ICICI Prudential Life Insurance, an arm of ICICI Bank, posted a 8.09 per cent rise in profit after tax for the full year ended March 2013. The private life insurer posted net profit of Rs 1,496 crore, compared with Rs 1,384 crore for the full year ended March 2012.
ICICI Lombard General Insurance, the other insurance arm of the bank, posted a net profit of Rs 306 crore for the year ended March, compared with a loss of Rs 416 crore for FY12. The life insurer posted revenue of Rs 17,376.03 crore for the full year ended March, marginally less than last year.
The general insurer posted a 16.4 per cent rise in revenues at Rs 5,043.3 crore. The life insurance sector has been battling slow growth in the wake of a reduction in premium collection owing to the economic slump.
The life insurer reported a 10.6 per cent rise in profit before tax and minority interest, at Rs 371.94 crore, compared to Rs 336.08 crore in the year-ago period.
ICICI Lombard posted profit before tax and minority interest of Rs 32.56 crore, compared with a loss of Rs 591.81 crore in the fourth quarter ended March 2012.
In terms of premiums, ICICI Life's annualised premium equivalent increased by 13 per cent from Rs 3,118 crore in FY12 to Rs 3,532 crore in FY13.
The assets under management at March 31, 2013 were Rs 74,164 crore ($13.7 billion).
The gross premium income of ICICI Lombard increased by 19.8 per cent to Rs 6,420 crore in FY13 from Rs 5,358 crore in FY12.
The commercial third party motor pool was dismantled from April 2012 and a declined risk pool was put in place. This has led to reduction in losses for general insurers, who had made high provisioning for this segment. With an increase in premiums, it is expected that this loss will be brought down further.