Page 16 - Insurance Times August 2020

Private Life Insurance News

PNB MetLife launches profit surged by 60 per cent from Rs. an impact on the way consumers per-
179.49 crore for the quarter ended ceive life insurance, and protection
Guaranteed Future Plan March 31, 2020. products have, therefore, seen an in-
PNB MetLife recently launched Guar- creased demand. Even with the move-
The private sector insurer reported a
anteed Future Plan, a guaranteed sav- 10.6 per cent decline in net premium ment restrictions in the last quarter,
ings life insurance plan that offers dual income at Rs. 5,551.07 crore for the the share of protection in our portfo-
advantages of long-term guaranteed quarter ended June 30 from Rs. lio increased to 26 per cent of
benefits and financial protection to the 6,208.13 crore a year ago. Annualised Premium Equivalent. This
family in case of adversities. The plan resulted in an expansion in the value
offers four different options to create "The challenges brought about by the of new business margin from 21 per
a corpus to meet one's financial goals. pandemic had an impact on new busi- cent for first quarter last fiscal to 24.4
The plan comes with a guaranteed in- ness premium during the quarter, per cent in the first quarter this fiscal."
come ranging from 103 to 245 per cent which decreased from Rs. 2,226 crore
of the annualised premium. in the first quarter of FY20 to Rs. 1,499 HDFC Life net rises 6%
crore during the first quarter of FY21,"
One can opt for income plus booster said ICICI Prudential Life Insurance in HDFC Life Insurance reported a six per
option that gives an additional income a statement, adding that the annuity cent increase in net profit at Rs. 451.09
pay-out at specified intervals, ranging crore in the first quarter of FY21 when
new business premium grew 13.1 per
from 30 to 406 per cent. The plan al- cent to Rs. 216 crore in the first quar- compared to Rs. 424.62 crore a year
lows customers to time the receipt of ter this fiscal. ago. For the quarter ended June 30,
maturity amounts on special occasions net premium income declined 11.3 per
such as birthdays or anniversaries. The The value of new business declined by cent to Rs. 5,721.84 crore against Rs.
policyholder will also be eligible to avail 35 per cent to Rs. 201 crore in the April 6,451.16 crore a year ago. Total pre-
income tax benefit on premiums paid to June 2002 quarter against Rs. 309 mium fell by 10 per cent to Rs. 5,863
and benefits received under 80 (c) and crore a year ago. crore in the April to June 2020 quarter
10 (10d). The 13th and 49th month persistency when compared to Rs. 6,536 crore a
ratios stood at 84.1 per cent and 66.2 year ago.
ICICI Prudential Life Insur- per cent, respectively, at June 30. As- The value of new business declined by
sets under management grew by 3.6
ance records flat growth in 43 per cent to Rs. 291 crore in the
per cent to Rs. 1,70,006 crore at the quarter under review. It reported a
profit end of the first quarter in FY21 from 13th month persistency of 87 per cent

ICICI Prudential Life Insurance re- Rs. 1,64,024 crore a year ago. and 61st month persistency of 53 per
ported almost flat growth in net profit The insurer's solvency ratio for the cent as on June 31, from 88 per cent
at Rs. 287.59 crore in the first quarter quarter stood at 205 per cent. and 54 per cent, respectively, a year
of FY21 when compared to Rs. 284.94 NS Kannan, Managing Director and ago. The insurer's solvency ratio stood
crore a year ago. at 190 per cent at the end of the first
CEO, ICICI Prudential Life Insurance,
However, on a sequential basis, net said: "The Covid-19 pandemic has had quarter this fiscal. Vibha Padalkar,

16 The Insurance Times, August 2020