Private life insurance company ICICI Prudential Life Insurance posted a 16.6 percent year-on-year (YoY) drop in standalone net profit for the fourth quarter ended March 31, 2018, on account of an impact on investment income.
The net profit stood at Rs 340.58 crore for Q4FY18 as compared to Rs 408.42 crore in the same quarter of the previous fiscal.
There was a loss of Rs 1,613.38 crore in the income from investments (net of amortisation, and provision for diminution in value of investments) in Q4FY18 as compared to a gain of Rs 6,576.34 crore a year ago.
The life insurance company collected new business premiums of Rs 7,356.19 crore for the financial year 2017-18 (FY18), posting a growth of 16 percent over the previous fiscal.
The Board has approved a final dividend of Rs 3.30 per equity share (including a special dividend of Rs 1.10 per equity share) for H2 FY18. This is in addition to the interim dividend of Rs 3.40 per share already declared and paid, bringing the aggregate of total dividend to Rs 6.70 per share for FY18.
Persistency or the quality of renewals across all the different brackets saw an improvement. The 13th month persistency stood at 85.7 percent (by premium) as of Q4FY18 compared to 84.3 percent a year ago.
The annualised premium equivalent (APE) stood at Rs 7,792 crore for FY18, up by 17.6 percent from FY17.
The insurance company is a joint venture between ICICI Bank and UK-based Prudential Corporation Holdings.moneycontrol