ICICI Prudential Life Insurance Company Ltd posts consolidated PAT of Rs. 302.46 crore in Q2FY21

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

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.16835.36 crores during the period ended September 30, 2020 as compared to Rs.19057.42 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.302.46 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.286.86 crores for the period ended June 30, 2020.

The company has reported EPS of Rs.2.10 for the period ended September 30, 2020 as compared to Rs.2 for the period ended June 30, 2020.

Financials	Q2 FY20-21	Q1 FY20-21	% Change
Total Income	₹ 16835.36 crs	₹ 19057.42 crs	-11.66%
Net Profit	₹ 302.46 crs	₹ 286.86 crs	5.44%
EPS	₹ 2.10	₹ 2	5%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.16835.36 crores during the period ended September 30, 2020 as compared to Rs.8209.08 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.302.46 crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.301.84 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.2.10 for the period ended September 30, 2020 as compared to Rs.2.10 for the period ended September 30, 2019.

Financials	Q2 FY20-21	Q2 FY19-20	% Change
Total Income	₹ 16835.36 crs	₹ 8209.08 crs	105.08%
Net Profit	₹ 302.46 crs	₹ 301.84 crs	0.21%
EPS	₹ 2.10	₹ 2.10	0%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.35892.78 crores during the 6 months period ended September 30, 2020 as compared to Rs.16641.17 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.589.32 crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.586.48 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.4.10 for the 6 months period ended September 30, 2020 as compared to Rs.4.08 for the 6 months period ended September 30, 2019.

Financials	Half-Year Ended FY20-21	Half-Year Ended FY19-20	% Change
Total Income	₹ 35892.78 crs	₹ 16641.17 crs	115.69%
Net Profit	₹ 589.32 crs	₹ 586.48 crs	0.48%
EPS	₹ 4.10	₹4.08	0.49%

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, "We had a strong VNB performance for the quarter with the margin improving from 21.1% for Q2-FY2020 to 27.4% for Q2-FY2021. This was supported by a market leading protection performance, with the protection mix for H1-FY2021 at 19.5% compared to 14.8% for H1-FY2020.

With the economy gradually opening up post lockdown, we are 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% year-on-year for the quarter. Annuity products too registered a robust growth of 73% year-on-year for the quarter. The unit-linked business has shown a strong sequential improvement with Q2-FY2021 nearly doubling over Q1-FY2021.

As part of our strategy to deepen and widen distribution, we forged new strategic partnerships with IndusInd Bank and NSDL Payments Bank. To fulfill our vision of securing the protection and long-term savings needs of Indian families, we will continue to expand and be present across platforms and geographies.

Sensitivity on claims management is critical in these uncertain times. We continue to improve upon our industry leading benchmark on turn-around time for claims with the average number of days for non-investigated claims at 1.4 days for H1-FY2021.

During this period, our world-class digitalisation solutions have helped our customers and distribution partners effectively replace the physical handshake with a virtual one. During the half year, over 90% of all service transactions were conducted by customers in selfhelp mode and renewal collections through digital mode increased to 80%. To enhance safety, we have begun conducting video-based medical underwriting, while our chatbot LiGo, is helping customers access their policy information through simple voice commands from the comfort of their homes."

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.413.5 as compared to the previous close of Rs. 404.75. The total number of shares traded during the day was 80553 in over 3513 trades.

The stock hit an intraday high of Rs. 414.9 and intraday low of 404.3. The net turnover during the day was Rs. 33070902.

Source : Equity Bulls

Keywords