Key Points
BENGALURU, July 18 (Reuters) - India's ICICI Prudential Life Insurance (ICIR.NS) reported a 33% jump in first-quarter profit on Tuesday, as gains in securities it invested in helped offset muted premium income growth...
The insurer's profit after tax rose to 2.07 billion rupees ($25.24 million) in the quarter ended June 30, from 1.56 billion rupees a year ago, it said in an exchange filing...
Investment income stood at 163.27 billion rupees compared to a loss of 84.96 billion rupees a year ago, due to increase in market value of securities along with higher profits on sale of investments...
The government's proposal to withdraw tax incentives on insurance policies from April had spooked policy buyers, with industry sales of policies dropping year-on-year for each month in the quarter, data from the insurance regulatory body showed...
The company's value of new business, which measures expected profit from new premiums and is a key gauge of growth, fell 7% year-on-year to 4.38 billion rupees...
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