ICICI Prudential Life Insurance Company Ltd reports Q3FY21 consolidated PAT of Rs. 304.30 crore

ICICI Prudential Life Insurance Company Ltd has reported financial results for the period ended December 31, 2020.

Financial Results (Q3 FY20-21) - QoQ Comparison

The company has reported total income of Rs.28547.80 crores during the period ended December 31, 2020 as compared to Rs.16835.36 crores during the period ended September 30, 2020.

The company has posted net profit / (loss) of Rs.304.30 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.302.46 crores for the period ended September 30, 2020.

The company has reported EPS of Rs.2.12 for the period ended December 31, 2020 as compared to Rs.2.10 for the period ended September 30, 2020.

Financials	Q3 FY20-21	Q2 FY20-21	% Change
Total Income	₹ 28547.80 crs	₹ 16835.36 crs	69.57%
Net Profit	₹ 304.30 crs	₹ 302.46 crs	0.61%
EPS	₹ 2.12	₹ 2.10	0.95%

Financial Results (Q3 FY20-21) - YoY Comparison

The company has reported total income of Rs.28547.80 crores during the period ended December 31, 2020 as compared to Rs.12946.62 crores during the period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.304.30 crores for the period ended December 31, 2020 as against net profit / (loss) of Rs.301.77 crores for the period ended December 31, 2019.

The company has reported EPS of Rs.2.12 for the period ended December 31, 2020 as compared to Rs.2.10 for the period ended December 31, 2019.

Financials	Q3 FY20-21	Q3 FY19-20	% Change
Total Income	₹ 28547.80 crs	₹ 12946.62 crs	120.5%
Net Profit	₹ 304.30 crs	₹ 301.77 crs	0.84%
EPS	₹ 2.12	₹ 2.10	0.95%

Financial Results (9 Months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.64440.59 crores during the 9 months period ended December 31, 2020 as compared to Rs.29587.78 crores during the 9 months period ended December 31, 2019.

The company has posted net profit / (loss) of Rs.893.64 crores for the 9 months period ended December 31, 2020 as against net profit / (loss) of Rs.888.25 crores for the 9 months period ended December 31, 2019.

The company has reported EPS of Rs.6.22 for the 9 months period ended December 31, 2020 as compared to Rs.6.18 for the 9 months period ended December 31, 2019.

Financials	9 Months ended FY20-21	9 Months ended FY19-20	% Change
Total Income	₹ 64440.59 crs	₹ 29587.78 crs	117.79%
Net Profit	₹ 893.64 crs	₹ 888.25 crs	0.61%
EPS	₹ 6.22	₹6.18	0.65%

Mr. N S Kannan, MD & CEO, ICICI Prudential Life Insurance said, "We had a strong VNB performance with the margin improving from 21.0% for 9M-FY2020 to 26.0% for 9MFY2021. As we progressed through the pandemic, our focus has been to put in place the building blocks for future growth. Our resilient Balance Sheet provides a strong foundation with zero NPAs since inception, robust risk management strategies and a strong solvency ratio of 226%.

Our product strategy is helping us capitalize on opportunities in the emerging environment without compromising on risk management. During the quarter, traditional long-term savings products grew by 36% year-on-year and annuity products registered a robust growth of 125% year-on-year. Our market leading protection performance has helped us increase the protection mix from 14.1% for 9M-FY2020 to 17.8% for 9M-FY2021. Our diversified product mix has the ability to deal with cycles and is better placed for growth.

We continue to invest in distribution expansion through new partnerships, new agents and the emerging ecosystem, resulting in a diversified distribution network with increasing relevance of new channels. Our recent tie-ups with AU Small Finance Bank and RBL Bank will help improve our disribution footprint across the country.

During the quarter we crossed a historic milestone of Rs. 2 lakh crore in Assets under Management, which is an outcome of the growth in new business, strong persistency, lower surrenders and robust fund management. It also reflects the strong customer franchise we have built over the last 20 years."

Shares of ICICI Prudential Life Insurance Company Ltd was last trading in BSE at Rs.499.35 as compared to the previous close of Rs. 502. The total number of shares traded during the day was 111774 in over 7029 trades.

The stock hit an intraday high of Rs. 506.55 and intraday low of 497.5. The net turnover during the day was Rs. 55973940.

Source : Equity Bulls

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