ICICI Prudential Life Q1 Results: Profits Rise But Miss Estimates

ICICI Prudential Life Insurance Co.’s first-quarter profit rose year-on-year; however, they missed estimates.

The company's overall cost ratio remained elevated; while improving to 19.9% from 23.8%.

N S Kannan, managing director and chief executive officer, ICICI Prudential Life Insurance said in the exchange filing that the VNB for the quarter was Rs 471 crore, a growth of 31.6%. This was driven by a robust 24.7% growth in annualised premium equivalent, he noted.

"Guided by the elements of our 4P strategy of premium growth, protection focus, persistency improvement and productivity enhancement, we believe we are on track to achieve our aspiration of doubling the FY2019 VNB in this fiscal."