ICICI Prudential Life Insurance Company Ltd Q1FY21 consolidated net profit climbs to Rs. 286.86 crore

ICICI Prudential Life Insurance Company Ltd has reported financial results for the period ended June 30, 2020.

Financial Results (Q1 FY 2020-21) - QoQ Comparison

The company has reported total income of Rs.19057.42 crores during the period ended June 30, 2020 as compared to Rs.(7648.28) crores during the period ended March 31, 2020.

The company has posted net profit / (loss) of Rs.286.86 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.178.73 crores for the period ended March 31, 2020.

The company has reported EPS of Rs.2 for the period ended June 30, 2020 as compared to Rs.1.24 for the period ended March 31, 2020.

Financials	Q1 FY2020-21	Q4 FY19-20	% Change
Total Income	₹ 19057.42 crs	₹ (7648.28) crs	349.17%
Net Profit	₹ 286.86 crs	₹ 178.73 crs	60.5%
EPS	₹ 2	₹ 1.24	61.29%

Financial Results (Q1 FY 2020-21) - YoY Comparison

The company has reported total income of Rs.19057.42 crores during the period ended June 30, 2020 as compared to Rs.8432.09 crores during the period ended June 30, 2019.

The company has posted net profit / (loss) of Rs.286.86 crores for the period ended June 30, 2020 as against net profit / (loss) of Rs.284.64 crores for the period ended June 30, 2019.

The company has reported EPS of Rs.2 for the period ended June 30, 2020 as compared to Rs.1.98 for the period ended June 30, 2019.

Financials	Q1 FY2020-21	Q1 FY2019-20	% Change
Total Income	₹ 19057.42 crs	₹ 8432.09 crs	126.01%
Net Profit	₹ 286.86 crs	₹ 284.64 crs	0.78%
EPS	₹ 2	₹ 1.98	1.01%

- Value of New Business (VNB) for Q1-FY2021 was Rs. 2.01 billion. With an APE of Rs. 8.23 billion for the Q1-FY2021, VNB margin was 24.4% for Q1-FY2021 as compared to 21.7% for FY2020. The increase in VNB margin is primarily on account of increase in protection mix.

- The Company's profit after tax was Rs. 2.88 billion for the quarter ended June 30, 2020 as compared to Rs. 2.85 billion for the quarter ended June 30, 2019.

- Our APE was Rs. 8.23 billion for Q1-FY2021 as compared to Rs. 14.70 billion for Q1-FY2020. Our new business premium was Rs. 14.99 billion for Q1-FY2021 as compared to Rs. 22.26 billion for Q1-FY2020.

- The total assets under management of the Company was Rs. 1,700.06 billion at June 30, 2020 which makes it one of the largest fund managers in India. The Company had a debt-equity mix of 57%:43% at June 30, 2020. 94.3% of the debt investments are in AAA rated and government bonds.

- Company's net worth was Rs. 77.95 billion at June 30, 2020. The solvency ratio was 205.1% against regulatory requirement of 150%.

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.437 as compared to the previous close of Rs. 440. The total number of shares traded during the day was 128561 in over 4152 trades.

The stock hit an intraday high of Rs. 446.9 and intraday low of 434.3. The net turnover during the day was Rs. 56457226.

Source : Equity Bulls

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