₹102 crore net profit for the fourth quarter ended March 2023. The standalone health insurer had booked a loss of ₹82 in the January-March quarter of the preceding fiscal.
The insurer collected gross written premium (GWP) of ₹4,199 crore in the quarter against ₹3,689 crore in the year-ago period, it said in a regulatory filing.
The net premium income increased to ₹19,426.57 crore compared to ₹14,289.66 crore. For the entire 2022-23, profit after tax (PAT) stood at ₹619 crore against a loss of ₹1,041 crore in FY22. "During the year ended March 31, 2023, the company pursuant to the approval received from the Insurance Regulatory and Development Authority of India (Irdai) has exercised Call Option and redeemed the Subordinated debenture in full on September 6, 2022, and October 29, 2022, amounting to ₹200 crore and ₹50 crore, respectively, including interest thereon," the insurer said.
The corresponding debenture redemption reserve amounting to ₹15 crore has been reversed and credited to the profit and loss account, it added.