ICICI Prudential reports Rs 7cr Q3 profit (11-Feb-2010)
ICICI Prudential Life Insurance has reported a Rs 7-crore profit in Q3 of FY10.
However, this marks an end to nearly a decade of losses during which promoters infused around Rs 4,500 crore to build a pan-Indian insurance business.
As there are several years of accumulated losses, the company is still far from break-even.
The single-most important reason for the turn around appears to be cutting down of expenses and increase in the assets under management.
Last year, due to the financial crisis, ICICI Prudential reduced the number of employees and capped expenses while ICICI Prudential is not the first life insurance company to make profits.
Others, including Bajaj Allianz Life Insurance, SBI Life and Kotak Mahindra Life, have reported profits.
Meanwhile, although Q3 profit is a modest Rs 7 crore, its profits are expected to be the most significant as the size of its assets under management is the largest among all private life insurance companies.
A major addition to its revenues was the increase in funds under management.
Assets held increased 89% to Rs 53,619 crore in December 31, 2009, from Rs 28,445 crore in December 31, 2008. In the next nine months, this grew to Rs 53,000 crore.
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