannan, MD & CEO, ICICI Prudential Life Insurance said that with the economy gradually opening up post lockdown, the company is starting to see positive trends emerge.

"On the back of risk averse behaviour of customers, we saw considerable interest for traditional long-term savings products which grew by 45 percent year-on-year for the quarter," he said.

Kannan added that annuity products too registered a growth of 73 percent year-on-year for the quarter.