ICICI Prudential Life Q1 Results: Posts Loss Amid Rising Covid-19 Claims


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.

Continue Reading. Read more on Markets by BloombergQuint.


Leave a Reply