ICICI Prudential Life Insurance on Saturday posted an over two-fold jump in its net profit at Rs 185 crore for the January-March quarter on account of robust growth in new business.

The company had posted a profit after tax of Rs 64 crore for January-March FY2021, ICICI Prudential Life Insurance said in a regulatory filing.

For the whole of 2021-22, the company’s net profit declined to Rs 754 crore from Rs 960 crore in 2020-21.

Value of new business for FY2022 was Rs 2,163 crore, a growth of 33.4 per cent over FY2021. This was led by a robust growth of 25 per cent in new business sum assured and 20 per cent in annualised premium equivalent for the same period.

Value of new business is used to measure profitability of the new business written in a period. It is present value of all future profits to shareholders at the time of writing of the new business contract. It is also referred to as a new business profit.

The company has a well-diversified product mix with linked savings at 48 per cent, traditional savings at 31 per cent, protection at 17 per cent and the balance of 4 per cent accounted for by group savings products.

The board has approved a final dividend of Rs 0.55 per equity share for FY2022.

The company’s 13th month persistency ratio improved to 85.7 per cent for FY2022, up from 84.8 per cent for FY2021, indicative of the quality of business being underwritten.

N.S. Kannan, MD & CEO, ICICI Prudential Life Insurance, said: “Despite the disruptions caused by the third wave of Covid-19, which impacted productivity in January and February, we were able to demonstrate resilience in our operations. In March, we posted the best ever monthly sales by the company in any year since inception.”