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

By Reuters News

- 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)

Capital Com is an execution-only service provider. The present material must be regarded as marketing communication and should not be interpreted as investment research or investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page, then you do so entirely at your own risk