ICICI Prudential Life Insurance Company on Saturday reported an over 55 per cent dip in net profit at Rs 199 crore in the quarter ended September because of lower income against Rs 445 crore a year ago.

Net premium earned by the private sector insurer during July-September quarter was Rs 95.82 crore against Rs 92.86 crore in the same period of 2021-22, ICICI Pru said in a regulatory filing.

However, total income decreased 2.4 per cent to Rs 226.42 crore from Rs 231.88 crore in the year-ago period, mainly because of a fall in investment income.

Investment income in Q2FY23 was down 6.1 per cent to Rs 130.22 crore from Rs 138.74 crore in Q2FY22.

The decrease in investment income is primarily on account of the decrease in market value of the securities held, the company said.