covid-19

ICICI PruLife’s profits cheers investors despite covid-19 cloud

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The lockdown to curb covid-19 spread has significantly affected the sale of insurance products. This is evident in the March quarter numbers of ICICI Prudential Life Insurance Co.

Ltd. Business growth on an annualized premium equivalent (APE) basis declined 20% for the quarter largely because of a sharp drop in market-linked products.

The company lost ₹400-500 crore of new business in the last 10 days of March because of the lockdown, said the management in a media call.

Thus, APE growth for the full year also showed a decline of 5.4%. Even so, ICICI PruLife managed to report healthy profitability metrics.

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