New Delhi: ICICI Prudential Life Insurance, the first to be listed on bourses, on Tuesday reported a marginal increase in net profit at Rs 408.2 crore for the fourth quarter ended March 2017.
The insurer had earned a net profit of Rs 403 crore in the same quarter of the previous fiscal.
The company also recommended a final dividend of Rs 3.50 per equity share including special dividend of Rs 1.20 per equity share of face value of Rs 10 each for 2016-17.
During the fiscal ended March 2017, the Value of New Business (VNB) was increased by whopping 61.7 per cent to Rs 666 crore as compared to Rs 412 crore a year ago. VNB increased primarily on account of increase in protection business and improvement in persistence, ICICI Prudential said in a statement.
It is used to measure profitability of the new business written in a period. It is present value of future profits to shareholders as measured at the end of the year in which the business is written. “Our Embedded Value (EV) as on March 31, 2017 increased to Rs 16,184 crore compared to Rs 13,939 crore, a growth of 16.1 per cent after dividend,” ICICI Pru Life said in a statement.
EV is the current net worth plus the present value of all future profits to shareholders from the existing book of the company including new business written in the year. For the entire fiscal 2016-17, profit increased to Rs 1,682 crore as compared to Rs 1,650 crore in the previous fiscal. As on March 31, 2017 the total assets under management rose to Rs 1,22,919 crore.