ICICI Prudential Life Insurance Co. posted a loss in the quarter ended June amid rising claims during the Covid-19 pandemic.
The private insurer’s loss stood at Rs 185.29 crore against a profit of Rs 62.51 crore three months ago. That compares with the Rs 291.76-crore profit estimate of analysts tracked by Bloomberg.
Revenue fell 15% sequentially to Rs 16,724.05 crore. Analysts’ estimates compiled by Bloomberg projected the metric at Rs 12,642.67 crore.
The company reported an operating loss of Rs 215.36 crore compared with Rs 112.4-crore profit a quarter ago.
Ebidta margin stood at -1.3% against the estimated 3.4%. The metric was 0.6% in the quarter ended March.
Earnings per share stood at Rs -1.29 apiece against the estimated Rs 2.7. It was Rs 0.44 in the quarter ended March.
Net premiums earned fell sequentially 44% to Rs 6,601.85 crore.
Persistency ratios by premium for the 13th, 25th, 37th, 49th and 61st months have improved on sequentially and year-on-year basis, at 86.6%, 77.6%, 70%, 65.9% and 59.9%, respectively.
Solvency ratio for the quarter ended June is 193.7%—compared with 216.8% in the three months through March.