India's ICICI Life Insurance profit rises on higher premium income

By Reuters News

BENGALURU, Oct 13 (Reuters) - India's ICICI Life Insurance ICIR.NS reported a 25% rise in its second-quarter profit on Tuesday, underpinned by higher premium income.

The life insurer reported a profit of 3.74 billion rupees ($39.28 million) for the quarter ended September 30, up from 2.99 billion rupees a year earlier.

ICICI Life Insurance is the first major Indian life insurer to report September-quarter results, with analysts expecting sector growth to moderate after a surge in policy sales following the removal of goods and services tax on individual life insurance premiums late last year.

Industry analysts expected ICICI Life to be among the faster-growing insurers, having shifted its focus towards growth over the last few quarters from prioritising margin expansion.

The insurer's net premium income rose 16.6% to 138.04 billion rupees in the September quarter. One-time premiums rose 38.7%, while renewal premiums grew 6.5%. Premium from new policies sold rose a 8.6%.

Peer HDFC Life HDFL.NS will report its September quarter results on Thursday.

($1 = 95.2200 Indian rupees)

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