ICICI Prudential Life Insurance reported a 64.5 per cent drop in net profit for the fourth quarter of 2020-21 at ₹63.8 crore compared to ₹179.49 crore in the same period in 2019-20.
For the full year 2020-21, its net profit fell by 10.16 per cent to ₹960.15 crore against ₹1,068.75 crore in 2019-20.
“The value of new business for the fourth quarter of 2020-21 grew by 26 per cent and stood at ₹591 crore. This resulted in value of new business (VNB) of ₹1,621 crore for 2020-21 with an expansion in VNB margin from 21.7 per cent in 2019-20 to 25.1 per cent in 2020-21,” said ICICI Prudential Life Insurance in a statement on Monday.
For the quarter ended March 31, 2021, its net premium income increased by 13.4 per cent to ₹11,879.28 crore against ₹10,475.12 crore in the corresponding quarter in the previous fiscal.
Its 13th month persistency ratio was 86.1 per cent as on March 31, 2021, against 89.2 per cent as on March 31, 2020. The solvency ratio stood at 217 per cent on March 31, 2021, well above the regulatory requirement of 150 per cent.
The board has approved a final dividend of ₹2 per equity share for 2020-21.